Well, now we know why Donald Trump didn’t want the public to see his tax returns. A New York Times investigation looking at years of previously undisclosed documents found that Trump used countless maneuvers to avoid having to pay federal income tax. He ended up paying $750 total in 2016 despite hundreds of millions of dollars in income from The Apprentice and his various companies and licensing arrangements. Many years he paid nothing at all, and even received an income tax refund of $72.9m, which included millions in interest, straight from the federal treasury to Trump’s pocket.
The New York Times paints a picture of an elaborate shell game in which losses from some of his companies are used to wipe out tax liabilities elsewhere. It is not always clear how much of his “losses” are real losses rather than creative accounting, but the Times suggests that Trump may be both living large on hundreds of millions in annual income and overseeing distressed and unprofitable businesses. » | Nathan Robinson | Monday, September 28, 2020
