World News – GB – Donald Trump: Five things we learned about the President’s finances

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Donald Trump has cultivated a reputation as a savvy and successful businessman over the years – but an in-depth article on the state of the president’s finances casts doubt on the picture that he portrays in the world

Here are five things we learned from the New York Times report, which was released just days before Mr. Trump takes on Joe Biden in first televised presidential debate

The Times says that many hotels, golf courses and resorts in M Trump hemorrhaged money – although he often mentioned them as evidence of his success

On its golf courses, M Trump has claimed $ 315million (£ 246million) in losses since 2000, while his Trump International hotel in Washington has lost $ 55million (£ 43million), according to the newspaper

M Trump appears to be personally responsible for $ 421 million (£ 329 million) in loans, most of which will become due within four years, according to The Times

In 2012, he also took out a $ 100million (£ 3m) mortgage on New York’s Trump Tower – and although his company paid $ 15million in interest on the loan, the original amount n has not yet been reimbursed This is due in 2022

« If re-elected, his lenders could be placed in the unprecedented position of questioning whether to oust a sitting president, » the article warns

Among his extravagant purchases, $ 70,000 (£ 54,786) was spent styling his hair while filming the TV show that propelled him to fame

The Times reports that the US president used the costs incurred by his multiple companies to finance his luxurious lifestyle

Its homes, airplanes and golf courses are part of the Trump and M family business Trump therefore classified them as business expenses

The expenses helped reduce the president’s fiscal responsibility, as they can be deducted

The president’s daughter, Ivanka, said she received payments from a consulting company she co-owned totaling $ 747,622 (£ 579,171)

These consulting fees exactly matched the Trump Organization’s tax deductions for hotel projects in Vancouver and Hawaii

Ms Trump was an executive director of the Trump companies which received profits and paid consulting fees for both projects, so it appears she was treated as a consultant on the same contracts she helped to manage

Employers can deduct consulting fees as a business expense, but the agreement must be an « ordinary and necessary » part of running the business

Donald Trump would only have paid $ 750 (£ 578) in income tax in the year he became president

According to the article, the US president initially paid $ 95million (£ 74million) in taxes during the 18-year study, but later claimed $ 729m (£ 5703m) federal tax refund

Thanks to the reimbursement, M Trump paid an average of $ 1.4million (£ 1.09m) in federal taxes between 2000 and 2017, The Times reported

An average US taxpayer in the top 0001% of employees would have paid around $ 25m (£ 19m) per year over the same period

The huge refund is the subject of an inspection of its finances by the Internal Revenue Service (IRS) which has already been widely reported – and if the IRS decides against Mr. Trump, it could cost him over $ 100 million

The President has often been called upon to release his tax returns, but claims he can’t reveal the information because an audit is underway IRS chief says that’s not true

In a statement to The Times, Alan Garten, an attorney for the Trump organization, said that « most, if not all, of the facts appear to be inaccurate » – adding: « Over the past decade, the President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since his candidacy was announced in 2015 « 

© 2020 Sky France

Trump, New York Times, on tax returns

World News – UK – Donald Trump: Five Things We Learned About The President’s Finances



SOURCE: https://www.w24news.com/news/world-news-gb-donald-trump-five-things-we-learned-about-the-presidents-finances/?remotepost=346566

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