Where are Trump's taxes
The Trump system - debt and hardly paying taxes
750 dollars. This is exactly the amount that Donald Trump paid in federal taxes for 2016 and also for 2017 - his first year as US President. Says the globally recognized New York Times. The exception? Far from it: in 11 of 18 years before that, he paid even less. Namely nothing. How can something like that happen? We have worked our way through the extensive coverage of the New York Times for you and are trying to explain.
For years, Donald Trump had refused to present his tax documents to the public. Although every President of the United States has done that for almost 50 years. By now one should know why that was the case. His predecessors in office, Barack Obama and George W. Bush, paid at least $ 100,000 a year in federal taxes, often significantly more. Trump, probably the richest president in the United States, has the lowest taxes. And that previously over a longer period of time.
He is following in the footsteps of the New York millionaire Leona Helmsley. She once said to her housekeeper: "We don't pay taxes, only the little people pay taxes." Small bon mot: at the age of 70, she had to go to prison for 18 months. Because of tax evasion.
This is unlikely to happen with Donald Trump. Because nothing indicates that at first.
Let's put it this way: He has a perfect command of tax avoidance. Or as he would put it: "No one can avoid taxes better than me."
Big sales - even bigger losses
This actually describes the Trump system.
He took in his reality TV show "The Apprentice" and license fees for the use of his name alone, 427 million dollars. On the other hand, he was happy to invest in golf resorts. Since 2000 he is said to have made a loss of $ 300 million. Even with his hotels, he has seldom achieved financial success.
Of course, according to the New York Times, he also had issues that are significantly inflated - or even have an aftertaste. Obviously, it would be difficult to make a real hairstyle out of your hair. During his time in "The Apprentice," he deducted more than $ 70,000 from tax. Could still count as a business expense, but there are many other expenses that are more of a private nature - but which he claimed as business expenses. "Seven Springs", a property that according to the Trump organization is a retreat for the family, he claimed as an investment. And thereby saved a lot of taxes.
Also noticeable: for many investments, consultancy fees accounted for around a fifth of the business volume. The New York Times records indicate that such consultancy fees were also paid to a company co-owned by Trump daughter Ivanka ...
Big tax refund for 2010
We know that most of the time Trump paid no taxes at all. After all, within 18 years (2000-2017) it was actually $ 95 million in federal taxes. Actually, because he was able to carry back losses after the financial crisis and a tax reform by Barack Obama (!). He received a total of $ 72.9 million in reimbursement. But whether that actually happened with the right things? For years, the federal tax authority I.R.S.
If Trump were allowed to keep the tax refund, he would have paid an average of $ 1.4 million a year in federal taxes over the 18 years in question. Usually people in the "Trump League" pay $ 25 million a year. So the question remains: is he just a great tax evader? Or maybe just a not as successful businessman as he always pretends to be?
Will the big end come for Trump?
The Trump organization consists of more than 500 companies. The problem: if Trump successfully avoided the losses in many of them for a long time, these losses now seem to trump profits by a large margin - even before the 2016 election. The election campaign should probably also polish up his tarnished image. It doesn't matter whether he wins or loses the election in a few weeks: his financial problems remain. The New York Times has calculated that he is personally liable for $ 421 million in losses. And most of it will be due within the next four years ...
Was that too much all at once? Here is the summary for you:
Our opinion: No, we are not saying "do it like Trump!" But you don’t have to give away a euro in taxes either. Just get back whatever money you owe you from the state every year. Quite legally, very quickly, very easily - with our online tax return smartsteuer.
Start your tax return
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