According to the paper, Trump’s reports for the tax office depict a businessman who collects hundreds of millions of dollars a year, but shows chronic losses, which he uses to avoid paying taxes. Records also show that he is increasingly dependent on earning money from activities that put him as a president in conflict of interest, writes The New York Times.
The president is also said to be approaching the maturity of hundreds of millions of dollars in debts, which he personally vouched for. At $ 300 million (about seven billion crowns) is due in the next four years. At the same time, he faces an audit, the results of which would force him to return the $ 72.9 million (1.7 billion crowns), which he received as a tax refund after declaring huge losses.
He earned the most on television
The highly profitable company, on the other hand, was the reality TV show The Apprentice, from which Trump received revenues totaling $ 427.4 million (about ten billion crowns), according to records. In contrast, the real estate business, including hotels and golf resorts, showed large losses.
The letter further stated that the president deducted from the taxes the cost of 70 thousand dollars (1.63 million crowns) for barbers at the time of the broadcast of The Apprentice. Nine Trump’s companies reduced their tax base by a total of $ 95,464 (2.23 million crowns), which Trump’s daughter Ivanka also spent on hairdressing and makeup.
According to the daily, Trump is personally liable for debts in the amount of $ 421 million (CZK 9.8 billion), of which $ 300 million is due in the next four years. Trump later wrote on Twitter that he had paid many millions of dollars in taxes and that, like everyone else, he was taking advantage of tax breaks and depreciation. He stressed that he has a very low debt compared to the value of his assets.
Democratic Speaker of the House of Representatives Nancy Pelosi said that the public should know to whom Trump owes money and whether it could represent the leverage that foreign states would have on the Republican president. “For me, it’s a national security issue,” Pelosi told MSNBC.
Trump dismissed the information at a press conference in the White House as a “total false news“. He stated that he paid taxes, but did not provide any details, the AP agency wrote. One of the lawyers of the president’s Trump Organization said in a statement to The New York Times that the president had paid millions of dollars in taxes over the past decade. The information in the documents obtained by the NYT is said to be untrue.
Trump has long refused to disclose his tax returns. The New York Times claims to have obtained tax records for Trump and his businesses spanning more than two decades.
Disclosure of the financial and tax records of senior constitutional officials has a tradition in the United States, and presidential candidates usually submit these records during election campaigns. But Trump has so far denied this, citing an investigation by the IRS. At a press conference at the White House, he described the New York Times report as misinformation.
Democrats see tax returns as key to investigating the alleged transgressions of President Trump, his advisers and relatives, and his business activities. The head of the Democratic minority in the Senate, Chuck Schumer, called on Americans on Twitter to raise the hand of those who paid more in federal taxes than the president.
The average American household paid a federal tax of $ 9,302 (about $ 217,000) last year on an average income of $ 78,635 ($ 1.8 million), the BBC said.
According to analysts, the latest findings may disrupt Trump’s carefully constructed image of a successful businessman. However, the DPA points out in this context that Trump refused to publish his records even before the 2016 elections, in which he faced the then Democratic presidential candidate Hillary Clinton. Referring to her opponent’s allegedly low tax payments in the campaign, Trump replied that tax minimization was the most clever test of his cleverness.