Can't afford to lose the election
Peter Weber
September 28, 2020
... One eye-catching takeaway from the deep look into Trump's strenuously shielded tax filings is that Trump loses a lot of money. Like, a lot. He loses millions at his prized foreign and U.S. golf properties, the Trump International Hotel in Washington, D.C., and many of the roughly 500 entities that make up the Trump Organization.
The Times also details how Trump uses those deep-red losses to avoid paying federal income tax, at least in the U.S. There was a two-year period in which he made too much money to avoid paying taxes, thanks to his share in NBC's The Apprentice, but he then filed for a refund when the opportunity presented itself after the 2008 financial meltdown. That $72.9 million in refunded taxes plus interest is under audit and has been for years, the Times reports. Trump paid just $750 in federal income tax in both 2016 and 2017, the most recent years in the data the Times obtained ...
... the newly obtained "tax records show that Mr. Trump has once again done what he says he regrets, looking back on his early 1990s meltdown: personally guaranteed hundreds of millions of dollars in loans, a decision that led his lenders to threaten to force him into personal bankruptcy," the Times reported Sunday. "This time around, he is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years ...
Along with more than $300 million in loans coming due in the next four years for which he is personally responsible, Trump might have to pay back the federal government more than $100 million, including interest and penalties, if the Internal Revenue Service determines he improperly obtained the $72.9 million tax rebate ...
If you think Trump wouldn't lean heavily on Attorney General William Barr or Treasury Secretary Steven Mnuchin to protect his personal finances in a second term, or that Barr or Mnuchin are above tipping the scales even a bit, Trump might have a bridge to sell you ...
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