“We had a deal done. over to lament what the virus has wrought and suggest a few places in town that remain open. Now his tax records make clear that he is facing a battery of threats to his business and his own financial well-being. The 20 Percent Solution. At one point, the brothers took up residence in a carriage house on the property. In May, the chairman of a trade group representing Turkish business interests wrote to Commerce Secretary Wilbur Ross urging support for increased trade between the United States and Turkey. Five months later, the journalist David Cay Johnston obtained two pages of Mr. Trump’s returns from 2005; that year, his fortunes had rebounded to the point that he was paying taxes. The figures below, drawn from the New York Times’s own analysis of Trump’s tax-return data for 2017, show that Trump paid $7,435,857 in taxes in 2017. The membership rush allowed the president to take $26 million out of the business from 2015 through 2018, nearly triple the rate at which he had paid himself in the prior two years. Mr. Trump may be reporting business losses to the government, but he can still live a life of wealth and write it off. Five years later, we finally have a good sense of why. In 1973, The Providence Journal reported that, after a charitable deduction for donating his presidential papers, Richard M. Nixon had paid $792.81 in 1970 on income of about $200,000. A similarly lopsided share in all of those demographics expressed support for the Affordable Care Act. Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year. As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. The tax records show the deal has earned Mr. Trump at least $13 million — far more than previously known — including more than $1 million since he entered the White House, even as his onetime associate now lobbies on behalf of Turkish interests. commissioner. Precisely why the case has stalled is not clear. At the Mar-a-Lago club in Palm Beach, Fla., a flood of new members starting in 2015 allowed him to pocket an additional $5 million a year from the business. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years. The amount, however, could have been improperly included in legal fees written off as a business expense, which are not required to be itemized on tax returns. The Times examined and analyzed the data from thousands of individual and business tax returns for 2000 through 2017, along with additional tax information from other years. If the payments to his daughter were compensation for work, it is not clear why Mr. Trump would do it in this form, other than to reduce his own tax liability. One such survey was a New York Times/Siena College poll released yesterday. Rental income over all at 40 Wall has risen markedly, from $30.5 million in 2014 to $43.2 million in 2018. Nike, which rented the space for its flagship store in a building attached to Trump Tower and had paid $195.1 million in rent since the 1990s, left in 2018. Turkish Airlines also chose the Trump National Golf Club in suburban Virginia to host an event. Hannah Reyes Morales for The New York Times. Indeed, in some instances where large fees were claimed, people with direct knowledge of the projects were not aware of any outside consultants who would have been paid. The material obtained by The Times does not identify the business or businesses that generated those losses. The president’s most recent financial disclosure reported modest gains in 2019. In polls conducted after Ginsburg’s death, a majority of voters — both nationwide and in some key swing states — have said that they think the winner of the November election should be allowed to pick the next Supreme Court justice. The richly detailed examination of Donald Trump’s taxes in today’s New York Times carries two crucial but unstated messages. Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president’s business empire. The other tower, in San Francisco, co-owned with Vornado, whose C.E.O. As he settled into the Oval Office, his tax bills soon returned to form. Literally. More broadly, the tax records suggest other ways in which Mr. Trump’s presidency has propped up his sagging bottom line. He’s been backpedaling ever since. Testifying before Congress in February 2019, the president’s estranged personal lawyer, Mr. Cohen, recalled Mr. Trump’s showing him a huge check from the U.S. Treasury some years earlier and musing “that he could not believe how stupid the government was for giving someone like him that much money back.”. George Yin, a former chief of staff for the joint committee, said that any identifying information about taxpayers under review was tightly held among a handful of staff lawyers and was rarely shared with politicians assigned to the committee. The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. Hair stylists, table linens, property taxes on a family estate — all have been deducted as business expenses. Mr. Trump has acknowledged reimbursing his former lawyer, Michael D. Cohen, who made the payoff, but the materials obtained by The Times did not include any itemized payments to Mr. Cohen. Losses reported by businesses Mr. Trump owns and runs helped wipe out tax bills on hundreds of millions of dollars in celebrity income. Meanwhile, Eric Trump has called it a “home base,” and the Trump Organization website describes it as a “retreat for the Trump family.”. By comparison, Mr. Trump and NBC shared losses of $2 million from the pageant the year before the Moscow event, and $3.8 million from the one the year after. Mr. Trump’s businesses reported cash on hand of $34.7 million in 2018, down 40 percent from five years earlier. The leak of Mr. Nixon’s small tax payment caused a precedent-setting uproar: Henceforth, presidents, and presidential candidates, would make their tax returns available for the American people to see. But by taking personal responsibility for that $421 million in debt, Mr. Trump would be able to declare that amount in losses in future years. “If I’m not going to run it, I don’t want to be involved in it,” he told The Associated Press. If negotiations were to deadlock, the case would move to federal court, where it could become a matter of public record. “I’m one of the largest developers in the world. As a business, it is also the source of millions of dollars in expenses deducted from taxable income, among them $109,433 for linens and silver and $197,829 for landscaping in 2017. Trump paid very little to no federal income taxes. The president needed no introduction to Mr. Yalcindag: The Turkish businessman helped negotiate a licensing deal in 2008 for his family’s company to develop two Trump towers in Istanbul. This article also draws upon dozens of interviews and previously unreported material from other sources, both public and confidential. Mr. Trump has an established track record of stiffing his lenders. When he testified before Congress in 2017, Mr. Futerfas was by his side. It is not possible to discern from this newer collection of tax records whether intra-family financial maneuverings were a motivating factor. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. In response to a question about the audit, Mr. Garten, the Trump Organization lawyer, said facts cited by The Times were incorrect, without citing specifics. Also written off was at least $259,684 paid to Williams & Jensen, another law firm brought in during the same period to represent Donald Trump Jr. Deals in countries led by strongmen, tenants who have business before the federal government, and hotels and clubs that draw those seeking access or favor. If the recent Fox interview is any indication, Mr. Trump seems increasingly agitated about the matter. “Double Check, Make sure you are registered to vote at your current address,” read one lawn sign, planted next to a tree a block off Franklin Street, the beating heart of the community. Susanne Craig and A partner who walks away from a business with nothing — what tax laws refer to as abandonment — can suddenly declare all the losses on the business that could not be used in prior years. For example, 105 of them are a variation of the name Trump Marks, which he uses for licensing deals. Though the Trump International Hotel in Washington is loaded with debt and losing money, its credit card transactions have risen with Mr. Trump’s political ascent. Even so, the rules do hold particular advantages for real estate developers like Mr. Trump, who are allowed to use their real estate losses to reduce their taxable income from other activities. Another common deductible expense for all businesses is legal fees. Transcripts of his main federal tax form, the 1040, from 1985 to 1994, were obtained by The Times in 2019. That poll, The Times’s first nationwide canvass this fall, found Joe Biden leading Trump by eight percentage points among likely voters. When they got to line 56, the one for income taxes due, the amount was the same each year: $750. The data contains no new revelations about the $130,000 payment to Stephanie Clifford, the actress who performs as Stormy Daniels — a focus of the Manhattan district attorney’s subpoena for Mr. Trump’s tax returns and other financial information. At the hotel, the monthly receipts grew from $3.7 million in December 2016 shortly after it opened, to $5.4 million in January 2017 and $6 million by May 2018. The finding is the latest published by the New York Times based on more than two decades of Trump’s tax data. In 2015, he signed a deal with a land conservancy, agreeing not to develop most of the property. It was the fourth year in a row that he had not paid a penny of federal income taxes. The other about what chumps we Americans are when it comes to our own income taxes. Ms. Trump appears to have both managed that deal, and another in Hawaii, as a salaried Trump Organization executive, and also been paid as a “consultant” on them. His properties have become bazaars for collecting money directly from lobbyists, foreign officials and others seeking face time, access or favor; the records for the first time put precise dollar figures on those transactions. Russ Buettner, The collective and persistent losses he reported from them largely absolved him from paying federal income taxes on the $600 million from “The Apprentice,” branding deals and investments. He once boasted that his tax returns were “very big” and “beautiful.” But making them public? Like her brothers Donald Jr. and Eric, Ms. Trump was a longtime employee of the Trump Organization and an executive officer for more than 200 Trump companies that licensed or managed hotel and resort properties. Among the dozens of leases paid in 2018 to Mr. Trump’s Vornado partnerships, according to his tax records, were $5.8 million from Goldman Sachs; $3.1 million from Microsoft; $32.7 million from Neuberger Berman, an investment management company; and $8.8 million from the law firm Kirkland & Ellis. But there are a few catches, including this: Abandonment is essentially an all-or-nothing proposition. Mehmet Ali Yalcindag, pictured with the Trumps in 2012, helped negotiate a licensing deal in Istanbul that brought Mr. Trump at least $13 million. He also received $21.2 million in state and local refunds, which often piggyback on federal filings. The Democratic nominee was powered in particular by strong support from independents, women and college-educated white voters. And it reveals that in 10 of the 15 years before his election as president, Trump paid $0 in income tax. The president’s conflicts have been most evident with Turkey, where the business community and the authoritarian government of President Recep Tayyip Erdogan have not hesitated to leverage various Trump enterprises to their advantage. Sign up here to get On Politics in your inbox every weekday. The vast new trove of information analyzed by The Times completes the recurring pattern of ascent and decline that has defined the president’s career. The Philippines’ strongman leader, Rodrigo Duterte, chose as a special trade envoy to Washington the businessman behind the Trump tower in Manila. “It’s very complicated.” He often claims that he cannot do so while under audit — an argument refuted by his own I.R.S. Doug Mills/The New York Times. Last year, the president appointed Mr. Roth’s wife, Daryl Roth, to the Kennedy Center board of trustees. In fact, those public filings offer a distorted picture of his financial state, since they simply report revenue, not profit. Since 2000, he has reported losing $315.6 million at his golf courses. And the Trump Organization website still describes Seven Springs as a “retreat for the Trump family.”. I have a lot of cash and plenty of places I can go.”. Over all, since 2000, Mr. Trump has reported losses of $315.6 million at the golf courses that are his prized possessions. Clearly nobody has read the actual article, including the people at the NYT, because it states very clearly that Trump paid millions in federal income taxes in his first 2 … In Azerbaijan, he collected more than $5 million for the failed hotel project, about twice what appeared on his public filings. There is, however, a tax benefit for Mr. Trump. When he ran, he said he might make his taxes public if Hillary Clinton did the same with the deleted emails from her private server — an echo of his taunt, while stoking the birther fiction, that he might release the returns if President Barack Obama released his birth certificate. There is no indication that the I.R.S. CHAPEL HILL, N.C. — I have visited this charming college town too many times to count over the years, sometimes to cover campaigns and more often for fun. After plans for a Trump-branded mini-city on the Far West Side of Manhattan stalled in the 1990s, Mr. Trump’s stake was sold by his partner to Vornado Realty Trust. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii. In fact, confidential records show that starting in 2010 he claimed, and received, an income tax refund totaling $72.9 million — all the federal income tax he had paid for 2005 through 2008, plus interest. It’s a Felony for an IRS Employee to Leak Someone’s Tax Returns, Although Law Enforcement Can … In the spring of 2016, with Mr. Trump closing in on the Republican nomination, the case was sent back to the committee. Jonathan Hayward/The Canadian Press, via Associated Press. But tax records show regular deductions for consulting fees over seven years totaling $2 million. Ultimately, Mr. Trump has been more successful playing a business mogul than being one in real life. “There’s nothing to learn from them,” he told The Associated Press in 2016. Mr. Trump was periodically required to pay a parallel income tax called the alternative minimum tax, created as a tripwire to prevent wealthy people from using huge deductions, including business losses, to entirely wipe out their tax liabilities. The new details gleaned from the President's tax records build on previous New York Times reports that detailed how Trump paid no federal income taxes whatsoever in … 27, 2020. When prosecutors and congressional investigators issued subpoenas for his returns, he wielded not just his private lawyers but also the power of his Justice Department to stalemate them all the way to the Supreme Court. The legitimacy of that refund is at the center of the audit battle that he has long been waging, out of public view, with the I.R.S. It is possible that the case has been paused because Mr. Trump is president, which would raise the personal stakes of re-election. considers forgiven debt to be income, but Mr. Trump was able to avoid taxes on much of that money by reducing his ability to declare future business losses. However, the fact that some of the consulting fees are identical to those reported by Mr. Trump’s daughter raises the question of whether this was a mechanism the president used to compensate his adult children involved with his business. They showed that, in many years, Mr. Trump lost more money than nearly any other individual American taxpayer. Tax returns do not, for example, record net worth — in Mr. Trump’s case, a topic of much posturing and almost as much debate. “It’s a disgrace what’s happened,” he told Mr. Hannity. Mar-a-Lago, where a flood of new members starting in 2015 allowed Mr. Trump to pocket an additional $5 million a year from the business, is also a source of millions in tax deductions. This illegal leak of the president’s tax … In the Philippines, where Mr. Trump licensed his name to a Manila tower, he or his companies paid $156,824 in taxes in 2017. While business owners can use losses to avoid taxes, they can do so only up to the amount invested in the business. On Sunday, the New York Times published a bombshell report that President Donald Trump paid only $750 in federal income taxes in his first year in … Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. 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