Trump tax evasion , CD3 DFL

Unanswered questions about Trump’s finances after NYT report

A bombshell report by The New York Times last week shed new light on President Trump’s taxes, but there is much that is still unknown about his finances.

The Times examined records that included data from Trump’s tax returns for 2000 to 2017 and reported that the president did not pay any federal income taxes for 11 of those years, in part because he had significant business losses.

But Trump’s tax returns can’t provide a complete picture of his financial situation. They don’t include a person’s net worth and often don’t require the names of any lenders. Continue reading.

Trump tax revelations shine a spotlight on IRS enforcement

The New York Times’s blockbuster story on President Trump’s taxes has boosted the push to give the IRS more funding to scrutinize wealthy taxpayers.

The Times article published Sunday reported that Trump paid little to no federal income taxes in many recent years, and the article described some of the ways Trump minimized his tax bills. The news outlet also reported that, starting in 2010, Trump claimed and received a $72.9 million refund that has been at the center of a years-long audit.

Trump said in a tweet on Monday that he “paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.” It remains to be seen what the ultimate results of the audit will be. Continue reading.

Five takeaways from NYT Trump taxes bombshell

The New York Times on Sunday published a groundbreaking look into President Trump’s finances based on more than a decade of tax documents closely guarded by the president.

The bombshell report shed new light onto how Trump reportedly used his business empire to wipe out much of his own income tax liabilities, but at potentially high financial and legal risk.

Here are five key takeaways from the report on Trump’s taxes. Continue reading.

18 Revelations From a Trove of Trump Tax Records

Times reporters have obtained decades of tax information the president has hidden from public view. Here are some of the key findings.

The New York Times has obtained tax-return data for President Trump and his companies that covers more than two decades. Mr. Trump has long refused to release this information, making him the first president in decades to hide basic details about his finances. His refusal has made his tax returns among the most sought-after documents in recent memory.

Among the key findings of The Times’s investigation:

Long-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

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. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million. Continue reading.

Owners of former Trump hotel in Panama say president’s company evaded taxes

The majority owners of the former Trump Panama hotel — who last year removed President Trump’s name and cut ties with his company — say they’ve discovered old financial records showing that the Trump Organization was evading Panamanian taxes, according to a new legal filing.

That filing was made Monday in federal court in New York by Orestes Fintiklis, a Cypriot investor whose company is the majority owner of the building that once housed the Trump Ocean Club in Panama City. In March 2018, Fintiklis sought to fire the Trump Organization as the hotel’s manager — setting off an odd 10-day standoff that included visits from the police, shoving matches between Fintiklis’s staffers and Trump loyalists, and occasional piano concerts by Fintiklis in the lobby. Eventually, a Panamanian judge gave him control.

Now, the hotel is a Marriott. But Trump’s company and Fintiklis are still suing each other for millions in damages, with each accusing the other of breaching their prior agreements.

View the complete June 3 article by David A. Fahrenthold on The Washington Post website here.

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