IRS Has Been Auditing Trump’s $72 Million Tax Refund Since 2011, He Paid Only $750 in 2017
The New York Times reports that it has obtained some of President Donald Trump’s tax returns that show the IRS has been auditing Trump since 2011 for a massive $72.9 million tax refund that he claimed; there were more outrageous irregularities:
Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.
Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.
The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.
Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.
Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.
(Source: The New York Times)