Following the publication of President Donald Trump’s tax records, Briefly.co.za takes a look at some of the findings from the report. They include how he pays a lot less tax than expected.
He has been under audit for a long time with the countries tax revenue service. A number of his businesses have also experienced big financial losses over the years. It was also revealed that his businesses have profited from his presidency.
A little context on this.
The American president has consistently refused to disclose his tax details as most presidents in the country do. This has led to many speculations and litigation. Even his political opponents, the Democrats are actively seeking ways to unmask his tax details but the president always found a way to fend them off until the New York Times report.
Some of the key findings.
1. President Trump pays little tax
According to the report, the American president failed to pay federal income taxes in 11 of 18 years the newspaper looked at. In fact, it reported that in 2017, after he became president, his tax bill was only $750.
2. Trump is involved in a long audit
Trump has always claimed that he is under audit and as a result of this, he cannot release his tax report. This is somehow true because the president is involved in a decade-long audit with the Internal Revenue Service.
This is over a $72.9m tax refund he claimed, and received, after declaring huge losses, meanwhile, a ruling against him could cost him more than $100m.
3. Trump businesses lose money
According to the report by NY Times, since 2000, Trump has reported losing more than $315m at his golf courses. His Washington hotel has lost more than $55m.
4. Trump has a big bill to pay
NY Times also reported that within the next four years, Trump will need to pay back hundreds of millions of dollars loans. The paper said Trump is personally responsible for many of those obligations.
5. Ivanka Trump helps reduce her father’s tax burden
Ivanka, Trump's oldest daughter, received payment as “consulting fees” from the Trump organisation while working there as an employee. This helped reduce the family’s tax bill.
6. Trump businesses profit from his presidency
Since the beginning of his presidency, many have wondered if there will be a conflict of interest in his presidency and his businesses. And here we have it. The report claims that his businesses have indeed benefited from his political career.
The report claimed large amounts of money have been made from lobbyists, politicians and foreign officials who pay to stay at his properties or join his clubs.
Meanwhile, Briefly.co.za also reported President Donald Trump threw some serious shade at the Duchess of Sussex during a press briefing at the White House this week. Trump revealed he is not a fan of Meghan Markle when asked what he thought about a video she and Prince Harry shared to encourage Americans to vote.
The US president then further shaded her by wishing Harry "luck" in his marriage to the former Suits actress. Meghan and Harry did not explicitly endorse Joe Biden while appearing on Wednesday’s “Time 100" special, but the Los Angeles Times reported the Duke and Duchess of Sussex called it “the most important election of our lifetime.
In the video, Meghan is heard saying:
“Every four years, we are told the same thing, that this is the most important election of our lifetime... But this one is. When we vote, our values are put into action and our voices are heard.”
Although they did not encourage Americans to vote for the vice president, Meghan had in the past shared her thoughts on Trump - whom she described “misogynistic” and “divisive," according to the Washington Post.
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