Breaking…NY Times gets leaked Trump tax info…The guy has problems….

First?

Donald Trump has NOT a penny of taxes to the IRS for FOUR years….

Why?

He losses money…

And the amount is increasing over the next few years by more than $300 Million….

 

The peek into the Trump tax info , the Times says , point’s to the way the President is MAKING money being President from those that might be seeking influence…And dance with and around the IRS rules and regulations that would deserve an ‘Oscar’ it has been so good for Trump….

 

The records show a American President operating as his own business collecting money from ‘deals’ in foreign countries…

Mr. Trump DID pay hundred of thousands in  taxes to various foreign countries while paying $750 to the US in  2016 and 2017…

This very situation itself should raise eyebrows of American’s paying taxes…Trump knows this is Not what will serve him well and is one the reasons one could guess he does not want this information public….(It IS Now)…

The NY Times has obtained comprehensive tax information from 2000 to 2017…

This IS the information that Trump’s lawyers had successfully withheld from the Manhattan DA’s office, which is pursuing a criminal investigation of possible tax fraud by Trump….

It is unknown what will happen in Federal court since the information has now become public to a degree….

It is probable that the Manhattan DA HAS some of this information also….

The newspaper cautions that the tax records do not give a picture of Donald Trump’s true net worth, nor do they give a picture of his business or personal profits….

The paper points out there are things they know are missing form their obtained records…

All this while he collected a tax refund of $72.9 million in 2010 which was a payback of the taxes he paid from 2005-2007!

Trump has been implying financial wizardry for years , which is why the IRS has not closed the books on his taxes going back almost 20 years….

One might think that Trump leaving office might trigger a HUGE past due tax liability for him….

He seems well aware of that…

He is also well aware of the New York DA’s investigation being a criminal one…

The ethical quandaries created by Mr. Trump’s decision to keep his business while in the White House have been documented. But the full financial measure of his extraordinary confluence of interests — a president with a wealth of business entanglements at home and in myriad geopolitical hot spots — has remained elusive.

The tax records for Mr. Trump and his hundreds of companies show precisely how much money he has received over the years, and how heavily he has come to rely on leveraging his brand in ways that pose potential or direct conflicts of interest while he is president. The records also provide the first reliable window onto his finances before 2014, the earliest year covered by his required annual disclosures, showing that his total profits from some projects outside the United States were larger than indicated by those limited public filings…

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More broadly, the tax records suggest other ways in which Mr. Trump’s presidency has propped up his sagging bottom line. Monthly credit card receipts, reported to the I.R.S. by third-party card processing firms, reflect the way certain of his resorts, golf courses and hotels became favored stamping grounds, if not venues for influence-trading, beginning in 2015 and continuing into his time in the White House….

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Now his tax records make clear that he is facing a battery of threats to his business and his own financial well-being.

Over the past decade, he appears to have filled the cash-flow gaps with a series of one-shots that may not be available again…

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Mr. Trump’s businesses reported cash on hand of $34.7 million in 2018, down 40 percent from five years earlier.

What’s more, the 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.

This time around, he is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years. Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.

There is, however, a tax benefit for Mr. Trump. While business owners can use losses to avoid taxes, they can do so only up to the amount invested in the business. 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.

The balances on those loans had not been paid down by the end of 2018. And the businesses carrying the bulk of the debt — the Doral golf resort ($125 million) and the Washington hotel ($160 million) — are struggling, which could make it difficult to find a lender willing to refinance it.

The unresolved audit of his $72.9 million tax refund hangs over his head.

The broader economy promises little relief. Across the country, brick-and-mortar stores are in decline, and they have been very important to Trump Tower, which has in turn been very important to Mr. Trump. 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.

The president’s most recent financial disclosure reported modest gains in 2019. But that was before the pandemic hit. His already struggling properties were shut down for several months earlier this year. The Doral resort asked Deutsche Bank to allow a delay on its loan payments. Analysts have predicted that the hotel business will not fully recover until late 2023….

More…

Trump’s first reaction to the NYTimes blockbuster piece….

President Trump on Sunday dismissed a New York Times investigation that found he paid $750 in income taxes in 2016 and 2017 “fake news.”

“It’s totally fake news,” Trump told reporters at a press conference when asked about the news story, which broke minutes before he entered the White House briefing room. Trump insisted that the public would eventually see his tax returns, but claimed, as he has previously, that they are currently “under audit” by the Internal Revenue Service.

“When they’re not, I’d be proud to show you. It’s fake news,” Trump said…

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The report, coming just weeks before the November election, significantly undercuts Trump’s description of himself as a billionaire businessman and real-estate mogul. Trump is currently locked in a difficult battle for reelection against Democratic nominee Joe Biden who leads the incumbent president in national polls….

More…

image…Doug Mills /NY Times…