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But the eyes that really matter are the federal and state tax authorities charged with reviewing whether or not Trump and the Trump Organization broke tax laws. The Times reports more broadly on Trump’s business and personal financial details. 2020 ElectionMediaPoliticsDonald TrumpDonald Trump tax returnsMazars USANew York Timestax returns. ", Kate Bedingfield, Biden's communications director, said on MSNBC that the Times report is the "latest reminder how clear the choice is here between, in this case, between Park Avenue and Scranton. DONALD TRUMP'S tax has become a controversial topic once again as a new report claimed the President paid no income tax for up to 10 years. These types of news stories tend to cherry-pick particular tax years and tax deductions that fit the narrative and ignore high tax payment years that do not. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president. The Times story, if based on authentic documents, appears to debunk several conspiracy theories held by Democrats for years. Donald Trump, a self-proclaimed billionaire, paid only $750 in federal income taxes in the year he was elected US president, according to a stunning New York Times investigation that could shake up the presidential election. 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. The investigation showed Trump to have paid just $750 in U.S. income tax in both 2016 and 2017. The Trump Organization is also being extensively investigated by the New York Attorney General’s Office, which is investigating a range of matters related to Trump’s real estate activities and tax returns. The judgment is the latest development in an ongoing legal saga between Trump and Vance, who first subpoenaed eight years of Trump’s tax returns in August 2019. On Sunday, The New York Times unveiled an extensive investigative report based on a review of two decades of Trump’s personal and corporate tax records. The president ought to have some conversations today with Treasury Secretary Steven Mnuchin and Attorney General William Barr about prosecuting The New York Times for its possible tax felonies. The New York Times published an article Sunday evening analyzing several years of tax returns filed by President Donald Trump. As founder of Applied Optimism, a community and business design lab, I help leaders of all types catalyze the shared purpose, knowledge, and wonder of their customers to strengthen and achieve their organization’s objectives. You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Trump Tries To Delay Tax Return Subpoena Again After Judge Rules In Favor Of Manhattan DA, Supreme Court Says Trump Can’t Block New York Tax Records Request, Trump Will Challenge The Subpoena Seeking His Tax Returns, Despite Supreme Court Decision, Trump Probe ‘Not Limited To’ Fixer’s Porn Star Payments, Manhattan DA Says, Manhattan D.A. A lavish lifestyle through business expenses. You have people in the IRS – they treat me very badly.”, The president added: “The New York Times tried it, the same thing, they want to create a little bit of a story. Businesses can and should deduct all ordinary and necessary expenses against business revenue to arrive at business profit — period, end of story. In addition, Biden might have ventured into the area of tax evasion, the bad kind, by not paying himself a high enough “reasonable salary” W-2, something required under tax law. Trump has not corroborated the information that the Times is reporting. The federal audit and the New York State investigations, which Trump has referred to as witch hunts, are nothing new. Section 7213 of the Internal Revenue Code prescribes that each violation here is a felony punishable by $5,000 and/or five years in federal prison, plus the cost of prosecution. © 2020 Forbes Media LLC. David Smith in Washington and The 2nd U.S. In July, the Supreme Court ruled that House Democrats could not force Trump to hand over his tax returns. Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. The tax returns do not “any previously unreported connections to Russia,” the Times reports. Because most media will breeze over it, it’s important to pause and note the criminal illegality of this story. Trump's disgraced former lawyer Michael Cohen thinks he knows why. Eventually, he dismissed the Times report as “totally fake news”. They’re doing anything they can. 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. There’s nothing wrong with taking these deductions in and of themselves. Nonetheless, the Times report comes at a time when Trump’s finances are already under investigation by authorities. A large part of the reason why Trump and the Trump Organization were purportedly able to minimize tax payments was by claiming that substantial personal expenses, including Trump’s lavish use of multiple residences, personal aircraft, and even hairstyling for his television appearances, should offset income. If this is the big pre-debate “gotcha” that the Democrats and their allies in Big Media had in mind, it’s a bit of a flop.
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