Recently, Donald Trump was in the news again, this time in a head-turning report from the New York Times about his non-payment of federal income taxes over the past couple of decades. According to the September 27th report, (which was researched and written by Ross Buettner, Susanne Craig and Mike Mcintrye), Trump paid $750 in 2016 and the same amount again in his first year as President.
But, after The Times was able to retrieve information about his taxes that the public has been in search of for years, it was found that he had not “paid any taxes at all in 10 of the previous 15 years – largely because he reported losing much more money that he made.”
“We’ve been negotiating for a long time,” Trump said in a briefing shortly after the report was released. “Things get settled like in the IRS, but right now when you’re under audit, you don’t do that. So right now we’re under audit.”
Trump denied giving any exact numbers about what he actually has paid in federal taxes, and feels that the report about his past financial history is only coming up now because of the upcoming election.
Details About Trump’s Income and Taxes
Generally, when the American public thinks of Donald Trump, they know him to be a very rich man. So, when these kinds of reports come about (the New York Times actually went back two decades into his financial history) it is shocking to think that with all the properties, golf courses and such, that him paying taxes would be a problem at all.
Still, as American citizens, we all have the right to know the Commander-in-Chief’s tax history, and it’s just mind blowing how much money Donald
Trump has made over the past couple of decades. According to one CNBC report, with the American reality series that Trump became very popular on called “The Apprentice” (which aired from 2004-2017), he made about $427 million.
He also made another $176 million with Vornado Buildings. According to their website, the company “owns and operates nearly 20 million feet of prime office properties.” These properties make up about 25% of Trump’s fortune, and The New York Real Estate News reported earlier in the summer of 2020 that they were looking to sell any towers that Trump co-owned. This came about as critics were still pointing out the fact that he may have had trouble “maintaining his business interests while in office.”
When it comes to office retail buildings overall, Trump has reportedly made about $336 million over the years.
Trump’s Business Failures
Much of the money that Trump made he actually put into buying hotels and golf courses, businesses that lost hundreds of millions of dollars over time, according to the recent New York Times report. The losses from those businesses are what he mostly reported to the IRS, and experts feel that was the reason why he was able to get away with not paying taxes for such a long time.
The current IRS audit is based on a refund that Trump received in 2010 of $73 million.