Two of those deductions — at Seven Springs and at the Trump National Golf Club in Los Angeles — are the focus of an investigation by the New York attorney general, who is examining whether the appraisals on the land, and therefore the tax deductions, were inflated. The files obtained by The Times include documentation of Trump’s personal tax filings, as well as those of the hundreds of companies that make up his business empire. “I play to people’s fantasies,” he wrote in “Trump: The Art of the Deal.” “People want to believe that something is the biggest and the greatest and the most spectacular. Testifying before Congress in February 2019, the president’s estranged personal lawyer, Mr. Cohen, recalled Mr. Trump’s showing him a huge check from the U.S. Treasury some years earlier and musing “that he could not believe how stupid the government was for giving someone like him that much money back.”. More broadly, the tax records suggest other ways in which Mr. Trump’s presidency has propped up his sagging bottom line. Whether they do in large numbers, though, might make the difference between Trump or Biden winning the state. If negotiations were to deadlock, the case would move to federal court, where it could become a matter of public record. Take, for example, Mar-a-Lago, now the president’s permanent residence as well as a private club and stage set on which Trump luxury plays out. By a 19-point spread, likely voters in the Times/Siena poll expressed support for Obamacare. Whether Mr. Trump gets to keep the cash, though, remains far from a sure thing. They reveal that the president now finds himself under increasing financial duress as he continues to fight a decade-long legal battle with the Internal Revenue Service, which has challenged the legitimacy of a $72.9 million tax refund that he claimed — and received — after declaring huge losses. In 2017, the president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines. 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. Rental income over all at 40 Wall has risen markedly, from $30.5 million in 2014 to $43.2 million in 2018. In 2015, he signed a deal with a land conservancy, agreeing not to develop most of the property. “It was home base for us for a long, long time,” Eric told Forbes. The records that The Times reviewed square with the way Mr. Trump has repeatedly cited, without explanation, an ongoing audit as grounds for refusing to release his tax returns. He now lobbies on behalf of Turkish business interests. The Supreme Court fight may reshape a neck-and-neck race — a New York Times/Siena College poll this month found Trump and Biden effectively in a dead heat in North Carolina. Jonathan Hayward/The Canadian Press, via Associated Press. Beyond one-time payments for events or memberships, large corporations also pay rent for space in the few commercial buildings Mr. Trump actually owns. The data contains no new revelations about the $130,000 payment to Stephanie Clifford, the actress who performs as Stormy Daniels — a focus of the Manhattan district attorney’s subpoena for Mr. Trump’s tax returns and other financial information. In May, the chairman of a trade group representing Turkish business interests wrote to Commerce Secretary Wilbur Ross urging support for increased trade between the United States and Turkey. Even so, it has its limits. According to The New York Times: In response to a letter summarizing The Times’s findings, Alan Garten, a lawyer for the Trump Organization, said that “most, if not all, of the facts appear to be inaccurate” and requested the documents on which they were based. requires that these fees be “directly related to operating your business,” and businesses cannot deduct “legal fees paid to defend charges that arise from participation in a political campaign.”. Tax returns do not, for example, record net worth — in Mr. Trump’s case, a topic of much posturing and almost as much debate. It is possible that the case has been paused because Mr. Trump is president, which would raise the personal stakes of re-election. “Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015,” Mr. Garten said in a statement. Threats are converging: mounting business losses, the looming I.R.S. George Yin, a former chief of staff for the joint committee, said that any identifying information about taxpayers under review was tightly held among a handful of staff lawyers and was rarely shared with politicians assigned to the committee. “The Apprentice,” along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Mr. Trump a total of $427.4 million, The Times’s analysis of the records found. A lavish lifestyle through business expenses. The I.R.S. That equation is a key element of the alchemy of Mr. Trump’s finances: using the proceeds of his celebrity to purchase and prop up risky businesses, then wielding their losses to avoid taxes. The broader economy promises little relief. Some Democrats, as is their wont, are nervous about the implications of voting in the age of Covid-19. “She is involved in all decisions — large and small.”. When prosecutors and congressional investigators issued subpoenas for his returns, he wielded not just his private lawyers but also the power of his Justice Department to stalemate them all the way to the Supreme Court. Fragments of Mr. Trump’s tax returns have leaked out before. The court concluded that the partners had structured the fees to “distribute profits, not to compensate for services.”. The administration is backing a lawsuit that is currently before the court challenging the law’s validity. 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 … It’s an innocent form of exaggeration — and a very effective form of promotion.”. One such survey was a New York Times/Siena College poll released yesterday. Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president’s business empire. The committee interviewed a top Miss Universe executive, Paula Shugart, who said the Agalarovs offered to underwrite the event; their family business, Crocus Group, paid a $6 million licensing fee and another $6 million in expenses. (CNN) President Donald Trump's tax records show he has pursued expansive business projects in China for years and even maintains a Chinese … Among businesses he runs, Mr. Trump’s first success remains his best. When asked in a 2011 lawsuit deposition whom he relied on to handle important details of his licensing deals, he named only Ivanka, Donald Jr. and Eric. The tax records reveal another way Seven Springs has generated substantial tax savings. For months the DA has been seeking information from entities that have done business with Trump, such as German financial institution Deutsche Bank, The New York Times has reported. NBC, his partner in Miss Universe — source of nearly $20 million in profits — announced that it would no longer broadcast the pageant; he sold it soon after. If the auditors ultimately disallow Mr. Trump’s $72.9 million federal refund, he will be forced to return that money with interest, and possibly penalties, a total that could exceed $100 million. At the Mar-a-Lago club in Palm Beach, Fla., a flood of new members starting in 2015 allowed him to pocket an additional $5 million a year from the business. His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. Ms. Trump appears to have both managed that deal, and another in Hawaii, as a salaried Trump Organization executive, and also been paid as a “consultant” on them. At a news conference on Sunday night, Trump called the Times report “fake news.” As he has said falsely in the past, he claimed that he would release his tax returns to the public once he was no longer under audit. Mr. Trump objected to the sale in court, saying he had not been consulted, but he ended up with a 30 percent share of two valuable office buildings owned and operated by Vornado. If Mr. Trump hoped his unlikely candidacy might, at least, revitalize his brand, his barrage of derogatory remarks about immigrants quickly cost him two of his biggest and easiest sources of cash — licensing deals with clothing and mattress manufacturers that had netted him more than $30 million. There is no indication that the I.R.S. He sold $54 million more in stocks and bonds in 2015, and $68.2 million in 2016. These two claims are entirely inconsistent and, in any event, not supported by the facts.”. over to lament what the virus has wrought and suggest a few places in town that remain open. And Mr. Trump does appear to have received something. But the returns, by his own account, undercut his claims of financial acumen, showing that he is simply pouring more money into many businesses than he is taking out. But there is no evidence that Mr. Trump, who mostly licenses his name to other people’s projects and is not involved in securing government approvals, has engaged in such practices. Vornado tenants include a roster of blue-chip firms paying multimillion-dollar leases, many of whom regularly do business with, lobby or are regulated by the federal government. While two of Mr. Trump’s marquee draws — the Washington hotel in the Old Post Office and the Doral golf resort — are loaded with debt and continue to lose money, both have seen credit card transactions rise markedly with his political ascent. By comparison, Mr. Trump and NBC shared losses of $2 million from the pageant the year before the Moscow event, and $3.8 million from the one the year after. Those costs must be spread out as expenses and deducted over the useful life of the asset. The collective and persistent losses he reported from them largely absolved him from paying federal income taxes on the $600 million from “The Apprentice,” branding deals and investments. The New York Times' coverage of Trump's taxes is an emperor-has-no-clothes moment Analysis by Brian Stelter , CNN Business Updated 12:04 AM ET, Mon September 28, 2020 It’s a Felony for an IRS Employee to Leak Someone’s Tax Returns, Although Law Enforcement Can … Mr. Trump was using the precise wording of I.R.S. While most of the tax data has not previously been made public, The Times was able to verify portions of it by comparing it with publicly available information and confidential records previously obtained by The Times. Helping to reduce Mr. Trump’s tax bills are unidentified consultants’ fees, … Mr. Trump’s U.S. payment, after factoring in his losses, was roughly equivalent, in dollars not adjusted for inflation, to another presidential tax bill revealed nearly a half-century before. It has remained there, unresolved, with the statute of limitations repeatedly pushed forward. The New York Times published an article Sunday evening analyzing several years of tax returns filed by President Donald Trump. If he loses that battle, he could be stuck with a bill for more than $100 million. 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. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses. Email us at onpolitics@nytimes.com. For 2015, he paid $641,931, his first payment of any federal income tax since 2010. Protesters who support and oppose President Trump’s Supreme Court nominee squared off on Sunday outside the Supreme Court Building. And in 2009, Mr. Trump parted ways with a giant money loser: his long-failing Atlantic City casinos. The Trump family said last year that it was considering selling the Washington hotel, but not because it was losing money. Even the effective tax rate paid by the wealthiest 1 percent of Americans could have caused him to pay more than $100 million. Mehmet Ali Yalcindag, pictured with the Trumps in 2012, helped negotiate a licensing deal in Istanbul that brought Mr. Trump at least $13 million. The trove included years of employee compensation information and records of cash payments between the president and his businesses, as well as information about ongoing federal audits of his taxes. audit and personally guaranteed debts coming due. And the Trump Organization website still describes Seven Springs as a “retreat for the Trump family.”. What is popularly known as the Trump Organization is in fact a collection of more than 500 entities, virtually all of them wholly owned by Mr. Trump, many carrying his name. It’s nice to be rich, I guess, but I lose billions.”, The comments section is closed. But a number of people in the state have already voted: Absentee ballots began going out to the state’s voters three weeks ago. In 2016 and 2017, he paid $750 in federal income taxes. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life. The president’s conflicts have been most evident with Turkey, where the business community and the authoritarian government of President Recep Tayyip Erdogan have not hesitated to leverage various Trump enterprises to their advantage. The materials reviewed by The Times do not make clear whether Mr. Trump’s refund application reflected his public declaration of abandonment. Like her brothers Donald Jr. and Eric, Ms. Trump was a longtime employee of the Trump Organization and an executive officer for more than 200 Trump companies that licensed or managed hotel and resort properties. As he settled into the Oval Office, his tax bills soon returned to form. While Mr. Trump crisscrossed the country in 2015 describing himself as uniquely qualified to be president because he was “really rich” and had “built a great company,” his accountants back in New York were busy putting the finishing touches on his 2014 tax return. To delve into the records is to see up close the complex structure of the president’s business interests — and the depth of his entanglements. 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. Over all, since 2000, Mr. Trump has reported losses of $315.6 million at the golf courses that are his prized possessions. And once I ran, or once I won, or somewhere back a long time ago, everything was like, ‘Well, let’s start all over again.’ It’s a disgrace.”. 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