Donald Trump refuses to publish tax returns. A report on his finances is now causing quite a stir in the US.
In the past, US President Donald Trump (74) liked to present himself as a very wealthy, clever businessman at the head of a corporate empire. Obviously not everything is as it seems. An article in the "New York Times" about his company's tax data paints a different picture. Accordingly, Trump has not paid any taxes at the federal level in the past for several years. He reportedly paid $ 750 each in 2016, the year he was elected president, and in 2017. Trump has so far refused to disclose his tax returns, as his predecessors had done for decades.
Trump called the "Times" report – with alleged information from the Trump company network with around 500 companies from two decades – as "total fake news". A Trump organization attorney said of the article that "most, if not all, of the facts appear to be inaccurate". The explosive post also states, among other things, that many of Trump's companies were losing money, and those losses are said to have helped the businessman reduce his federal tax burden to practically zero.
Hair styling is tax-free
The fact that the current US president is said to have deducted more than $ 70,000 for his hairstyling from taxes during his time on the TV show "The Apprentice" caused mockery on the net. For his daughter Ivanka (38), various Trump companies have sold over $ 95,000 for hairstyle and make-up experts.
The Times also claims to have found out that Trump's houses, planes and golf courses are part of the family business, and that Trump has therefore classified them as business expenses. These expenses would have helped reduce his tax liability. His golf courses and hotels, to which the president is proud to point out, are also said to incur major losses in some cases.
In addition, Trump is said to be under financial pressure, according to the Times. The newspaper reports that the president is said to be responsible for $ 421 million in loans, most of which will mature within four years. Will Trump talk about his finances on TV on Tuesday? Then comes the first debate with his challenger Joe Biden (77). The presidential election in the United States will take place on November 3rd.