New York Times: We Have Trump’s Tax Returns

New York Times: We Have Trump’s Tax Returns. By Joel Pollack.

The New York Times published details Sunday of what it claimed were President Donald Trump’s tax returns to the Internal Revenue Service (IRS), going back more than two decades, showing “chronic losses and years of tax avoidance,” it said.

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

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 …

The Times story, if based on authentic documents, appears to debunk several conspiracy theories held by Democrats for years.

  • The tax returns do not “any previously unreported connections to Russia,” the Times reports.
  • Moreover, the Times story appears to confirm Trump’s claim — long treated as an excuse by Democrats — that he is under audit by the IRS.
  • And the Times could not find “any itemized payments to Mr. Cohen,” ostensibly the subject of the New York investigation. …

Past exposures of Trump’s tax returns have confirmed that he has paid millions of dollars in personal income taxes. MSNBC’s Rachel Maddow was widely mocked in 2017 for revealing a 2005 tax return that showed Trump had paid $38 million in federal income taxes that year.

It is illegal for the IRS to leak the personal tax returns of any individual. The Times is guarding its sources closely.

Hello? Ever heard of negative gearing?

That’s where you borrow lots of money, and make a loss each year because of the interest bill. No (or less) tax is paid. But the assets you bought are appreciating. Until the assets are sold, it is a loss making operation — yet if the asset goes up enough, it is a winner. Millions of people get rich this way. Especially in real estate — and Donald Trump is a real estate mogul! Incredible. Don’t tell the New York Times.

Here’s the real tax problem going into the presidential election:

How come Obama is worth $50m+?