U.S. President Trapped in Tax Returns

U.S. President Trapped in Tax Returns
Gage Skidmore from Peoria, AZ, United States of America / CC BY-SA

Donald Trump has not paid income taxes before becoming the President for almost 10 out of 15 years because he always reported losses than the money he made. He paid federal income taxes the year he won the election that is about $750. 

With the re-election this year, it seems that Trump is under massive pressure as he keeps the campaign rolling, millions of dollars in debt, financial stress and danger of losing the election.  Also dangling over him is a decade-long audit conflict with the Internal Revenue Service over the legitimacy of a $72.9 million tax return that he demanded, and obtained, after reporting huge losses. An unfavourable ruling could run him more than $100 million.

Donald Trump’s tax returns show a different story than he has sold to the people of America. The I.R.S. report says an unconventional story about Trump that as a businessman he has shown chronic losses which is unlikely because he avoided paying tax. Presently, with his monetary challenges arising, the reports reveal that he depends further on getting funds from firms that set him in dormant and usually in an immediate dispute of interest with his position as the U.S. President.

The NY Times has received tax-return data stretching overhead for about two decades for Mr Donald Trump and the numbers of firms that form up his business structure which includes full information of his first two years in office. It does not have his private returns for 2018 and 2019. 

The filings will leave many questions unanswered and the erudition that Mr Trump has revealed to the I.R.S., not the conclusions of an individualistic monetary analysis. They report that Mr Trump holds hundreds of millions of dollars in marketable assets; however, it does not expose his actual wealth. Neither do they unveil any earlier unreported links to Russia.