President Donald Trump is not only a tax cheat, his tax returns reveal that he’s a total failure at business, too.
By now, most Americans know that a New York Times examination of Trump’s tax returns show that he is $421 million in debt and has paid little or no federal income tax for over a decade, with the most he has paid being around $750 in 2016. That amount is far less than what most hardworking Americans pay every year. For instance, my wife and I paid over $3,000 in federal income taxes in 2019, more than three times what Trump paid. So, he’s either not as wealthy as he claims or he’s committing fraud, or both.
That alone is pretty damn infuriating and the American people should send Trump packing.
But as the first debate between Trump and Democratic challenger Joe Biden approaches, the New York Times has revealed that his tax records also prove that Trump is a bad businessman whose companies are bleeding money even though he has constantly bragged about being a business “genius.”
“From the back seat of a stretch limousine heading to meet the first contestants for his new TV show “The Apprentice,” Donald J. Trump bragged that he was a billionaire who had overcome financial hardship. ‘I used my brain, I used my negotiating skills and I worked it all out,” he told viewers. “Now, my company is bigger than it ever was and stronger than it ever was.’ It was all a hoax,” the Times reported on Monday evening.
“Months after that inaugural episode in January 2004, Mr. Trump filed his individual tax return reporting $89.9 million in net losses from his core businesses for the prior year. The red ink spilled from everywhere, even as American television audiences saw him as a savvy business mogul with the Midas touch,” the report continued. “Twelve years later, that image of the self-made, self-saved mogul, beamed into the national consciousness, would help fuel Mr. Trump’s improbable election to the White House.”
The report notes that Trump made more than enough off his reality show to cover his massive debt.
“By analyzing the tax records, The New York Times was able to place a value on Mr. Trump’s celebrity. While the returns show that he earned some $197 million directly from ‘The Apprentice’ over 16 years — roughly in line with what he has claimed — they also reveal that an additional $230 million flowed from the fame associated with it,” NYT said.
But Trump just poured it into his own coffers rather than pay back the debt he owes. The question is who does he owe because if he owes other countries like Russia that makes him a national security threat.
Trump is also apparently so desperate for money that he slaps his name on every business venture floated by him.
“This article is based on an examination of data from those returns, which include personal and business tax filings for Mr. Trump and his companies spanning more than two decades,” the NYT reports. “Every dollar is disclosed for the first time: $8,768,330 paid to him by ACN, a multilevel marketing company that was accused of taking advantage of vulnerable investors; $50,000 from the Lifetime channel for a “juicy nighttime soap” that never materialized; $5,026 in net income from a short-lived mortgage business; and $15,286,244 from licensing his name to a line of mattresses. Mr. Trump was not terribly discriminating in his choice of endorsements. He slapped his name on everything from steaks and vodka to a board game and cologne.”
And the great majority of those ventures failed or defrauded American consumers.
Trump lied to the American people about his taxes, his businesses, and his wealth. He should have been disqualified from running for president in 2016 and he should not be allowed to be president for a second term. His debt is clearly being used by his creditors to extract favors and he is using the office he holds to personally profit and props up his businesses. Taxpayers should be beyond outraged.
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