Via New York Daily News:
President Trump paid just $750 in taxes in 2016 and the same sum in 2017, according to a bombshell New York Times report published Sunday.
He paid a big fat zero in income tax in 10 of the 15 previous years, the publication found.
From today’s New York Times email briefing:
Even though taxes on wealthy Americans have fallen sharply in recent decades, most still pay a lot to the federal government. A typical billionaire pays tens of millions of dollars in federal income taxes each year.
President Trump, however, is different.
Guess he’s not a “typical billionaire.” WHO KNEW.
Yesterday, The Times published an investigation of his finances, based on thousands of pages of documents that had not previously been public. They showed that Trump paid no taxes in 11 of the 18 years between 2000 and 2017. In both 2016 and 2017, he paid only $750.
He was able to do so both because many of his businesses report losing large amounts of money — which reduces his taxable income — and because he has engaged in questionable tax practices.
LOSING large amounts of money?! Gosh, if I didn’t know better I’d swear he was a LOSER.
Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.
In case you were wondering what $70k a year gets you in hairstyling. Also: where is my free jet? I already have it picked out and everything!
The Times quotes a few reactions to the reporting, including this one from Avi Asher-Schapiro of Thomson Reuters Foundation:
Perhaps the most instructive thing re: Trump taxes is the $75K deduction for haircuts. It really illustrates how easy it is for rich people to manipulate their tax burden, & pay less than us. Trump’s haircuts are a business expense […] but not my entire rent when I work from home.
Hey now, Avi Asher-Schapiro of Thomson Reuters Foundation! America’s Owners have worked very, very hard – obviously much harder than anyone else! ever! – to ensure this is the case. It’s called bootstraps, people!
I needed an image
because I have no idea wtf bootstraps even look like to drive home this important point for readers, so I went and googled “bootstraps.”
Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.
I wonder how much she paid in taxes on that? LOL no. No, I do not wonder how much she paid in taxes on that.
Trump is facing a series of large looming bills in the next few years, and it is not obvious how he will cover them.