Donald Trump: few taxes, many debts and $ 70,000 in hair salon

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Brief conclusions on the almost four years of investigation of the newspaper ‘The New York Times’ on the finances of the president of the United States

Less than 40 days before the elections that could revalidate his position in the White House, the exclusive revelations of the newspaper The New York Times about Donald Trump’s finances and his relationship with the Treasury leave headlines that draw the president of the United States away from the shark Of the businesses that he claims, they state that he has benefited from his bankruptcies and that he owes more than 400 million dollars in loans that will mature in the coming years.

These are some of the conclusions reached by the Times, whose director, Dean Baquet, has written in a letter to readers that it is the work of a group of editors for almost four years and that there will be additional publications in the days to come.

Due to his many ruinous businesses, the president used those losses over the years to avoid paying a single dollar to the US treasury.

That was the figure that the president paid to the IRS (Internal Revenue Service, acronym in English of the US Treasury) in that year, when he won the presidential elections to Hillary Clinton, and the same amount he paid in 2017, being already president of the nation. The average US citizen pays in federal taxes is around $ 12,200, according to information from the IRS itself.

As the New York newspaper elegantly reports, “Trump classified many of the expenditures from his lavish way of life as business expenses. Those outlays included residencies, air travel and $ 70,000 for a hair stylist for his television appearances. “

Since he was a candidate for the presidency, Trump has benefited from large amounts of money from lobbyists, politicians or leaders of authoritarian countries who have paid to spend the night in their hotels or play on their golf courses. For example, his Mar-a-lago club, in Florida, has seen the number of members increase dramatically since the president occupies the White House. In this case, the president even took the opportunity to considerably increase the quota for new members.

His enormous success as the host of The Apprentice (The newbie), the famous reality show in which the current president, in the role of business guru, judged the proposals of aspiring entrepreneurs. It brought him huge profits that he used to buy up to more than 10 golf courses and other properties. The losses suffered by those businesses were used to reduce the amount of taxes he had to pay. That strategy went into dry dock when the program began its decline in 2015.

The president requested a return to the Treasury due to the poor performance of his casino in Atlantic City (New Jersey) and assured that he had ceded all his shares. However, according to the Times, the story told by Trump is far from reality. According to a federal law, an investor can declare total losses and not pay taxes as long as he does not receive any money from the treasury in return. But the president, always according to the newspaper’s information, did receive a return of funds. In 2011, the IRS opened an audit to review the legality of that refund of about 73 million. Almost a decade later, the case remains unsolved for unknown reasons, but it could end up in federal court, in which case it would be in the public domain.

It is not new that the president owes Deutsche Bank hundreds of millions of dollars. That debt will be more problematic for Trump if he is reelected president, as he is individually responsible for more than $ 420 million. As indicated by the Times, The president may hide behind the federal government to circumvent the lenders.

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