Great Britain

Trump’s huge losses and a $70,000 hairstyling bill: Six key findings from bombshell tax report

Donald Trump is the only president in modern times not to make his tax returns public. 

In a bombshell, 10,000-word report following an extensive investigation, The New York Times published claims that Mr Trump, who prides himself on his business acumen, pays a minuscule amount of tax.

The mogul, who went from Trump Tower to the White House following his surprise 2016 election victory, paid no federal income tax in 10 of the past 15 years and only $750 in the year he was elected, according to the paper.

Mr Trump reacted furiously on Sunday when confronted with the report, with his characteristic put-down of negative stories: “It's fake news. Totally fake news.”

Here are some of the key points from the investigation, which threatens to jolt the race just a day before he faces Joe Biden in Tuesday’s debate.

In 2016 and 2017, Trump paid just $750 in federal income taxes, according to the Times. In 10 of the previous 15 years, Trump paid no federal income taxes at all. Despite reporting hundreds of millions of dollars in income, Trump effectively erased his tax bill by reporting heavy losses across his business interests.

Some of Trump's most prominent real estate holdings have also been less than profitable, the Times reported. Trump reported losing over $315 million on golf courses since 2000, with much of that centered at Trump National Doral near Miami. The hotel he opened in the heart of Washington in 2016 has recorded over $55 million in losses.

Trump faces a tax bill of $100m if an IRS audit prevails

The Times report also found that Trump has been feuding with the Internal Revenue Service for the last decade over a nearly $73 million tax refund he previously claimed. If the IRS were to prevail in its audit, which has seemingly stalled in recent years, Trump could be responsible for paying over $100 million to the government.

A significant amount of his profits come from the licensing of his name and image

The Times found that a large amount of Trump's profits came from selling Trump himself. It reported that the former reality television star reported making a combined $427.4 million from 2004 to 2018 by selling his name and image through various endorsements and licensing deals.

He wrote off $70,000 dollars for hairstyling expenses

Trump has been aggressive in claiming certain business expenses that further shrank his tax bill, according to the Times. That includes $70,000 in hairstyling expenses tied to "The Apprentice," his former television program, and classifying a New York property described by the Trump Organization as a family retreat as an investment property to write off millions in property taxes.

Loan repayments are looming

The Times reported that Trump appeared to be responsible for $421 million in loans coming due in the next four years.

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