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You Probably Paid More in Taxes Than Donald Trump
New York Times recently obtained decades' worth of tax return data for Donald Trump.
This weekend, after years of speculation, a group of New York Times reporters finally accessed years of tax returns belonging to President Donald Trump on Sunday. In a summary, the Times' David Leonhardt analyzed 18 of the biggest takeaways from the documents.
The Times' gained access to 18 years' worth of tax returns. In 11 of those years, Donald Trump paid no federal income taxes. In fact, in 2017, the year after he became president, his tax bill was a mere $750.
As the host of NBC's The Apprentice, Trump classified his haircare as a business expense, totaling over $70,000 for haircuts. Trump also took deductions for personal residences, aircraft, and haircare and makeup for his daughter Ivanka Trump as well.
The documents show that most of Trump's businesses have continued to lose money, despite the presidency helping his personal brand overall. Since his initial campaign began, lobbyists, politicians, and other foreign officials have paid to use his properties. Since 2015, a surge in new members at his Mar-a-Lago club earned him an extra $5 million per year.
In 2012, he took out a $100 million mortgage on the Trump Tower. The documents suggest he's paid off none of the principal on the building, and could possibly owe the government over $100 million in 2022, depending on the outcome of a dispute with the IRS.
Donald Trump will presumably be asked about his tax returns in the upcoming presidential debate. Watch Joe Biden and Trump square off on Tuesday at 9 p.m. on Fox.