Donald Trump pays just $750 in income tax, again

The Trump Timeline

Sources linked at end of page.

Statistics

Related Topics

Donald Trump pays exactly $750 in income tax for 2017, the second year in a row.

Note: Date randomly selected. We do not know the exact date he filed or signed his tax return.

His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. The dreaded alternative minimum tax would let his business losses erase only some of his liability.

Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.

To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017.

When they got to line 56, the one for income taxes due, the amount was the same each year: $750.

The New York Times

Source

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

Photo: Public Domain

Trump File is working to get this story and others like it in front of as many voters as possible before the November election, and our reach depends on you! Can you help us on our mission with a donation today?

Click below to be redirected to ActBlue.

Get More Trump Secrets in Your Inbox

Statistics

Related Topics

Also On Trump File