It appears that this year has turned out to be extremely challenging for Donald Trump. Apart from the election race, he is struggling with worsening economic indicators shattered by the coronavirus crisis and constant allegations from the media.
For instance, recently The New York Times has claimed that it managed to obtain the president's tax information for the last 20 years. According to the media giant's report, Donald Trump did not pay income taxes for 10 of the 15 years preceding his election, and just $750 a year in 2016 and 2017. Importantly, in the United States, income tax is a burden for many financially vulnerable groups of people. This is why this report caused such a resonance as Trump with a fortune of $2.7 billion somehow found a way to avoid tax payoffs. Curiously enough, detailed payments reports from more than two decades of tax information showed that Trump suffered extensive financial losses. This is totally ridiculous taking into account Trump's growing wealth. The Times also found out that Trump has hundreds of millions of dollars in debt as he has benefited from a number of write-offs to avoid paying taxes. Moreover, he knows well how the tax deduction scheme works as his daughter Ivanka is a good expert in this matter. Besides, he has found a loophole to minimize taxes through the tear and wear of his real estate. Depreciation is erosion in the value of those assets which are used for longer than a year. Then, he prices in tear and wear costs both in the finished product and business spending. This is how Trump’s business empire makes a profit in the same volumes, while significantly saving on taxes.
Trump himself completely denies any claims about possible tax evasion. "I pay a lot, and I pay a lot in state income taxes," he pointed out. Trump also said that he was willing to release his tax returns. Notably, he is the first president over 40 years, who is no longer under audit by the Internal Revenue Service. It means that he is under no obligation to reveal his tax returns and more probably, he will not unveil them.
