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Nov 3, 2020 1 min read

Trump's Taxes. Here's the Truth

Trump's Taxes. Here's the Truth

No Unreported Connections to Russia

The tax returns do not include"any previously unreported connections to Russia".

There have been many theories, now disproven, about Trump's fiscal dependence on Russia. Many of those collusion hoaxes rested on possible shady business dealings Trump had with powerful Russian officials.

The tax documents disprove those ideas.

Sources: NYT

The $750 Lie

The $750 figure being cited by media outlets is in addition to what he already paid in taxes; it is not his total tax payments for the year.

"[Trump] made the required payment to the IRS for income taxes he might owe - $1 million for 2016 and $4.2 million for 2017.

This means the IRS kept the $1 million and $4.2 million that Trump paid during those years - he did not get it back.

Sources: NYT

Trump Pays A Lot Of Taxes

"Mr. Trump initially paid almost $95 million in Federal Income Taxes over 18 years" - The NYTimes Article

A 2005 tax return showed Trump paid $38 million in Federal Income taxes in just that year.

He was able to get money back due to the tax code and the nature of his business - real estate development and investment. Tax code 'loopholes' exist for a reason.

Sources: NYT

NYT Won't Reveal Their Source

It's impossible to verify that the NYT Sources for the tax documents because of legal issues.

The outlet reported that it received the information from sources with legal access to it, but it was illegal of them to provide it to NYT.

Sources: NYT

Trump's Taxes Summary

The recent outcry about Trump's taxes is a tax literacy test.

NYT was able to argue that Trump "only paid $750 in taxes" they ignored that Trump paid tens of millions of dollars over the years.

They also ignored that he was able to get refunds due to tax code and the nature of real estate development and investment tax procedure.

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