President Trump paid no income tax in 11 of the 18 years from 2000 to 1018, The New York Times reported late Sunday, citing copies of tax records it had legally obtained from unidentified sources, but he did pay $750 in both 2016 and 2017.
But he did report paying taxes on a number of his overseas ventures, which brought in $73 million in revenue (not profit) in his first two years in the White House, the Times reports. But "in 2017, the president's $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines."
A Trump organization lawyer pointed out to the Times that Trump did pay more in federal taxes — likely meaning Social Security and Medicare contributions and taxes for his household employees. And the Times notes that Trump "paid substantial federal income taxes for the first time in his life," $70.1 million, from 2005 to 2007, when the tax-reducing power of nearly a billion in 1995 losses dried up and he started earning serious money from The Apprentice and related licensing deals — but he recouped most of that money, plus interest, starting in 2010 by taking advantage of an obscure provision of a bill passed after the 2008 financial meltdown.
The $72.9 million tax refund Trump eventually secured has been under scrutiny by the Internal Revenue Service and the bipartisan Joint Committee on Taxation since 2011, and if the audit finds he cheated — the Times suggests that's at least possible — he could owe the U.S. government more than $100 million.
Trump's foreign business entanglements also pose a long list of potential conflicts of interest, both foreign and domestic, and Turkey has been particularly aggressive in wielding its leverage, the Times reports. The good news for Trump is that the records the Times obtained don't "reveal any previously unreported connections to Russia." Read more (in depth or in brief) at The New York Times.
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