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Tribulations, Tax and Trump

Between 1974 and 2012, excluding Gerald Ford who only released 10 years of summary data, every U.S. president has released their tax returns. Although not legally required to do so, since 1977…

Image By Joe Seer From Shutterstock

The leaked documents have also shown that over the past 18 years Trump has paid about $95 million in federal income taxes but starting in 2010 he managed to recoup a large chunk of that money when he received the $72.9 million. It would make his average yearly contribution $1.4 million, while other wealthy Americans paid an average of $25 million annually in the same time period.

His dubious definition of what constitutes a ‘business expense’ is also being highlighted by his leaked tax returns. Classing his many residences, golf courses, aircraft and even his haircuts (he apparently spent an astonishing $70,000 on styling his hair during his time at The Apprentice) as a business expense. Most alarmingly, he has classified his Seven Springs estate in Westchester County, N.Y. as an ‘investment property’ not a personal residence. This has allowed him to avoid $2.2 million in property taxes since 2014.

 

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