Trump’s tax returns show he’s deeply in debt – and the bill is due

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It is not a new idea that President Trump is better at playing a billionaire on TV than making enough money to be one in real life. but The New York Times got the goods to prove it – tax documents worth 18 years, from 2000 to 2018 – and the first bomb released Sunday evening (during very promising to “publish additional articles about our results” in the coming weeks). It’s a doozy.

One Eye-catcher to take away A deep look into Trump’s strictly shielded tax returns shows that Trump is losing a lot of money. To like, much. He’s losing millions on his valued overseas and U.S. golf properties, the Trump International Hotel in Washington, DC, and many of the roughly 500 units that make up the Trump Organization.

the Times also details how Trump uses these deep red losses to avoid paying federal income tax at least in the US There was a period of two years during which he too much of Money to avoid taxes thanks to his stake in NBCs The Apprentice, but then requested a refund when the opportunity arose after the 2008 financial crisis. That $ 72.9 million in refunded tax plus interest is under scrutiny and has been for years Times reported. Trump paid just $ 750 in federal income tax in both 2016 and 2017, the last few years in the data Times obtain.

But “the picture that perhaps best emerges from the mountain of numbers and tax plans drawn up by Mr. Trump’s accountants is of a businessman-president in a tightening financial vise” deeply in debt as the bill falls due. the Times Reports. That begs the worrying question of whether Trump can literally afford to lose power on November 3rd – and what he could do to prevent an election defeat and financial ruin.

In the 2016 election campaign, Trump declared himself the “king of debt”. tells Norah O’Donnell of CBS that “nobody knows debt better than I do … I’ve made a fortune out of debt, and when things don’t work out I renegotiate the debt. I mean, that’s a smart thing, not a stupid thing.” Renegotiating means “going back and saying, ‘Hey, guess what, the economy has collapsed,'” he said. “‘I’ll give you half back.'” That nearly destroyed him in the early 1990s when almost all of his bets failed in a short period of time.

The lessons Trump learned in the early 1990s “undoubtedly shaped his approach to business and the conservative way we do business today,” says Eric Trump, who currently leads the Trump Organization for his father. told The Washington Post in 2018. Trump started paying cash for real estate around 2006 than his apprentice Money came in.

But the newly received “tax records show that Mr. Trump has once again done what he regrets looking back on his collapse in the early 1990s: personally guaranteed hundreds of millions of dollars in credit, a decision that prompted his lenders to agree.” Threatening violence. ” he in personal bankruptcy “, the Times reported Sunday. This time around, he is personally responsible for borrowings and other debts totaling $ 421 million, the majority of which is due within four years. Should he win his re-election, his lenders could be placed in an unprecedented position of considering foreclosing a seated president. “

Along with over $ 300 million in loans maturing over the next four years and for which he is personally responsible, Trump may have to repay more than $ 100 million including interest and penalties to the federal government if the Internal Revenue Service determines it was wrongly received the $ 72.9 million tax refund. Trump has valuable assets that he may (but really doesn’t want to) sell – but he’s also currently the top executive of the same federal government that includes the IRS and American prosecutors.

If you think Trump wouldn’t rely heavily on Attorney General William Barr or Treasury Secretary Steven Mnuchin to protect his personal finances in a second term, or that Barr or Mnuchin are past the scales, Trump could be a bridge to sell do you have. Or a condominium. Mnuchin’s refusal to deliver Trump’s tax returns to Congressional investigators, and the Justice Department’s half-successful defense of that decision, is why we learn what is on Trump’s tax returns The New York Times.

Deutsche Bank, one of Trump’s largest lenders, would likely “make it easy” and extend a short-term loan extension to Trump until he is out of office, Mike Offit, one of Trump’s bankers in the 1990s, told Mother jones in August. “It’s even worse when you try to seal off the president. Good luck with that. That way you will get yourself back on the news every day.”

Any other bank would decide Trump is “toxic,” a professor of real estate finance at UC Berkeley Nancy Wallace related Mother jones. “Exposing yourself to this type of oversight under the current regulatory reality for lenders large enough to provide capital is just a non-starter.” That would leave Trump at the mercy of “opportunistic lenders” who are less reluctant to prosecute him for crime, even in the Oval Office, Offit said. Hedge funds would “borrow Ted Bundy. They don’t care.” Wallace agreed that some private equity funds “could be very tempted if he were willing to pay a very high coupon”.

the Times, who worked on Trump’s self-reported tax information, was unable to determine his assets or the identity of his lenders. A president deeply indebted to unknown lenders poses a clear threat to national security.

That brings us to our second question: if Trump can’t afford to lose power, can America afford to have him in power for four more years?

The data available only scratches the surface of the “actual and potential conflicts of interest created by Mr. Trump’s refusal to part ways with his business interests in the White House.” the Times Reports. “Its properties have become bazaars to raise money direct from lobbyists, foreign officials, and others seeking time, access, or favor.” The authoritarian government of Turkey led by President Recep Tayyip Erdogan has “not hesitated to use various Trump companies to their advantage”, Times says.

With question after question, how do we know whether Trump is acting in America’s best interest or in his own interest?

“It’s very worrying,” said Virginia Canter, chief ethics advisor for Citizens for Responsibility and Ethics in Washington (CREW), told Mother jones. “I’m sure that in some ways the best that can happen is that he doesn’t get re-elected.”

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