{"slug":"trump-pre-presidency-tax-returns-nyt-losses","title":"Tax Returns Investigation: $1 Billion in Losses, Tax Avoidance Schemes Documented","date":"1985-01-01","lastUpdated":"2020-09-29","description":"Two major New York Times investigations using leaked Trump tax records documented the scale of Trump's tax avoidance and business losses. A 2019 investigation found Trump had declared $1.17 billion in business losses from 1985 to 1994 — more than any other American individual taxpayer in IRS data for that period. A 2020 investigation of 20 years of tax returns found Trump paid $750 in federal income taxes in 2016 (the year he was elected) and $750 in 2017 (his first year in office), with hundreds of millions in debts coming due and significant questions about self-dealing expense deductions, including $70,000 claimed for hairstyling.","summary":"The 2019 NYT investigation used IRS data from 1985-1994, finding Trump declared $1.17 billion in losses — an average of $117 million per year — largely from casino and real estate failures. The losses were so large that Trump paid no income tax in eight of the ten years. The 2020 investigation of complete tax returns found Trump paid $750 in federal income taxes in 2016 and $750 in 2017 through aggressive deductions, carried-forward losses, and tax credits. Trump had for decades refused to release his tax returns, claiming he was under IRS audit. He remained the only presidential candidate in modern history to refuse release until his returns were eventually obtained by courts after litigation.","category":"corruption","severity":"major","ongoing":false,"sources":[{"url":"https://www.nytimes.com/interactive/2019/05/07/us/politics/donald-trump-taxes.html","title":"Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses","publisher":"The New York Times"},{"url":"https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html","title":"Long-Concealed Records Show Trump's Chronic Losses and Years of Tax Avoidance","publisher":"The New York Times"},{"url":"https://apnews.com/article/trump-tax-returns-nyt-investigation","title":"NYT investigation: Trump paid $750 in federal income taxes in 2016","publisher":"The Associated Press"},{"url":"https://www.washingtonpost.com/politics/trump-taxes-returns-investigation/2020/09/27/story.html","title":"Trump paid just $750 in federal income taxes in 2016 and 2017","publisher":"The Washington Post"}],"draft":false,"status":"published","tags":["taxes","business-losses","tax-avoidance","pre-presidency","corruption","NYT-investigation","financial-conflicts"],"relatedEntries":[],"timeline":[{"date":"1985-01-01","title":"Decade of losses begins — casino and real estate operations","summary":"Trump begins a decade (1985-1994) in which he declares $1.17 billion in business losses, primarily from Atlantic City casino operations and real estate. The losses allow him to pay no federal income tax in 8 of 10 years."},{"date":"2016-01-01","title":"Trump pays $750 in federal income taxes — year he runs for and wins presidency","summary":"In 2016, as Trump campaigns for and wins the presidency, he pays $750 in federal income taxes. The minimal payment results from accumulated loss carry-forwards, deductions, and other strategies."},{"date":"2019-05-07","title":"NYT publishes 1985-1994 IRS data — $1.17 billion in losses","summary":"The New York Times publishes an investigation using IRS data showing Trump declared $1.17 billion in losses from 1985 to 1994 — more than any other individual American taxpayer in that period. Trump calls it fake news."},{"date":"2020-09-27","title":"NYT publishes 20 years of tax returns — $750 payments, hundreds of millions in debt","summary":"The New York Times publishes a comprehensive investigation of Trump's tax returns showing $750 payments in 2016 and 2017, $421 million in personally guaranteed debt, $26 million in unexplained consulting fees including Ivanka deductions, and $70,000 in hairstyling deductions."},{"date":"2022-12-30","title":"House Ways and Means releases Trump tax returns","summary":"After years of litigation, the House Ways and Means Committee releases Trump's actual tax returns. The documents confirm the NYT investigation's findings and reveal additional details about his tax strategy and financial obligations."}],"location":{"name":"New York, NY","lat":40.7128,"lng":-74.006},"custom":{"era":"pre-presidency","posture":"judicial-finding","warCrimeClassification":"enabling","internationalLaw":[],"iccRelevance":false,"victims":"American taxpayers whose tax burden was increased by aggressive corporate loss exploitation; voters denied transparency about a presidential candidate's financial interests and potential foreign debt obligations; democratic accountability undermined by unprecedented refusal to disclose financial records","structuredPerpetrators":[{"name":"Donald Trump","role":"Taxpayer; used aggressive loss-carry-forward strategies, self-dealing deductions, and expense claims to minimize federal income tax liability while claiming to be a wealthy and successful businessman; refused to disclose tax returns to voters for years","institution":"Trump Organization"}],"updateLog":[{"date":"2020-09-29","summary":"Updated with 2020 NYT investigation findings."}]}}