Donald Trump, the President of the United States, is a fraud whose business empire is failing.
For years, the business tycoon has cited that his business is flourishing. The narcissist has made many statements regarding his business acumen – pretty questionable considering the latest reports:
"I did a lot of great deals, and I did them early and young. And now I'm building all over the world, and I love what I'm doing. I'm really proud of my success. I really am." – said Donald Trump in 2015.
His frame of success is quite complicated as many of his professional ventures turned sour too soon. The New York Times untangled his tax records and publicized his diminishing finances and increasing debts on Sunday. Through these reports, much attention was also given to how Trump’s father had a critical role in his business successes.
His dirty laundry is now out in the open so let’s discuss the major traps:
11 out of 18 times, the man has gotten away without paying the income taxes. In 2016 and 2017 – the year he got elected and officially entered the White House – he paid $750 as the federal income tax. The master strategy to avoid taxes was also examined in the formidable report. Apparently, business owners have the ability to go about their businesses, avoiding taxes in the future years if their losses are larger than the yearly income.
Many federal investigations have unraveled that some of Trump’s businesses are flourishing and earning high profits. However, there are some businesses that are simply burning large amounts of cash. Apparently, his major business ventures are losing millions of dollars every year;his golf courses, for example, have lost more than $350 million in the past two decades.
This business empire building that sits on Manhattan’s Fifth Avenue has earned a profit of more than $20 million every year since 2000. In addition, his state towers in New York and San Francisco also deliver top profits. However, the Trump International Hotel in Washington DC isn’t doing as well as one would like it to be. The hotel was inaugurated four years ago and has apparently made a loss of $55 million ever since.
Trump is open to branding and licensing – his famous steaks and water bottles are an ode to his love for himself, more like his narcissism. The New York’s Times has revealed that this is his biggest business strategy, and that, it seems to be working for him.
Remember when Trump took the Oval Office and promised to not indulge in foreign businesses during his tenure? Well, he lied. In fact, you’d be surprised to know that he collected revenue of $73 million in the first two years of presidency through his foreign businesses. This raises questions regarding conflicts of interest. More than 140 of his companies are currently doing business with 25 countries worldwide.
New York Times has published this report at a time that couldn’t be more perfect,as the election is right around the corner! Do you want your President to be a major tax fraud? Let us know through your vote!