New York Times has unveiled the truth that we always knew – Donald Trump is a haphazard businessman and a serial bankruptcy artist with more stuff in his mouth than he can chew.
The critical news was publicized on Sunday evening – disclosing years of tax returns. According to the report, Trump only paid $750 in federal income taxes in 2016, and this was the year he got elected as the President of the United States. He paid the same amount the next year, the year he formally stepped in the White House. And in the years after that, he hasn’t paid a single penny of his own.
Donald Trump is the same man who paid his daughter consulting fees in abundance which he deducted as a business expense – she was only helping him manage the Trump Organization. This isn’t where the list ends; Trump has taken tax write-offs for his hair as well as to manage his personal residential expenses.
This evidence says a lot about the man who currently occupies the Oval Office.
To start off, his indebtedness and dependence on income from overseas is a threat to national security. If the man gets elected again, the problem will only escalate. These tax returns simply elaborate how Trump has repeatedly betrayed the interests of American citizens, even the ones who support him.
As per the recent report, Trump has a debt of $421 million which he has guaranteed that he will return in the coming years. This is separate from the personal debts that he carries. According to Russ Choma, Trump’s debts are approximately $500 million, and that he has made arduous efforts to hide them from public. Dan Alexander has been covering Trump’s business interests since 2016 and he has revealed that his total debt may round up to $1.1 billion.
Trump has been lying to us all along – he’s not actually worth $10 billion like he claimed back when he got elected. Yes, he may be with a fraction of that amount, but the more his debts increase, his worth lessens and the strain on his personal assets increases.
And believe it or not, the pandemic has actually harmed his businesses – real estate, travel, and leisure. The three sectors of businesses were nullified during the lockdown. To meet his debts, Trump would have to sell his assets or ask friends for fund to get a bail. But it seems unlikely that he would sell any of his assets – since he isn’t a fan of selling personal assets.
Apart from his personal debts, it’s essential to realize that avoiding tax payments is also a crime – an alarming evidence for the Trump supporters. If you remember that back in 2017, Trump and the Republican Party had formulated a massive tax cut which turned out to be advantageous for the affluent Americans.
Let’s take a moment to remember that Trump criticized Obama for paying “only” $161,950 taxes in 2012. We do think that Trump has outdone himself on hypocrisy!