The Lead: The Trump Tax Returns
The New York Times published what it claims are over two decades of President Trump’s tax returns. They show a pattern of astronomical debt and sustained business losses.
The President has fought viciously in court to keep his tax returns from being released. His team denies that what was published was authentic, but the Times insists that the returns were obtained from people who had legal access to them.
The President has admitted that he is currently under audit. The audit in question seems to be about a $72.9 million tax refund that he claimed and received. If he loses this audit, he would be on the hook for over $100 million in back pay and penalties.
The returns do include 2018 and 2019 but show that as recently as 2017, the President carried more than $421 million in personal debt. It also showed that he paid only $750 in federal taxes in 2017 while paying hundreds of thousands of dollars in Panama, India, Turkey, and the Philippines.