London Daily

Focus on the big picture.
Thursday, Feb 29, 2024

Trump's tax returns reveal president's foreign bank accounts

Newly released tax returns for former President Donald Trump have shed light on his business losses, complicated tax set-ups and tax payments during his White House years. The former president's returns showed big losses, complicated business set-ups and no taxes paid in 2020.

However, they are unlikely to have a major political impact as he eyes another presidential run, experts say.

The documents confirmed that Mr Trump paid no federal taxes in 2020 and only $750 (£622) in 2016 and 2017.

He paid close to $1m in 2018, however.

A long legal battle led to the release of the records, and Mr Trump criticised the disclosure, warning that it will deepen the US political divide.

He added that the returns "show how proudly successful I have been and how I have been able to use depreciation and various other tax deductions as an incentive for creating thousands of jobs and magnificent structures and enterprises."

Although there's no law requiring it, it is tradition for presidents to publish their tax returns.

US presidents are paid a salary like any worker, but many also earn income from their personal businesses and investments.

The newly released documents include tax returns and related documents for Donald Trump, the Donald J Trump Revocable Trust and seven corporate entities.

They represent only a fraction of the former president's over 400 separate business interests.

Previously released figures show that Mr Trump paid a total of $1.1m (£906,587) in federal income taxes from 2016 to 2019, all but $1,500 of which was paid in one year. He paid no taxes in 2020, the final year of his presidency.

The documents also show that Mr Trump, who had international business dealings, held bank accounts in Ireland, the United Kingdom and China for a period that ran from 2015-17.

The overseas accounts were notable, as Mr Trump held the White House in 2017, giving him significant power over US foreign policy.

From 2018 onward, Mr Trump only reported having an account in the UK.

The records also show that the Internal Revenue Service - the US federal entity responsible for collecting taxes - did not audit Mr Trump during the first years of his presidency, only beginning in 2019 after Democrats sought to gain access to his tax records.

The finding led to criticism from Democrats. Don Beyer, a member of the committee that oversaw the record release, said that the IRS' auditing system was broken and that "Congress has so much work to do to make tax enforcement in this country fairer."

In a memo cited in an earlier report, the IRS noted that "it is not possible to obtain the resources available to examine all potential issues" associated with Mr Trump's hundreds of business interests.

Maryanne Monforte, a professor of accounting practices at Syracuse University, said the tax returns represent a quagmire even for professionals.

"He's the quintessential businessman and he's got his hands in everything," she said. "He started out in real estate, and that creates a level of complexity between valuations, revenues, losses and depreciation. That all means his return has an added layer of complexity that you might not see with other billionaires."


Does releasing the tax records matter?

However, experts from both sides of the US political spectrum believe that the returns will have little impact on Mr Trump's popularity among his core supporters.

"It won't matter what was in there at all, short of anything that would be a clear legal violation," said Doug Heye, a former Republican National Committee spokesman.

"There's no Trump supporter who's going to say 'oh, I can't vote for him now'," he said. "Even though we haven't seen Trump's taxes, we've been through this before. This isn't changing anyone's minds."

"Trump voters aren't going to be moved by anything," said Democratic strategist Ameshia Cross.

For them, "Quite frankly, I don't think this matters," she said, though undecided voters - or Republicans seeking an alternative to Mr Trump - may perceive the documents as showing that his business acumen "wasn't actually what he was making it out to be".

"That would mean that the entire campaign that he ran on was basically a lie," she said. "This showcases something that he had been trying to hide for years."


How much taxes have other presidents paid - and how does Trump compare?

In some years, Mr Trump paid a far smaller proportion of his income than other recent presidents. In 2018, he and his wife earned $24.3m in adjusted gross income. But he paid just under $1m, giving him a tax rate of just 4.1%. In America, spouses file together.

In other years, because he reported huge business losses, Mr Trump's tax burden was actually greater than what he earned on paper. For example, in 2017, he lost money but still paid taxes.

In comparison, Barack Obama and his wife Michelle Obama's taxable income peaked in 2009, when they took home $5.5m, and paid about 30% in taxes. Most of their income came from the sales of Mr Obama's two books, Dreams from My Father and Audacity of Hope.

As his book sales dwindled, Mr Obama's taxable income declined considerably - in 2015, the couple earned just $447,880, almost all from his presidential salary, and paid about 18% of their income to the IRS.

George W Bush did not write his presidential biography until after he left office - while he was president, he and his wife Laura Bush averaged an income of about $800,000 a year. About half came from salaries, and the other half came from interest and investments. They had an average tax rate of 27.8%.

Bill Clinton and his wife Hillary Clinton started off in 1992 making just under $300,000 a year, mostly from salaries, and paying 23.6% of their income to tax. In 1996, Mrs Clinton's book helped the couple earn over $1m, but their tax rate actually declined to 18.5%.

Comments

Oh ya 1 year ago
Who cares what he made what should concern people is that he us still promoting the clot shot when the life insurance industry is saying it is killing a extra 2400 people a day over average daily US deaths and crippling 5000 a day. Think about that in 12 years in Vietnam America lost 60.000 and now you are losing 2400 a day. So you will lose in a month what took 12 years in Vietnam. And Trump was still bragging the other day about his great clot shot. He has mental health issues or a ego that is larger than life

Newsletter

Related Articles

London Daily
0:00
0:00
Close
Farmers break through police barriers in Brussels.
You Are So Beautiful
London's Iconic British Telecom Tower Sold To Become Hotel
Postmodern Jukebox European Tour Version
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
An old French tune (by Georges Brassens) Pomplamoose ft. John Schroeder
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Sattahip Motor Show 20
Russia Claims UK Cultural Agency Spied for Ukraine
SONATE AU CLAIR DE LUNE - Moonlight sonata
Apple warns against drying iPhones with rice
A kiss to build a dream on
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
Wonderful Tonight - Eric Clapton (Boyce Avenue acoustic cover)
German economy is in 'troubled waters' - ministry
Mean Blues
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
La Chansonnette
New video
Pattaya Addicts
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Franz Liszt - Liebestraum - Love Dream
Russia is rebuilding capacity to destabilize European countries, new UK report warns
Dream a little dream of me
EU Commission wants anti-drone defenses at Brussels HQ
Unchained Melody sung like you've NEVER heard!
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
Dave Brubeck - Take Five
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Édith Piaf - Non, Je Ne Regrette Rien (Sofie)
Prince William Urges End to Gaza Conflict
Rondo Alla Turca
UK court to hear Assange's final appeal against extradition to the US, where he faces charges related to his journalistic work—the publication of a classified video in 2010 that exposed US war crimes against humanity.
Kiss of fire
About 50-60% kids either chose to be YouTuber or influencer
Tom Jones - I´ll Never Fall In Love Again 1967, 1989, 2001
A viral video of Nationals MP Barnaby Joyce lying on a Canberra footpath is celebrated by his media mates.
Israel Cachao López - Guajira Clásica
European Countries React to Navalny's Death by Summoning Russian Diplomats
Edward Maya - Stereo Love (feat. Vika Jigulina) (Extended Mix)
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
Strauss - Radetzky March - Karajan
English farmers to be offered ‘largest ever’ grant scheme amid food security concerns
La vie en rose
Cameron government knew Post Office ditched Horizon IT investigation
The Temptations - My Girl (Smokey Robinson Tribute) 2006 Kennedy Cent
EU Calls for Immediate Ceasefire in Gaza Conflict
Orlando Cachaito Lopez Redencion
EU Vows To Hold Putin "Accountable" After Meeting Alexei Navalny's Wife
Edith Piaf - NON, JE NE REGRETTE RIEN
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
RADETZKY MARCH-2008-Wien, New Year Concert
The EU Initiates Naval Mission to Defend Red Sea Trade Routes
Only you (And you alone)
EU and UK Announce Joint Effort on Migration
Strangers In The Night
Brazil's Lula Likens Gaza Operation to Holocaust, Israel Says "Red Line" Crossed
Charles Aznavour - La Boheme
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Summer time
Microsoft-backed OpenAI valued at $80bn after company completes deal
Sting and Stevie Wonder - Fragile (from Sting's 60th birthday concert)
‘Alexei would want to tell Russia not to give up fighting’
Aux Champs Elysees
Rwandan Footballer's Dismissal Sparks Concerns Over UK Asylum Plan
Stand By Me - Ben E. King (Boyce Avenue acoustic cover)
Whisky Challenges China's Baijiu Market During New Year Celebrations
La Mer (Beyond the Sea) – Avalon Jazz Band
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
She
Putin Critic Alexei Navalny's "Killers" Refusing To Hand Over Body, Say Allies
Nathalie Song by Enzo Petrachi Stjepan Hauser Cello
"Historic Step": Zelensky Signs Security Pact With Germany
Shape of My Heart - Sting (Boyce Avenue acoustic cover)
"Historic Step": Zelensky Signs Security Pact With Germany
Radiohead - Creep
20 Tech Giants Sign Effort To Fight AI Election Interference Across Globe
Quizás,Quizás,Quizás - Andrea Bocelli - Jennifer Lopez
Joe Biden Accuses Putin of Causing Navalny's Death
Perhaps, Perhaps, Perhaps - Multi-Couples
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Pentatonix Havana
Tucker Carlson grocery shopping in Russia. This is so interesting.
Paula Cole - Autumn Leaves
Julian Assange's Wife Warns of His Death if Extradited to US
Oscar Benton Bensonhurst Blues
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
OH NANANA vs ABUSADAMENTE
Greece Legalizes Same-Sex Marriage and Adoption Rights
Nina Simone - ”I Put A Spell On You”. Vezi aici cum cântă Jeremy Ragsd
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
NIGHTWISH - The Phantom Of The Opera
In Britain Homeowners are receiving CPO’s (Compulsory Purchase Orders) so their homes can be redistributed to migrants
Motorshow 2016 Tanjay Negros Oriental
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
Monica Bellucci - Ti Amo
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
Michael Jackson - Billie Jean Milena The Voice France 2018
Former Dutch PM And Wife Die "Together Hand In Hand" Via Duo Euthanasia
Michael Buble (Help Me Make It Through The Night) feat Loren Allred
Memories Canon In D - Maroon 5 (Boyce Avenue piano acoustic cover)
Matteo Simoni - Marina
Maroon 5 - One More Night
Maroon 5 - Memories
Mark Knopfler - Brothers In Arms (Berlin 2007 Live)
Mark Knopfler & Emmylou Harris - Romeo And Juliet (Real Live Roadrunni
Marina, Marina - The LUCKY DUCKIES intimist live concert at Guimarães
Major Lazer & DJ Snake – Lean On Mauranne The Voice France 2016
Love Theme from Romeo and Juliet - Joslin - Henri Mancini, Nino Rota
LoLa & Hauser - Love Story
Linkin Park Jay-Z - Numb Encore (Live 8 2005)
Hallelujah Mennel Ibtissem, The Voice France Leonard Cohen
Leonard Cohen - Dance Me to the End of Love
Leonard Cohen & Natasha Rostova - Dance me to the end of love
La casa de papel - Bella Ciao
La Camisa Negra
L'italiano (Toto Cutugno) - The Gypsy Queens
Juanes - La Camisa Negra
Jonathan and Charlotte - Britain's Got Talent 2012 Live Semi Final - U
John Powell - Assassin's Tango
Joe Cocker - You Can Leave Your Hat On (LIVE in Dortmund)
Joe Cocker - Unchain My Heart 2002 Live
Joe Cocker - A Whiter Shade Of Pale
Jay Z & Alicia Keys - Empire State of Mind LIVE
Jason Mraz - Im Yours (live)
Jarrod Radnich - Bohemian Rhapsody - Virtuosic Piano Solo
James Blunt - You're Beautiful
James Blunt - You're Beautiful & Bonfire Heart (Live at The Nobel Peac)
If You Go Away - Helen Merrill & Stan Getz (Tribute to Virna Lisi)
I'LL BE MISSING YOU
I Say a Little Prayer
Hotel California ( Eagles ) 1994 Live
Historia de un amor - Luz Casal. Vezi interpretarea Biancăi Sumanariu
Here Comes The Sun - The Beatles (Boyce Avenue acoustic cover) on Spot
Heart - Stairway to Heaven Led Zeppelin - Kennedy Center Honors
HAVANA by Camila Cabello Zumba Pre Cooldown TML Crew Kramer Pastra
HAUSER and Señorita - I Will Always Love You
HAUSER - Waka Waka
HAUSER - Sway
HAUSER - Lambada
HAUSER - Historia de un Amor
HAUSER - Despacito
Great Pretender
Georgia May Foote & Giovanni Pernice Samba to 'Volare' - Strictly Come
Gary Moore - Still Got The Blues
GIPSY KINGS VOLARE Penelope Cruz
Fugees - Killing Me Softly With His Song
French Latino - Historia de un Amor
For A Few Dollars More The Danish National Symphony Orchestra (Live)
Flashdance • What a Feeling • Irene Cara
Filip Rudan - “Someone You Loved” Audicija 4 The Voice Hrvatska Sez
Eric Clapton - Wonderful Tonight
Enya - Only Time
Enrique Iglesias - Bailando (English Version) ft. Sean Paul
Enrique Iglesias - Bailamos
Elena Yerevan Historia de un amor
Ed Sheeran - Shape of You (Official Music Video)
Ed Sheeran - Perfect Symphony [with Andrea Bocelli]
Ed Sheeran - Perfect (Official Music Video)
Easy On Me - Adele (Boyce Avenue 90’s style piano acoustic cover) on S
ERA - Ameno
ELENA YEREVAN- Cancion Del Mariachi-IN STUDIO-2017 DPR
Dust In The Wind - Kansas (Boyce Avenue acoustic cover)
Don't Let Me Be Misunderstood
Despacito x Shape Of You - Pentatonix
Deep Purple - Child In Time - Live (1970)
David Foster When A Man Loves A WomanIt's A Mans World (SealMichael Bo
Dance me to the end of Love ( Pi-Air Design )
Coolio - Gangsta's Paradise (feat. L.V.) [Official Music Video]
Conquest Of Paradise (Vangelis), played on Böhm Emporio organ
Cielito Lindo
Chico & The Gypsies - Bamboleo
Canción Del Mariachi - Antonio Banderas, Los Lobos • Desperado
Camila Cabello - Havana (Audio) ft. Young Thug
Camila Cabello - Havana ( cover by J.Fla )
California Dreamin' - The Mamas & The Papas José Feliciano (Boyce Ave
Buster Benton - Money Is The Name of The Game
Hallelujah Pentatonix
Bobby McFerrin - Don't Worry Be Happy (Official Music Video)
Bob Dylan - Knockin' On Heaven's Door Emilia The Voice Kids France
Besame Mucho - Cesaria Evora
Ben E. King - Stand by Me Sax Cover Alexandra Ilieva Thomann
Bella Ciao
Bella Ciao - INSTRUMENTAL
Beautiful in White x Canon in D (Piano Cover by Riyandi Kusuma)
Bad Romance - Vintage 1920's Gatsby Style Lady Gaga Cover ft. Ariana Savalas & Sarah Reich(1)
BELLA CIAO 2020 - KARAOKE ITALIANO
BAMBOLEO - Gipsy Kings • Antonio Banderas, Katya Virshilas
BAILANDO (original)
Awesome Ukrainian yodeler - SOFIA SHKIDCHENKO (with English subtitles)
Avicii - The Nights
Atom - The Great Gig in the Sky
Aretha Franklin - (You Make Me Feel Like) A Natural Woman (Official Ly
Antonio Banderas - Cancion del Mariachi (Desperado)
André Rieu - Zorba's Dance (Sirtaki)
André Rieu - Can't Help Falling In Love
André Rieu & Mirusia - Ave Maria
Andrew Reyes Elton John - Don't Let The Sun Go Down The Voice 2020 (
Andreas Kümmert Whiter Shade Of Pale The Voice of Germany 2013 Showd
And I Love You So
All About That Bass - Postmodern Jukebox European Tour Version
Alan Walker - Faded (Piano Cover)
Ain't No Sunshine -- Bill Withers (cover by Canen 12 y.o.)
African music
Adriana Vidović - “Creep” Audicija 4 The Voice Hrvatska Sezona 3
Adriana Vidović - “Believer” Nokaut 3 The Voice Hrvatska Sezona 3
A Fistful of Dollars - The Danish National Symphony Orchestra and Tuva
4 Beautiful Soundtracks Relaxing Piano [10min]
2CELLOS - Whole Lotta Love vs. Beethoven 5th Symphony [OFFICIAL VIDEO]
2CELLOS - Smooth Criminal (Live at Suntory Hall, Tokyo)
2CELLOS - Smells Like Teen Spirit [Live at Sydney Opera House]
2CELLOS - Despacito [OFFICIAL VIDEO]
13 Year Old Girl Playing Il Silenzio (The Silence) - André Rieu
094.All About That Bass
00 - SADNESS PART 1
(Ghost) Riders In the Sky (American Outlaws Live at Nassau Coliseum, 1
(Everything I Do) I Do It For You - Bryan Adams (Boyce Avenue ft. Conn
What a wonderful world
Moon river
×