How did President Donald Trump manage to avoid taxes?
Team Udayavani, Sep 29, 2020, 12:27 PM IST
President Donald Trump’s taxes was obtained by the New York Times on Sunday. It revealed numerous tax reduction strategies used by Trump.
The report revealed that Trump paid as little as $750 a year as federal income tax in the first two years of his presidency (2016 and 2017). Also, that he managed to evade paying any income tax in 10 of the previous 15 years
Before becoming president, Mr Trump was known as a celebrity businessman and property mogul, building an image of a hugely successful self-made billionaire which could be dented by the latest revelations
The president has managed to lower his taxes through reporting hefty losses on his businesses. After the success of The Apprentice TV show he did initially pay significant taxes, $95m over 18 years. But he later got most of that back via a $72.9 million federal tax refund. The refund remains under review
According to Indian Express, Also, he classified personal expenses as the cost of business as it brings down the taxable income. Trump has categorised everything from his residence to his golf course to his aircraft as business expenses. Even his hairstyling expenses, $70,000 (roughly 50 lakh) as well as those of his daughter Ivanka Trump, $100,000 (roughly Rs 70 lakh) have been shown as business expense
However, NY times report alleges large scale tax avoidance, which may be controversial but is not illegal. Many wealthy Americans use loopholes to reduce the amount of tax they are legally bound to pay.
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