The New York Times has released important information relating to the personal taxes of President Trump. The significant report discusses the fact that Donald Trump has only paid $750 in Federal Income Tax in 2016 and 2017. This significant report is just another attempt by the news media to paint an abysmal image of the President as the debate and election draws closer.
Trump’s immediate response to the claim was that it was inaccurate and fake news. Trump’s tax accountants also seemed in indicate that there are numerous inaccuracies within the report. The President’s taxes have been a common topic even dating back to the 2016 election cycle. Trump continues to claim the Internal Revenue Service has him under a routine audit and that he would be able to publish them at a later date.
The report doesn’t seem to indicate that Donald Trump has done anything illegal. It does show that he seems to have a lot of debt coming due in the next five years and that could spell trouble for him. There are a number of questionable write-offs that were used over the years. Without actual images of the tax documents, it is going to be quite clear to have a full understanding of Trump’s tax situation.
Is Donald Trump running out of money?
Donald Trump still has a net worth of 2.5 Billion dollars but it certainly seems like he will be required to pay a large amount of debt in the near future. He is finding himself in a position to where he might have to sell off some of his properties to manage this rough financial situation.
The problem with the amount of debt that he has seemingly acquired is that the scale is so much larger than what traditional American households are used to dealing with. There are several additional utilities that he has in his back-pocket for being a real-estate tycoon and a rich businessman. The topic of depreciation is one of the ways that President Trump has manipulated the tax code and used it in his favor.
You could call some of his tax practices questionable because he certainly uses the gray area to get the largest refunds possible and pay the lowest amount of income taxes. There is nothing directly illegal about what he has done although one of his significant multi-million dollar returns is currently being overviewed in a fight with the IRS.
People are starting to imagine the President having absolutely no money but this simply isn’t true. Trump still owns hundreds of properties and has an incredibly large net worth compared to any average person. The real problem is that he is going to have to face some significant financial losses and might even have to make some sacrifices to stay afloat. Debt is something that nearly every person deals with at some point in their life, although it doesn’t usually compare to the scales of a billionaire like President Donald Trump.
The Upcoming Presidential Debate
This is obviously going to be an opportunity for Joe Biden at the Presidential Debate to try and continue to paint a fraudulent image of President Trump. An indication has already been provided by the Biden campaign that they are going to take full-advantage of this story regardless of whether it is accurate or not.
Trump did call on Joe Biden to take a drug test before the debate although he immediately denied taking a drug test further opening the possibility of Joe Biden taking some type of stimulant drug to get through the debates without making a gaffe.
You will surely be hearing about Joe Biden’s drug addiction and Donald Trump’s fraudulent tax history in the debate which will cause further division and frustration among the supporters of both candidates. Voters should probably be more frustrated with the mainstream media rather than any of the candidates because they are the ones that are putting out stories with the intention to divide the country as much as possible.
Does This Report Hurt Trump’s Election Chances?
You might think that this report would hurt the chances of Trump being elected regardless of whether it is accurate or not. The amazing thing about President Trump is that he is never really out of anything. They ruled him out in the Primaries where he devastated Ted Cruz and John Kasich to earn the nomination in Ohio. They ruled him out against Hilary Clinton in the general election and it turns out that he won in a stunning upset on election night by winning three states that nobody could have imagined.
There are very few things that hurt Donald Trump and this tax report will likely enter and exit the minds of his supporters and have absolutely no effect on who they are voting for. The real problem is the undecided voters that both candidates are trying to bring to their party. Undecided voters are far more likely to swing their vote in these types of situations. With that being said, the current election polls show both candidates within the margin of error in multiple swing states.
Only time will be able to tell if this NY Times report on Trump’s taxes will have a significant effect on the outcome. You can expect to hear more debate about this topic on Tuesday night during the first Presidential debate.
