There was a significant moment (or perhaps the only significant moment) in the US Presidential Debate when these words were uttered by President Donald Trump in response to a question asked by a visibly tired Chris Wallace. Preceding the debate, in a fantastic revelation by the New York Times, details of Donald Trump’s tax have revealed unreported losses, unaccounted payments, and misreporting of business as “personal expenses,” including a $30,000 a year hair care regimen. The documents report that Trump and his organization has avoided paying any tax in the United States in 11 years, a tax bill of $750 in 2016, and a $72.9 million tax refund.
Here are some crucial takeaways from the investigation.
Misreported Earnings
Trump organization, across consecutive years, reported losing more money than it earned while its business grew with the buying of several golf courses. Trump reported losing over $315 million on golf courses since 2000; the Trump hotel he opened in Washington in 2016 has recorded over $55 million in losses.
He also labeled the personal expenses of his family as “business expenses” and his retreats and estates as “investment properties.
Non-existent taxes
He reported losing more than earning and paid no taxes in several years. He also paid a bill of $750 in 2016
…and a tax refund
The President claimed a tax refund of $72.9 million dollars, currently being audited by the IRS.
This could prove a final nail in the coffin for his presidency, which has been marred with difficulties ranging from a disastrous response to the COVID-19 pandemic to abuses hurled at apparent “shithole” countries and US soldiers. A final nail in Trump’s coffin of lies which may break his foundations and prove to be his downfall, in a reenactment comparable to the Clinton Emails.
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