President Donald Trump tax returns show large income offset by large losses

President Donald Trump’s businesses have hemorrhaged hundreds of millions of dollars over the last two decades, allowing him to minimize his federal income tax bill to $0 or nearly $0 for many of the years in that period, according to a bombshell report published on Sunday by The New York Times.

Trump paid just $750 in federal income taxes in 2016 and another $750 the following year, the newspaper reported, and none at all in 10 of the previous 15 years.

The losses also strained Trump’s finances, according to the paper. He is personally responsible for more than $420 million in debt, most of which is coming due within the next four years, according to the Times.

The report, which comes just two days before Trump and former Vice President Joe Biden meet for the first general election debate of the 2020 contest, appears to be based on the most complete collection of the president’s recent tax returns assembled to date.

The Times said that the story is the first of several, with more to be published in the coming weeks. Two of the reporters who authored the story won the 2019 Pulitzer Prize for an investigation of the president’s finances based on earlier tax records.

CNBC has not seen the documents reviewed by the Times.


Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online

For info on the best credit cards go to CNBC Select:

#CNBC
#CNBCTV

[georgelux]

The "great businessman" couldn't manage to make a profit during one of the strongest economies of all time, lol.

[speakingtruths]

Trump is clearly in over his head now. Just needs to drop out at this point. Clearly not fit to be making decisions with our country when you’ve got 300 mil in loans do.

[nickmartin]

To use a quote from the movie Wall Street: “if this guy owned a funeral parlor no one would die!”

[Yunhaisongtao]

This makes the middle class a huge fool who sincerely proudly pay the taxes each year and become the pocket of the Rich’s systems’ easy endless wallet.

[timh]

Wow Trump is a worse businessman than president- who knew ! (Haha everyone)

[christerahlner]

The great businessmen with debts of 400 million dollars. Not very impressive 😳

[arknark]

By reporting your losses, you're doing your taxes correctly.

[hqcart]

If trump is Billionaire, i am a Trillionaire.

[dunningkruger]

Reporter to Bloomberg- "how do you feel about 2 Billionaires running for office?" Bloomberg- "who's the other billionaire?"

[jasonhill]

So you have a bad investor but you still giving him money to invest. Nice only smart peoples will do that. LOL only in America.

[DeDub]

Losses=write offs, +the one dollar salary, genius

[furtrapper]

How many presidents have refused to take salary?

[krisalexander]

Imagine when the Russian loan sharks come to collect the 300-400million, give or take, balloon 🎈 payment 💰 Trump owes and he tries saying, ’I take no responsibility... It was Ivanka’ 💃

[rhettdavis]

Why wouldn’t he want to pay as little tax as possible? He obviously owns enough real estate and businesses and has enough tax write offs to do that. Side note: why doesn’t the liberal media discuss how many jobs Trump’s hotels, casinos, golf courses, construction, etc have provided / created over the years.

[lyndajames]

Nurses can’t even claim for essential uniforms, shoes etc.let alone $70 thousand on crazy hairdos.

[lrobbins]

Everyone will talk all about Trumps tax return but no one will discuss The fact that Biden won’t take a drug test! What up with that???

[eduardoflores]

I make by far far far less less less money than TRUMP yet i pay by far far far more more more money in taxes than TRUMP. How is that fair??? Most people in the USA pay more taxes than TRUMP😁😁😁😁😁😁😁

[waltergodsoe]

President Welfare Queen is about to meet his fate.

[Chicago]

the only modern day president to not show his tax returns. The ONLY ONE.

[moehendrxx]

Either hes not as rich everyone thinks he is or hes scamming. Pick a struggle