Five takeaways from the New York Times report on President Trump's taxes:
President Donald Trump pauses as he speaks during a news conference at the White House, Sunday, Sept. 27, 2020, in Washington.
Eugene Steuerle, a tax expert at the Urban Institute, said he wasn’t surprised that it turns out that Trump had paid almost no federal income tax. Most commercial real estate developers deduct large interest payments on their debts from taxable income, thereby lowering their tax bills. Typically, they also often avoid capital gains taxes by plowing profits from the sale of one building into the purchase of another.
The newspaper said Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known.
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