Another bomb, released Tuesday by the New York Times, revealed that Donald Trump avoided paying taxes on nearly $ 300 million in loans he received.
The report said: "The President's income tax records received from the New York Times show for the first time that since 2010 his lenders have canceled debt of $ 287 million that he has not repaid. The vast majority were linked to the Chicago Project. "
As Forbes pointed out Tuesday, these loans would "normally qualify as taxable income," but Trump largely avoided paying taxes on them.
More from the report:
How Mr. Trump Found Problems and Maneuvered His Way Out in Chicago is a case study of how to do business the Trump way.
When the project ran into problems, he tried to get rid of his huge debts. For most individuals or businesses, that would have been a recipe for ruin. But tax return data, other records, and interviews show that instead of arguing with a notoriously contentious and headline-seeking customer, Mr. Trump is losing his nerve – exactly what he seemed to have relied on.
Big banks and hedge funds gave him years more time to pay off his debts. Even after Mr Trump sued his largest lender and accused him of persecuting him, the bank agreed to lend him an additional $ 99 million – more than double what it was known to – so he could repay what he was Bank still owed the defaulted Chicago loan, records show.
Ultimately, Mr. Trump's lender forgave much of what he owed.
These canceled debts are now part of a broader investigation into Mr. Trump's business by the New York Attorney General. Ordinarily they would have generated a heavy tax burden as the Internal Revenue Service treats canceled debts as income. Yet, as has often happened throughout his long career, Mr Trump appears to have paid almost no federal income tax on this money, in part due to large losses in his other businesses, the Times analysis of his tax filing found.
Trump is a failed businessman and a tax fraud
This latest New York Times report is part of an ongoing investigation by the newspaper into Donald Trump's finances.
A recent report showed that Trump may have committed tax fraud in connection with so-called "charitable donations".
Last week, The Times reported that Trump has a secret Chinese bank account and has paid more taxes in China than in the US.
All of this comes after the New York Times initially announced that this president is paying next to nothing in taxes.
Donald Trump built his first presidential nomination on the premise that he was a smart, successful businessman who could use his skills to run the federal government.
We now know that like everything else Trump-related, this was a scam.
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Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama's presidential campaigns. He also worked with Planned Parenthood as the Outreach Organizer of the Affordable Care Act in 2014, helping Northeast Ohio residents get health insurance.