18 Revelations From a Trove of Trump Tax Records – By David Leonhardt – The New York Times

“The New York Times has obtained tax-return data for President Trump and his companies that covers more than two decades. Mr. Trump has long refused to release this information, making him the first president in decades to hide basic details about his finances. His refusal has made his tax returns among the most sought-after documents in recent memory.

Among the key findings of The Times’s investigation:

  • Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.

  • He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

  • Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.

  • The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

  • Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

  • Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.

  • As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia.

It is important to remember that the returns are not an unvarnished look at Mr. Trump’s business activity. They are instead his own portrayal of his companies, compiled for the I.R.S. But they do offer the most detailed picture yet available.

Below is a deeper look at the takeaways. The main article based on the investigation contains much more information, as does a timeline of the president’s finances. Dean Baquet, the executive editor, has written a note explaining why The Times is publishing these findings.”

(then there is more)

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance – By Russ Buettner, Susanne Craig and Mike McIntire – The New York Times

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

“Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.”

Opinion | When a Traffic Ticket Costs $13,000 – The New York Times

By Emily Reina Dindial and Ronald J. Lampard

Ms. Dindial is lawyer for the A.C.L.U. Mr. Lampard is a lawyer for the American Legislative Exchange Council.

A motorist waiting as a police officer writes a citation.CreditStan Lim/Digital First Media — The Press-Enterprise, via Getty Images

For most people living in America, transportation is central to daily life. About 83 percent of Americans report that they regularly drive a car multiple times a week. Yet millions of drivers across the country have had their licenses suspended — taking away their ability to drive to work, school, the grocery store or the doctor — essentially because they are poor.

In 2014, Leah Jackson was ticketed for obstructing traffic in Ostego, Minn., after turning left at a red light. That kind of thing happens to many people. But, as Ms. Jackson explained to state lawmakers in 2018 testimony, she had just started a new job and hadn’t yet received a paycheck, so she couldn’t pay the $135 fine right away.

A few months later, she was pulled over, told her driver’s license was suspended for an unpaid ticket and cited for driving with a suspended license — a new $200 ticket. Her job responsibilities as a retail store manager required her to make bank runs and other deliveries, so she kept driving in order to keep her job. In less than a month, she received two more tickets for driving with a suspended license. After accounting for the additional tickets and the resulting increase in her monthly insurance premiums, her debt from the initial infraction spiraled into more than $13,000 over four and a half years.

The criminal justice system too often produces a self-perpetuating cycle, particularly for the poorest people, who can’t pay fines or hire lawyers to make charges go away. In 39 states, you can lose your driving privileges if you’re unable to pay a court fine or fee, for things as minor as a traffic violation. But a bipartisan effort is growing to end the fundamentally unjust practice of wealth-based suspensions.

Apple, Congress and the Missing Taxes – The New York Times

This is one of the best NY Times editorials I have read in several years.

“Apple and the United States are crying foul over the ruling in Europe that Apple received illegal tax breaks from Ireland and must hand over 13 billion euros ($14.5 billion), a record tax penalty in Europe.

But Apple and the United States have only themselves to blame for the situation.Apple has engaged in increasingly aggressive tax avoidance for at least a decade, including stashing some $100 billion in Ireland without paying taxes on much of it anywhere in the world, according to a Senate investigation in 2013. In a display of arrogance, the company seemed to believe that its arrangements in a known tax haven like Ireland would never be deemed illegal — even as European regulators cracked down in similar cases against such multinational corporations as Starbucks, Amazon, Fiat and the German chemical giant BASF.

Congress, for its part, has sat idly by as American corporations have indulged in increasingly intricate forms of tax avoidance made possible by the interplay of an outmoded corporate tax code and modern globalized finance. The biggest tax dodge in need of reform involves deferral, in which American companies can defer paying taxes on foreign-held profits until those sums are repatriated.”

Source: Apple, Congress and the Missing Taxes – The New York Times

The Panama Papers’ Sprawling Web of Corruption – The New York Times

“The first reaction to the leaked documents dubbed the Panama Papers is simply awe at the scope of the trove and the ingenuity of the anonymous source who provided the press with 11.5 million documents — 2.6 terabytes of data — revealing in extraordinary detail how offshore bank accounts and tax havens are used by the world’s rich and powerful to conceal their wealth or avoid taxes.Then comes the disgust. With more than 14,000 clients around the world and more than 214,000 offshore entities involved, Mossack Fonseca, the Panama-based law firm whose internal documents were exposed, piously insists it violated no laws or ethics. But the questions remain: How did all these politicians, dictators, criminals, billionaires and celebrities amass vast wealth and then benefit from elaborate webs of shell companies to disguise their identities and their assets? Would there have been no reckoning had the leak not occurred?”

Source: The Panama Papers’ Sprawling Web of Corruption – The New York Times