The Times story makes clear the supposedly wealthy president often paid no income taxes, while his businesses regularly lost vast sums of money, and he himself was on the hook for increasing sums in loans. All that is politically damaging enough to Trump’s image, and likely a sufficient reason to work hard to keep the tax returns secret.
But there’s likely another reason behind Trump’s reticence — because reporters would scour his returns for legally dubious claims, and put the pieces together as to how he was trying to snooker the IRS.
That’s just what ended up happening here. Just to name one example, Buettner, Craig, and McIntire sussed out that mysterious write-offs for consulting fees on certain Trump projects matched the amounts of payments to Trump’s daughter Ivanka Trump. And there’s far more in the Times’ excellent piece.
One major theme of the Times piece is that the IRS audit of Trump is extremely serious, and that he could end up owing the US government more than $100 million. So reporters’ scrutiny of his tax returns might not just be politically problematic for Trump — they could also be financially and legally problematic.
Their story reveals the following: Trump did indeed pay zero in income taxes from 2011-2014, and the paltry amount of $750 in 2016 and 2017. He pulled this off by claiming that his businesses lost massive amounts of money. He has $421 million in debt coming due in the next few years, and he could owe $100 million more to the US government if he loses his audit battle with the IRS.