"Trump, No Taxes Paid for 10 Years" ... Emerging as a Major Variable in the Presidential Election

NYT Obtains and Exposes Trump's Tax Returns... Paid Only 880,000 Won Income Tax in 2016
'Tax Evasion and Financial Troubles' Bad News... Under Pressure Ahead of TV Debate

U.S. President Donald Trump is explaining the New York Times' expos? on his tax records during a briefing on the 27th. [Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President Donald Trump's tax avoidance and severe financial difficulties have emerged as variables in the U.S. presidential election, which is just over 30 days away.

It was revealed that President Trump paid no taxes for 10 out of the last 15 years, and that in 2016, the year he was elected president, and in 2017, his first year in office, his federal income tax payments were only $750 (approximately 880,000 KRW) each year.

There are forecasts that this will be a negative factor for the first TV presidential debate, which is just two days away.

According to the New York Times (NYT) on the 27th (local time), which obtained and analyzed President Trump's tax records over the past 20 years, President Trump received refunds for all income taxes paid in 10 of the last 15 years due to business losses. The NYT emphasized this as a significant point showing that Trump's personal business is effectively in financial crisis. This is interpreted to mean that his financial situation is so poor that he had to get tax refunds due to business failures.

The NYT diagnosed that President Trump is experiencing difficulties in most of his businesses because he invested more money in his companies than his income. The NYT also reported that Trump has already sold most of the stocks he could use to escape the financial crisis, and that loan repayments due within the next four years amount to $421 million.

The NYT also revealed that despite President Trump's pledge not to pursue new overseas deals during his presidency, he earned $73 million from countries such as the Philippines and Turkey during his first two years in office. On the other hand, Trump paid only $750 in federal income tax in both 2016, the year he was elected, and 2017, his first year in office.

Unusual transactions between President Trump and his family were also confirmed. $26 million, claimed as consulting fees for tax deductions, appeared in the income records of his daughter Ivanka.

President Trump's tax payment records have been considered his "Achilles' heel" because they reveal his weaknesses. The NYT reported, "Trump is the first president in modern times to refuse to disclose tax refunds," adding, "He has repeatedly resisted disclosure requests since the 2016 campaign."

President Trump immediately denied the NYT report. At a press briefing held that day, Trump explained, "This is complete fake news. I have paid a lot of income tax. I am currently under audit," but did not disclose specific details.

This report is expected to deal a significant blow not only to President Trump's morality but also to his presidential campaign. Until that day, Trump was confident about the early confirmation of Supreme Court nominee Amy Coney Barrett and was pushing to repeal Obamacare.

Bloomberg News predicted that Trump's financial issues will become a key issue in the U.S. presidential election. The NYT evaluated, "New documents revealing the president's finances are putting him on the defensive," adding, "This will be an opportunity for Joe Biden."

At the briefing that day, President Trump stated that regarding the first TV debate on the 29th, he is preparing for the debate together with his personal lawyer, former New York Mayor Rudolph Giuliani, and former New Jersey Governor Chris Christie.