The New York Times claims that they have managed to obtain nearly two decades of Trump’s tax returns — for him, and for hundreds of related companies that make up his organization.
Since the story was released by the New York Times, several questions have been asked, including who leaked the data?
The New York Times says that whoever it was, it was someone who had a legal right to the data. However, that still doesn’t mean that they had a legal right to leak it.
People are speculating that it must have been the Democrats, as they try to hit Trump where it hurts in the last few weeks before the election. There will definitely be an investigation into who leaked the data, as there’s no question that leaking the data was illegal — or at least improper — whether they had a legal right to the information or not.
But instead of hurting Trump’s chances of winning the election, the Democrats — if it were them — achieved the opposite. They have instead proven that Trump has been saying the truth this whole time.
Trump has been saying that he has been under audit, which is why he hasn’t released his taxes. Now, according to the New York Times, he has in fact been under an audit for around 10 years, which proves that he has been telling the truth.
The reason that he is under audit is actually all because of Barack Obama.
According to the Times, a business loss can be used as a coupon that can be redeemed for a gain in another business.
From the New York Times:
Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.
Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.
The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.
His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.
It turns out that Trump received a $73 million tax refund all because of a bill that Barack Obama signed.
From Fox News, watch Don Jr react to the New York Times’ report on Trump’s taxes: