Trump’s Taxes and Finances

It was revealed that Mr Trump paid just $750 (£585) in federal income taxes in 2016, the year he was elected, and the same amount in his first year in the White House. In ten of the previous 15 years, meanwhile, he paid no income taxes at all, on account of having lost more money than he made.

In other ways, however, the news of Mr Trump’s meagre tax exposure merely brings the US up to speed with what has long been evident in Scotland. If anything, the overarching legacy of the New York Times exposé will be to lend even greater urgency to questions surrounding the Trump Organisation’s finances.

One thread has remained constant. In that entire time, not a single one of Mr Trump’s companies has paid a penny in corporation tax to authorities in the UK. The reason? Not a single one has ever turned a profit.

The Scotsman

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