Following The New York Times’ attempts to prove President Donald Trump paid little to no taxes, the paper had to admit that the president doesn’t owe money to Russia.
The outlet reported Tuesday that it looked into who Trump owed money to and found no evidence that Russia was on the list. The Times apparently looked into who Trump owes after Sen. Kamala Harris (D-CA) said during last week’s vice-presidential debate: “It’d be really good to know who the president of the United States, the commander-in-chief, owes money to, because the American people have a right to know what is influencing the president’s decisions.”
The Times reported: “According to Mr. Trump’s latest financial disclosure report, filed with the U.S. Office of Government Ethics, he owes at least $135 million to a smattering of small financial institutions such as Ladder Capital. His biggest creditor — to whom Mr. Trump owes well over $300 million — is Deutsche Bank. From 2012 through 2015, the scandal-plagued German bank lent Mr. Trump money for his Doral golf resort in Florida ($125 million), his hotel in Washington ($170 million) and his skyscraper in Chicago (at least $45 million).”
The Times then rattled off several conspiracy theories about how Trump owing Deutsche Bank really meant he owed the Russians before debunking the claims:
Deutsche Bank didn’t chop up and sell the latest batch of debt — the only portion that is still outstanding, according to bank officials with direct knowledge of the transactions. The loans remain on Deutsche Bank’s books.
It is true that Deutsche Bank was willing to lend to Mr. Trump when few others would. But there is an explanation. To overcome the bank’s wariness, Mr. Trump agreed to personally guarantee most of the debt on all of the loans. That meant that if he defaulted, Deutsche Bank could seize his personal assets, as The Times has previously reported.
The result was that the loans would generate fees and interest payments for Deutsche Bank but would entail little financial risk.
Democrats in the House of Representatives have been trying to get Deutsche Bank’s records pertaining to Trump’s transactions for years but have been unsuccessful.
As The Daily Wire previously reported, the Times’ attempts to shame Trump over his taxes revealed no “previously unreported connections to Russia.”
More from The Daily Wire:
Beyond the Russia information, the Times analysis twists, downplays, and ignores that Trump paid tens of millions of dollars in taxes over the years. He was able to get much of that money back due to the tax code and the nature of his business — real estate development and investment. For example, Trump paid $95 million in federal income taxes over 18 years from “The Apprentice.” The Times notes that he recouped most of that money from a $72.9 million refund that is the subject of a decade-long audit. Even with the refund, that leaves more than $20 million in federal income taxes over 18 years.
The Times also explained that in 2016 and 2017, Trump requested an extension to file his main tax form 1040, but each time he paid what he thought he might owe in taxes – “$1 million for 2016 and $4.2 million for 2017,” the Times reported. The outlet reported that “virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.” This means the IRS kept the $1 million and $4.2 million that Trump paid during those years — he did not get it back. The $750 figure being cited by media outlets is in addition to what he already paid in taxes; it is not his total tax payments for the year. Trump also paid $24.3 million between 2000 and 2017 due to the alternative minimum tax.
Author: Ashe Schow
Source: Daily Wire: New York Times Investigation Finds Trump Doesn’t Owe Russia Money