Trump taxes reveal $21 million windfall during 2016 race
In 2016, Trump's golf courses and hotels devoured his money
The New York Times continued its explosive coverage of President Donald Trump's tax records, announcing on Friday that Trump had made a profit of $ 21 million just before adding $ 10 million to his "self-financed" 2016 presidential campaign has contributed.
This latest revelation has sparked more calls for an investigation into the president's tax and business practices.
United States President Donald Trump speaks at a rally in support of law and order on the White House lawn on October 10, 2020 in Washington, DC. (Photo by Samuel Corum / Getty Images)
According to The Times, tax records show that Trump's golf courses and the new hotel he built in Washington, DC in 2016 were eating up on his cash on hand.
The presidential candidate was low on cash and tried to convince suspicious Republican donors to take a risk on him, but they were reluctant to do so. Even Deutsche Bank, the last major lender still doing business with Trump, turned down his loan application.
Read more: Court of Appeal Rules Trump Must Pass Taxes To Prosecutor
In January 2016, Trump sold $ 11.1 million worth of shares. It sold an additional $ 11.8 million in February and $ 7.5 million in March. Finally, he sold another $ 8.1 million in April.
The president's long-unknown tax records reveal how he made more than $ 21 million, a sudden godsend that experts refer to as the highly unusual one-time payment from the Las Vegas hotel he made with the casino mogul and close friend Phil Ruffin owns.
As reported by The Times, Trump's tax records do not indicate whether the Trump-Ruffin Hotel's large payments helped support Trump's campaign, his businesses, or both. However, the records show the money flowing in a chain of transactions to several Trump companies and then directly to the "mogul" himself.
Read more: NY Times: Trump paid $ 750 in income taxes in 2016, 2017
"Why is this company suddenly having over $ 20 million in fees that weren't there before?" asked Daniel Shaviro, professor of tax at New York University School of Law.
"And all of this money goes to a man who happens to run for president and may not have much money to spend."
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Post-Trump taxes show $ 21 million first appeared on TheGrio during the 2016 race.
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