President Donald Trump’s taxes are being reported by the New York Times revealing ways in which his daughter Ivanka has been getting millions from her father and avoiding paying the proper amount of tax on it.
The report detailed that Trump has tried to write-off things like family vacations while claiming to be a billionaire with nearly half a billion dollars in debt.
Gift taxes are when a living person gives over $15,000 to a person, and Trump has given Ivanka much more than that. But to get around it, he calls his money to her “contractor fees,” which she declares as “income.” She’s also had nearly $100,000 in fees for her hair and makeup paid by the president for years.
“Mr. Trump has written off as business expenses costs — including fuel and meals — associated with his aircraft, used to shuttle him among his various homes and properties,” said the Times. “Likewise, the cost of haircuts, including the more than $70,000 paid to style his hair during ‘The Apprentice.’ Together, nine Trump entities have written off at least $95,464 paid to a favorite hair and makeup artist of Ivanka Trump.”
In her public filings, Ivanka Trump said she was paid through TTT Consulting, LLC, which she indicated previously was giving “consulting, licensing, and management services for real estate projects.” It’s one of many companies connected to the Trump family under the tame TTT or TTTT.
“Like her brothers Donald Jr. and Eric, Ms. Trump was a longtime employee of the Trump Organization and an executive officer for more than 200 Trump companies that licensed or managed hotel and resort properties,” the report said. “The tax records show that the three siblings had each drawn a salary from their father’s company — roughly $480,000 a year, jumping to about $2 million after Mr. Trump became president — though Ms. Trump no longer receives a salary. What’s more, Mr. Trump has said the children were intimately involved in negotiating and managing his projects. When asked in a 2011 lawsuit deposition whom he relied on to handle important details of his licensing deals, he named only Ivanka, Donald Jr. and Eric.”
While Trump’s taxes don’t show the funds that he gave to Ivanka specifically, she reported payments from “consulting” totaling $747,622. It matches the number exactly that Trump wrote off as “consulting,” which he wrote off of his taxes.
See the full report.