had his tax returns released by the New York Times?

In September 2020, the New York Times obtained and reported on years of Trump’s tax returns. They found that Trump paid $750 in income taxes for 2015 and 2016, and paid no taxes in 11 of 18 years examined due to large reported losses. Such tax write offs included $70,000 for hair styling during his time hosting The Apprentice, and $750,000 in consultant fees to his daughter Ivanka, despite her being a member of his company. The returns have been characterized as aggressive, but legal.

The New York Times also reported that Trump has $421 million in loans, with most coming due within the next four years.

Trump has given many excuses over the years as to why he wouldn’t release his tax returns, breaking with tradition.

Trump also remarked in a 2016 presidential debate that not paying taxes made him “smart,”and later sued to prevent his returns from being obtained.

The New York Times – Long-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance
BBC News – Trump’s taxes: What you need to know
USA Today – Trump’s tax returns: 5 key takeaways from experts

said not paying taxes makes him “smart”?

On September 26, 2016, in the first of three debates with Hillary Clinton, Trump retorted to a claim that he paid no taxes by replying, “that makes me smart.”

Even after the election, Trump claimed he was withholding his tax returns from the public because he was under audit. However, in 2019, he sued to keep them being being obtained.

In September 2020, it was revealed that he paid a total of $750 in taxes for that year.

CNBC – Trump brags about not paying taxes: ‘That makes me smart’
Real Clear Politics – Clinton: “If Not Paying Taxes Makes Him Smart, What Does That Make The Rest Of Us?”
The New York Times – Long-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance

claimed he started out with just a small loan of $1 million?

Trump claimed that he only received a “small” loan of $1 million from his father to start his own businesses. Further, Trump said that he had to repay the loan with interest. He explained, “It has not been easy for me. It has not been easy for me.”

An investigation into his family’s finances later revealed that Trump was loaned $60 million from his father, and inherited $413 million, largely through fraudulent means.

Politico – Trump: My dad gave me a ‘small loan’ of a million dollars
CNBC – Trump claimed he turned a ‘small’ $1 million loan from his father into an empire. The New York Times says it was more like $60.7 million in loans
NPR – “I Started With A Million Dollar Loan.” Taking Apart Trump’s Taxes

illegally inherited $413 million?

Contrary to his claims that he only received a “small loan” of $1 million to build his business, Trump inherited some $413 million from his father. Despite the estate tax being 55%, by using a variety of illegal means to transfer wealth, Trump’s father paid about $25 million in taxes to transfer about a billion dollars to Donald and his siblings.

The New York Times – Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father
Bloomberg – New York Times: Trump Got $413 Million From His Dad, Largely From Tax Dodges
The Economist – Donald Trump’s inheritance
PBD – NYT investigation unearths new details about Trump’s early millions
Business Insider – If Trump had done nothing but invest the ‘small loan’ his father gave him, he’d still be worth about $2 billion today
Business Insider – New York Times report says Trump engaged in ‘outright fraud’ to avoid taxes as he inherited father’s wealth — worth more than $400 million in today’s dollars

sued to prevent his taxes from being obtained?

Trump said repeatedly before and after the election that his tax returns would eventually be released, but couldn’t because they were under perpetual audit. Being under audit does not deny one the ability to share them.

After the House subpoenaed his financial records from the IRS, Treasury Secretary Steven Mnuchin defied the subpoena.

Trump filed suits against the US House Ways and Means Committee and the state of New York to prevent his taxes from being obtained. His legal team’s contention was that a sitting president enjoys “absolute immunity from criminal process of any kind.”

After being stuck in appeals, the Supreme Court decided to review both legal cases, Trump v. Mazars US, LLP and Trump v. Deutsche Bank AG. A decision is still pending.

The Wall Street Journal – Trump Sues House Panel, New York Officials to Protect State Tax Returns
The New York Times – Trump Taxes: President Ordered to Turn Over Returns to Manhattan D.A.
The Hill – Judge puts new hold on Democrats’ lawsuit seeking Trump tax returns
The New York Times – Supreme Court to Rule on Release of Trump’s Financial Records
Wikipedia – Tax returns of Donald Trump

More assuredly to come soon

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