NYT: Trump paid $750 in federal income taxes the year he won the presidency. In his 1st year in White House, he paid another $750.
He paid no income taxes at all in 10 of previous 15 years — largely because he reported losing much more money than he made nytimes.com/interactive/20…
His returns “reveal the hollowness, but also wizardry, behind self-made-billionaire image...that helped propel him to White House & that still undergirds loyalty of many in his base. Ultimately, Trump has been more successful playing a business mogul than being one in real life”
His tax returns show how misleading his public financial disclosures — where he has reported gross revenues, not profits — have been. In 2018, Trump said in his public disclosure filings that he had made at least $434.9 million. The tax records show $47.4 million in losses.
Some other numbers that stand out: Over all, since 2000, Trump has reported losses of $315.6 million at the golf courses that are his prized possessions. His Washington hotel, opened in 2016, has not fared much better. Its tax records show losses through 2018 of $55.5 million.
Also, tax law requires Joint Committee on Taxation to weigh in on all refunds >$2m to individuals. Results of an audit of a disputed Trump refund were sent to committee in 2011. Which means some of Trump’s returns have been sitting at a congressional office building for years
The returns also suggest a strange arrangement in which Trump appears to have paid Ivanka a fee as a “consultant” on the same hotel deals that she helped manage as part of her job at her father’s business. Possibly a way to transfer assets without incurring gift tax.
Story documents lots and lots and lots of questionable business deductions - every part of his “lifestyle,” such as his haircuts, plus a criminal defense atty
Some great details here about how much more money Trump made from people/corps that appear to be purchasing access through his clubs and other properties.
One of the main takeaways from NYT's examination of the enormous losses Trump reports on his taxes: He has been an absolutely terrible businessman, or has been stiffing Uncle Sam, but most likely both.
Another takeaway: Losing re-election could be enormously expensive for him
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Rep Mike Turner (R-Ohio), chair of House intel committee, tells @jaketapper on @cnnsotu that some of his colleagues have fallen for Russian propaganda and repeated it on the House floor
This follows similar comments from House Foreign Relations Committee Chair Michael McCaul (R-Tex) to @juliaioffe, which Turner was asked about.
Immigrant families are hugely overrepresented in the health care workforce
E.g., adult children of immigrants make up 2x the share of physicians, surgeons, & other health care practitioners compared with their share of the population (13% vs. 6%) kff.org/racial-equity-…
Immigrant adults also make up a larger share of physicians, surgeons, & other health care practitioners than they do of the population (23% vs 19%) and play a particularly large role as direct care workers in long-term care settings, representing 28% of these workers.
This is worth keeping in mind when evaluating Trump's immigration policies, which would slash **legal** immigration. wapo.st/4acKW9E
Americans overwhelmingly think Trump would handle the economy and immigration better than Biden.
Again: I implore voters to look at what each candidate would actually do on economic and immigration policy in a 2nd term. today.yougov.com/politics/artic…
All of Trump's 4 key economic planks would *worsen* inflation: wapo.st/3PdHxiY
His immigration policies involve more family separations, terminating legal status for Dreamers, mass detention camps (involving the authority last used for Japanese internment), and cutting off **legal** immigration: washingtonpost.com/politics/2024/… niskanencenter.org/project-2025-u…
Short 🧵 on political FREEDOM.
The more significant political fallout of this IVF discourse may not be revelation that GOP is often anti-family (surprise!), but rather the undermining of narrative that Dems are merely "pro-abortion" (rather than pro-reproductive freedom) (1/x)
Subtext (or text) of Repub attacks on Dem abortion positions is that they're driven by childless elites who want to kill babies.
IVF debate suggests Ds are promoting not abortion, but freedom—specifically, reproductive freedom, to choose when to begin or expand your family (2/x)
If Dems are smart, this is the angle they'll play up -- perhaps taking a page from @SecretaryPete's 2020 campaign, about how Dems should reclaim "freedom" as a rhetorical device. (3/x)
Everyone's favorite time of year: CBO budget/econ outlook day!
Here's how CBO's economic forecast has changed since last year. Check out interest rates, bottom right quadrant below cbo.gov/publication/59…
Thanks largely to those higher-than-previously-expected interest rates, CBO raised its estimate of net outlays for interest over the next decade by $1.2 trillion (or 11%)
CBO also scaling back estimates for Medicaid enrollment in coming years (top right quadrant below)