Trump has pinned himself politically on his tax returns


Over the weekend, The New York Times published a sweeping investigation into many years of President Trump's tax returns, which they obtained from an anonymous source. It turns out Trump has paid no federal income tax for 10 of the last 15 years, and in 2016 and 2017 he paid just $750.
This bombshell reporting poses two serious political problems for Trump. First, he has (as usual) claimed that the reporting is "fake news." He could prove that by releasing his actual returns, but he has resisted doing so for years, probably because he doesn't want people to see them. So either he lets people pick over his returns publicly, or he validates the Times reporting (which has certainly been heavily fact-checked) by acting guilty. A literal billionaire paying less in federal income tax than a single childless adult making $18,000 is bound to be unpopular.
That leads into the second problem — with Trump's image. He has always portrayed himself as an ultra-successful businessman. In reality, for the last 20 years, Trump's main money-making ventures have been pretending to be a successful businessman on The Apprentice, together with branding and endorsement deals. At the same time, he zeroed out his tax liability by losing staggering sums on other businesses he owns. Just on golf courses alone he has lost over $315 million since 2000.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trump's 2016 campaign relied very heavily on his supposed business acumen. "I'm going to be greedy for the United States," he said in a speech that year. Fewer people would have voted for him if they knew that his most remarkable characteristic was losing truly eye-popping amounts of money — more than any other taxpayer in several prior years. But now, it seems that is an undeniable fact. If Trump returns to private life, perhaps his next TV gig can have a different title.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.
-
What does 'conquering' Gaza mean to Israel?
Today's Big Question Benjamin Netanyahu's cabinet has approved a plan to displace much of the Palestinian population while seizing and occupying the territory on a long-term basis.
-
Casey Means: the controversial 'wellness influencer' nominated for surgeon general
In the Spotlight Means has drawn controversy for her closeness to RFK Jr.
-
Trump taps Fox News' Pirro for DC attorney post
speed read The president has named Fox News host Jeanine Pirro to be the top federal prosecutor for Washington, replacing acting US Attorney Ed Martin
-
What happens if tensions between India and Pakistan boil over?
TODAY'S BIG QUESTION As the two nuclear-armed neighbors rattle their sabers in the wake of a terrorist attack on the contested Kashmir region, experts worry that the worst might be yet to come
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical