How Trump used a tax loophole to avoid paying taxes on foreign assets
Posted On August 1, 2021
By David Martosko, Bloomberg NewsA new report by a tax expert who advises President Donald Trump says the president used a loophole in the tax code to avoid federal taxes on the assets he owns abroad.
The report, published Wednesday by the Tax Policy Center, said Trump did not pay taxes on $5.4 billion worth of assets he held overseas while in office.
The report was based on tax returns filed by Trump from 1995 through 2017.
Trump also paid $1.5 billion in taxes on other foreign assets, including $200 million in real estate.
The tax experts analysis, which uses tax law to examine Trump’s tax avoidance strategies, also said the president’s net worth in real terms was $9.3 billion in 2017.
That’s less than his $9 billion net worth when he was elected president.
Trump’s wealth was estimated by Forbes to be at least $12 billion by the end of the year.