Experts: Too soon to jump to conclusions about Trump's 2016, 2017 income taxes
A report by the New York Times found that President Donald Trump paid no federal income taxes in 10 of the past 15 years, but financial experts in Westchester say it's too soon to jump to conclusions.
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Sep 28, 2020, 10:13 PM
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Updated 1,377 days ago
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9ds agoA report by the New York Times found that President Donald Trump paid no federal income taxes in 10 of the past 15 years, but financial experts in Westchester say it's too soon to jump to conclusions.
According to the report, President Trump paid $750 in federal income taxes in 2016 and 2017. The report also found that Trump wrote off more than $70,000 in hairstyling expenses.
Experts agree the legitimacy of the tax breaks is questionable and the legality is not clear-cut.
"To know with any certainty, you'd have to know more than we do know from the article," says Jim Bryan, professor of economics at Manhattanville College.
New York Attorney General Letitia James is also investigating tax breaks that President Trump got on his Seven Springs property in Bedford. James is looking into whether the president and the Trump Organization inflated the property's value to secure loans and tax breaks.
"The more famous or wealthy the person doing the bargaining, the greater the leverage that person has in striking favorable deals," says Bryan.
The New York Times says President Trump signed an agreement to conserve much of the land at Seven Springs and took a charitable tax deduction for it. The report also explains that Trump classified it as an investment property, allowing him to write it off as a business expense.
