Taxes

Is Trump Dodging Taxes in Two Countries?

trumpnazigolf
JM Ashby
Written by JM Ashby

It looks like the United States may not be the only country GOP nominee Donald Trump is dodging taxes in, and it also looks like another Trump business failure has been uncovered.

Trump's financial disclosure forms filed with the FEC have apparently overstated the amount of money he's making at his golf courses in the United Kingdom.

via Mother Jones:

Trump's FEC financial form noted that his two Scottish golf courses earned him a combined $23 million in "golf related revenue" last year, with Turnberry pulling in $18.1 million and Aberdeen making $4.8 million. But the public filings the courses submitted in the United Kingdom tell a much different story. Trump's prized course at Turnberry—where he made a much ballyhooed appearance right before the Brexit vote—reported $16.8 million in revenue in 2015 and $18.6 million in expenses. When interest, depreciation, and currency exchange losses are factored in, Trump's Turnberry course lost over $2 million in 2015. And the corporate filings in the United Kingdom show that Trump's Aberdeen course lost about $1.6 million.

That means that Trump's reported income on the FEC financial disclosure forms regarding just these two projects is $26 million more than what they actually made.

If it's true that Trump's golf course are losing money in the UK, that means he's not paying taxes on them in the UK. But we don't know if that's true, because his disclosure forms filed here in America state that he's making money off those courses. If he actually is making money off those courses, he's not paying the taxes he owes on them in the UK.

It's anyone's guess which number is actually accurate. My guess is that he is losing money not just at these golf courses, but at virtually every business venture he has a hand in, because every single thing Donald Trump touches turns to shit.

Whether he's making money or losing money, in either case he's lying about it.

Trump's house of cards is going to tumble after the election.

  • Christopher Foxx

    Is Trump Dodging Taxes in Two Countries?

    I’d be surprised if he weren’t. Why would anyone expect someone to dodge taxes in just one place?

  • Aynwrong

    So…

    A) He’s a tax cheat.
    B) He’s a piss poor businessman.
    C)…

    Actually, never mind. We already know both of those things are true.

    “Trump’s house of cards is going to tumble after the election.”

    @JM Ashby
    How do you mean? That his business interests will suffer? I’m still thinking Trump News is in the offing.

    • Christopher Foxx

      “Trump’s house of cards is going to tumble after the election.”

      I doubt it. I predict Trump fatigue with most folks wanting to never hear anything about him ever again.

      • Aynwrong

        Here’s hoping…

  • muselet

    The $23 million is almost certainly gross revenue, before any expenses (which are significant for any golf course). The $3.6 million in losses are on paper only, after a lot of clever accounting tricks (plus the interest, depreciation and currency exchange the MoJo article mentions) are applied.

    I’d be shocked if Turnberry and Aberdeen aren’t making a modest profit.

    And there’s no way two golf courses, even those two, can possibly make enough profit for Donald Trump to receive $23 million in income. This is more of him strutting around and claiming to be more successful than he actually is.

    HM Revenue & Customs will likely take a hard look at taxes owed and taxes paid on those courses, now that MoJo has called attention to the discrepancies, but I don’t expect anything earthshattering to come of it. Trump isn’t as rich as he says, but he does have enough money to hire good tax attorneys and accountants.

    –alopecia