The New York Times dropped a bombshell about Donald Trump’s taxes Sunday and some of the details reveal he may have given tens of thousands of dollars to his daughter Ivanka Trump by declaring her a “consultant.”
According to records obtained by NYT, the president wrote off things like vacations and money he gave his daughter, all while carrying nearly half a billion dollars in debt.
“Mr. Trump reduced his taxable income by treating a family member as a consultant, and then deducting the fee as a cost of doing business,” the outlet noted.
All told, Trump wrote off $26 million in what the news outlet called “unexplained ‘consulting fees.'” Portions of these funds went to projects for hotels in Azerbaijan and Dubai.
Meanwhile, it appears some of the rest of those consulting costs went to his own children.
“The ‘consultants’ are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017,” the Times wrote.
“Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.”
It’s not uncommon to be paid as a consultant, even if one is receiving funds from a family member. Employers can deduct consulting fees that are deemed a normal part of business, and the recipient is responsible for paying taxes on the money earned.
But it’s worth noting that Ivanka Trump appears to have been involved on both ends of the project. She was reportedly responsible for managing the Vancouver and Hawaii deals as part of her role in the family business, but she also claimed the consulting fee for the projects.
The outlet said it isn’t clear why Trump would write off the money in this way other than to reduce the amount he owed on taxes or to give assets to his children without having to pay the increased amount of gift taxes owed.
Individuals involved with the project said they weren’t aware of any consultants who should have been compensated for their work.
The revelation is part of a larger story that claimed the president paid no income taxes at all for 10 of the 15 years before he was elected to office. In the year he was elected, he reportedly paid just $750, as The Inquisitr previously reported.