The New York Times report on Donald Trump’s taxes has everyone talking.
The fact that Trump failed to pay taxes 10 out of the past 15 years along with only paying $750 in taxes in both 2016 and 2017 leaves more questions than answers.
However, the Times report also uncovered something that many are overlooking.
Between 2010 and 2018 Trump wrote off $26 million in “unexplained consulting fees” with close to $750,000 going to his oldest daughter, Ivanka, in one disclosure.
The Times reports that “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 ‘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.
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.”
So, Ivanka was at the time an executive officer at Trump’s companies and received fees for both projects, so what that means is she was treated as a consultant on the hotel deals, she managed as part of her job.
That means that Ivanka, in at least two deals concerning hotels in Hawaii and Vancouver, double-dipped.
She served as both project manager and “consultant” on both projects. By playing both roles she was able to write off three-quarters of a million dollars for her father.
There may be so much more to this story that has not been uncovered yet because of the $26 million that Ivanka wrote off it was never allocated to any entity.
So, as of right now we do not know who received the other $25 million Trump wrote off.
It wouldn’t be too far a stretch to speculate that the rest of the money went through a similar process but through Ivanka’s siblings.
Donald Trump’s campaign spokesperson, Tim Murtaugh called NYT’s reporting “bogus.”
Ivanka Trump has not commented on the story.