The New York Times reported that Donald Trump paid no income tax in ten of the last 15 years due to large losses from his business ventures. Trump even received a full refund for the $72.9 million in taxes he paid during the height of his fame from “The Apprentice.” That refund is the subject of an IRS audit and may result in Trump paying $100 million in back taxes and interest.
In addition, over the last ten years, Trump took out $421 million in loans against his businesses and personally guaranteed the debt. More than $300 million of these loans will come due in the next four years. We do not know who lent Trump the money. We also do not know where Trump will find the money to pay off these debts as many of his properties are mortgaged.
A bank might choose to foreclose on the President, or might ask for regulatory favors to extend the loans. We’ve never had a president with the potential for such an enormous conflict of interest.