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Trump鈥檚 Tax Avoidance and Massive Debt Revealed | The Daily Social Distancing Show - YouTube
Channel: The Daily Show with Trevor Noah
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Ever since he first
started running for president...
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50 years ago, I'm gonna say,
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Donald Trump has refused to show
the public his tax returns.
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And now we
might finally know why.
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NEWSWOMAN: Breaking news--
tax bombshell.
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The New York Times
gets its hands
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on President Trump's taxes,
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showing staggering
business losses,
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crushing personal debt,
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and a tax bill
that's just a fraction
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of what most hardworking
Americans have to pay.
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This morning,
The New York Times reporting
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that President Trump paid just
$750 in federal income taxes
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the year he won
the White House,
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and the same amount
his first year in office.
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On top of that, the paper says
that of the 18 years
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they examined,
he paid no federal income tax
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in 11 of them.
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Whoa, whoa, whoa.
Hold on, hold on.
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The president of the country
almost never pays taxes?
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And when he does,
he only pays $750?
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Yo, that shit pisses me off.
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Because Trump
is always out there like,
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"We're building back
our military..."
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"We"?
No, mother (bleep),
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we're building back
the military.
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You didn't pay for shit.
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If you didn't chip in,
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you don't get
to put your name on the card.
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And just for those
keeping score,
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Trump paid $750 in taxes
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and $130,000 to a porn star.
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Which means if the IRS wants
to get money from Trump,
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you guys know
what you gotta do.
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And this story
didn't just expose
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how little Trump has paid
in taxes over the years,
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it also revealed
some of the accounting tricks
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that he used to do it.
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NEWSWOMAN: The paper
also accuses the president
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and his companies of claiming
questionable deductions.
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NEWSMAN: The article reveals
that among the write-offs
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Trump has taken over the years
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are more than $70,000
for haircuts
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while on The Apprentice,
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nearly $96,000 paid
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for Ivanka Trump's favorite
hair and makeup artist,
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and approximately $2 million
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for Trump and Donald Trump
Jr.'s legal defense
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for the Russia inquiry.
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NEWSWOMAN: He also wrote off
more than $109,000
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for linens and silverware,
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and nearly $200,000
for landscaping at Mar-a-Lago.
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NEWSMAN: Trump reportedly
racked up $26 million
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in "unexplained
consulting fees."
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The Times finding that
Ivanka Trump was the recipient
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of some of those payments,
which would raise flags,
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because she was also an employee
of the Trump organization.
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Okay, first of all, you're
not supposed to pay an employee
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a consulting fee.
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But also, for Trump,
there's a cruel irony
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that the one payment to a woman
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that might actually get him
in legal trouble
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was to the one woman
he can't sleep with.
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And the craziest thing to me
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is that he took
a $70,000 deduction
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on his hair.
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Because to me,
now it looks like two crimes
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might have been committed here.
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One is Trump's tax evasion,
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and two is
whoever swindled Trump
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into paying $70,000
for what they did to him.
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On the other hand, though,
$70,000 for Trump's hair
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might actually make sense,
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because whoever did that
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needed to bend
the law of physics.
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And I'm pretty sure
that ain't cheap.
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And if you ask me,
the worst part of the story
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for Donald Trump isn't that
he got out of paying taxes,
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because, I mean,
let's be honest,
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lots of billionaires do that.
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I mean, billionaires paying
their fair share of taxes
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is like someone going
to a pumpkin patch
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and not Instagramming it.
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It doesn't happen.
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But what this story exposes
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isn't just that Trump
is bad at paying taxes,
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it's that he's even worse
at business.
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NEWSWOMAN: The investigation
paints the picture
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of a businessman whose empire
is seriously struggling.
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According to The Times,
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most of the president's
core businesses,
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including his golf courses
and hotel
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just blocks
from the White House,
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report losing millions,
if not tens of millions,
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year after year.
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The Times says documents show
the president reported
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more than $47 million
in losses in 2018 alone,
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and he faces a personal debt
totaling $421 million,
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money that could come due
while he's in office
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if he's elected
to a second term.
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Okay, can I just say,
if you decided
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to lend $400 million
to Donald Trump,
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that's on you.
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Yeah. I hope he
doesn't pay you back,
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'cause you are the one person
on earth worse with money
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than he is.
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But just take a second to think
about what all this means.
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If Donald Trump does win
a second term,
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his creditors will come asking
for their $400 million
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while he is still president.
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And I don't know about you,
but that has me worried.
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Because I don't want
the president's decisions
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for the country
getting influenced
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by his deep financial troubles.
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And also,
'cause there's a good chance
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that Trump
is gonna pay off his debt
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by selling off
American treasures.
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How much will you guys give me
for the Grand Canyon?
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It's a priceless testament
to nature's majesty.
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I'll let you have it
for 400 bucks.
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$350. Deal.
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I got to say, guys,
after reading this story
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in The New York Times
and learning this about Trump,
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everything makes
so much sense now.
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Like, this tax story is
the Rosetta Stone
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that helps us
figure everything out.
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Trump doesn't actually want
to be president.
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He just really needs
that Secret Service protection.
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Shit, if I had $400 million
in loans coming due,
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I'd also be trying to cancel
the election.
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It also explains why Melania
isn't leaving Trump.
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I mean, if she divorces him,
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she gets half
of the $400 million in debt.
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I also now get
why Trump was rooting
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for Bernie Sanders so hard.
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He wanted him to win
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so that the government
would bail him out.
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I mean,
it all makes sense now, people.
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It even explains why Trump has
been destroying the post office.
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Good luck collecting your money
when you can't mail him a bill.
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Either way, people,
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America's president
is in big trouble.
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He has a mountain of debt,
and his businesses are failing,
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which is why Africans
have come together
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to try and help out
those most in need.
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Hello.
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I am here with a message
for my fellow Africans.
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Over the years, America
has given us so much help.
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But now there is an American
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who needs our help.
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The president
of the United States
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is in deep debt.
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He is so poor,
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he has to eat out of buckets.
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He cannot afford
to educate his children,
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and now they are so stupid.
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And every day,
he struggles to drink water.
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But for just the price
of a cup of coffee a day,
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you can help the president
go from being in enormous debt
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to being in just a lot of debt.
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And if you donate today,
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you will get a personal letter
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from the president you help.
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But please hurry.
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He is so malnourished,
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he has begun to slur his words.
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(slurring):
God bless the United States.
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Thank you very much.
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Remember, you can help
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an American president in need.
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Because without your help,
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he could soon be living
in a shithole.
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