The New York Times revealed that among the reports they have about President Donald Trump's taxes is that he's been making huge amounts of money off of licensing for "The Apprentice," which he uses to support his fledging resorts and clubs. But as that money slows, about $421 million in bills are coming due.
"Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president's business empire," said the Times. "They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on 'The Apprentice' — that helped propel him to the White House and that still undergirds the loyalty of many in his base."
The report went on to calculate that Trump made more money playing a businessman on television than he did being a businessman in real life if his tax records are any indication.
"'The Apprentice,' along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Mr. Trump a total of $427.4 million, The Times's analysis of the records found," the report continued. "He invested much of that in a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s."
The documents reveal that his largest golf resort, Trump National Doral, had $162.3 million in losses since he purchased it for $150 million in 2012. His tax records show that $213 million was put into Doral and about $125 million in mortgage bills are about to be due in the next three years. It adds to $63.6 million in losses for his three European properties. He also reported $315.6 million in losses from his golf courses and a $55.5 million-loss in 2018 for his Trump International Hotel down the White House street.
All of the loses from the sorts have been paid for, the Times said, by "marking his cash infusions as a loan with an ever-increasing balance, his tax records show. In 2016, he gave up on getting paid back and turned the loan into a cash contribution."
"Rather than making him wealthier, the tax records reveal as never before, each new acquisition only fed the downward draft on his bottom line," the report revealed.
Trump is responsible for the loans and other debts totaling a whopping $421 million. Those bills come due in the next four years.
"Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president," said the Times.
Trump has called all of it "fake news."