Trump taxes reveal $21 million windfall during 2016 race

In 2016, Trump's golf courses and hotels were eating away at his cash

Continuing its explosive reporting on President Donald Trump‘s tax records, the New York Times revealed on Friday that Trump engineered a $21 million windfall shortly before contributing 10 million to his “self-funded” 2016 presidential campaign.

This latest revelation has sparked more calls for a probe of the president’s tax and business practices.

U.S. President Donald Trump addresses a rally in support of law and order on the South Lawn of the White House on October 10, 2020 in Washington, DC. (Photo by Samuel Corum/Getty Images)

According to The Times, tax records show that back in 2016, Trump’s golf courses and the new hotel he was building in Washington, D.C. were eating away at his cash-on-hand.

Short on funds, the presidential candidate tried to convince leery Republican donors to take a chance on him, but they were reluctant to do so. Even Deutsche Bank, the last big lender still doing business with Trump, turned down his loan request.

Read More: Appeals court rules Trump must turn over taxes to prosecutor

In January 2016, Trump sold $11.1 million worth of stock. He sold another $11.8 million in February, and $7.5 million in March. Finally in April, he sold $8.1 million more.

The president’s long-undisclosed tax records reveal how he engineered more than $21 million, a sudden windfall that experts describe as highly unusual one-off payments from the Las Vegas hotel he owns with casino mogul and close friend, Phil Ruffin.

As reported by The Times, Trump’s tax records do not specify whether the hefty payments from the Trump-Ruffin hotel helped prop up Trump’s campaign, his businesses, or both. But the records do show how the cash flowed, in a chain of transactions, to several Trump-owned companies, and then directly to the “mogul” himself.

Read More: NY Times: Trump paid $750 in US income taxes in 2016, 2017

“Why all of a sudden does this company have more than $20 million in fees that haven’t been there before?” asked Daniel Shaviro, a professor of taxation at the New York University School of Law.

“And all this money is going to a man who just happens to be running for president and might not have a lot of cash on hand.”

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