World of Stoof

10 Things You Need to Know About Trump’s Tax Returns

Finally Trump’s tax returns have been made public. Here are the 10 big things you need to know about them:  1. Did he break the law? Almost surely. Details of tax practices suggest fraud on a massive scale. As Michael Bromwich, a former inspector general at the Justice Department, said yesterday, based on the Times’s story, Trump faces federal and state prosecution for bank fraud, tax fraud, wire fraud, and mail fraud, as does his entire family. 2. How little has he paid in taxes? In 11 of the 18 years examined, Trump paid no taxes at all. In his first year in office he paid the most income tax he had paid in a decade: $750. He has deducted taxes for almost everything imaginable, including $70,000 for hairstyling. 3. But he paid taxes in other nations where he did business? Yes, in 2017, when he paid $750 to the U.S., he paid $15,598 in Panama —$145,400 in India —$156,824 in the Philippines. So much for America first. 4. Why did Trump run for president? He was deeply in debt in 2015, and was, as his former fixer Michael Cohen said, eager to rebuild his brand by running for president. The presidency has injected cash into Trump’s businesses, as lobbyists and foreign governments have invested in them. But he’s still losing money. 5. How broke is he? He owes more than $300 million in loans and can’t repay them. His businesses are constantly losing money. He’s fighting with the IRS and could owe another $100 million to the government. So much for the “successful businessman” image. 6. Who does he owe money to? We don’t know. And that’s part of the problem. Because whoever he does has huge leverage over him.

My work is never done. A fear submitted by Alyssa to Deep Dark Fears - thanks!

Two years after People magazine debuted on newsstands, Time Inc.’s Magazine Development Group was looking into subway advertising as a way to promote the title. Materials from the New York Subways Advertising Co., Inc. made the case that a poster for People might look nice alongside advertisements for products like Pro-Keds and Rheingold Beer.

Records in this file don’t indicate what sort of advertising the magazine ultimately bought, but these documents nevertheless offer a snapshot of who was trying to reach New Yorkers in the mid-1970s.

New-York Historical Society will remain closed through the end of the month to help support the city’s efforts to contain the spread of COVID-19 and to protect the health of our visitors and staff. Check www.nyhistory.org/visit/plan for updates, and in the meantime, learn more about what’s in the Time Inc Records by browsing the finding aids online.