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5 Takeaways From 10 Years of Trump Tax Figures

来源:纽约时报    2019-05-08 05:35

        Since the 2016 presidential campaign, journalists at The New York Times and elsewhere have been trying to piece together Donald J. Trump’s complex and concealed finances. Now The Times has obtained 10 years of previously unrevealed figures from the president’s federal income tax returns. The tax numbers, for the years 1985 through 1994, paint a far bleaker picture of Mr. Trump’s deal-making abilities and financial condition than the one he has long put forth.        自2016年总统竞选以来,《纽约时报》和其他媒体的记者一直在试图理清唐纳德·J·特朗普复杂而隐蔽的财务状况。如今,《纽约时报》从总统的联邦所得税申报表中获得了10年的未披露数据。从1985年到1994年的税收数据来看,特朗普的交易能力和财务状况远没有他一直以来描绘的那么理想。
        [Read The Times’s investigation here.]        [点击此处阅读时报的调查。]
        Mr. Trump became an unprecedented president — a businessman and reality television star with no government experience — and he broke with decades-old presidential tradition by refusing to release his income tax returns. Questions about what secrets they may hold — about his recent business dealings and the sources of his financing — only intensified with the Russia inquiry, and the Trump administration is now locked in a battle with House Democrats demanding the last six years of the president’s returns. On Monday, the Treasury secretary, Steven Mnuchin, said he would not give a House committee access to the returns.        特朗普从一个没有从政经验的商人和电视真人秀明星成为了一个史无前例的总统,他打破几十年来总统的传统,拒绝公布自己的所得税申报表。随着关于俄罗斯的调查,这些申报表中可能隐藏的秘密——关于他近期的商业交易和他的资金来源——成为日益激化的问题,特朗普政府现在陷入一场与众议院民主党人的战斗,后者要求得到总统过去六年的申报表。周一,财政部长史蒂文·马努钦(Steven Mnuchin)表示,他不会让一个众议院委员会查阅这些申报表。
        The newly revealed tax information covers an earlier period of Mr. Trump’s business career. And The Times did not obtain Mr. Trump’s actual tax returns. But it obtained printouts from his official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, from someone who had legal access to them. They represent the fullest and most detailed look to date at the president’s taxes. And they show that during a tumultuous decade of fevered acquisition and spectacular collapse, Mr. Trump’s core businesses — largely casinos, hotels and retail space in apartment buildings — ran up $1.17 billion in losses.        新披露的税务信息包括了特朗普经商生涯的早期阶段。时报并没有获得特朗普的实际纳税申报表,但从可以合法获取这些数据的人手中获得了他的美国国税局(Internal Revenue Service)正式税单的打印件,其中的数字来自他的1040联邦税表格。它们对总统纳税状况做出了迄今为止最全面、最详细的呈现。透过这些数据可以看到,在充斥着狂热收购和惊人崩溃的动荡十年里,特朗普的核心业务——主要是赌场、酒店和公寓楼内的零售空间——亏损达到11.7亿美元。
        The White House’s response to the findings has shifted over time.        白宫对调查结果的反应有过多次的转变。
        Several weeks ago, a senior official issued a statement saying: “The president got massive depreciation and tax shelter because of large-scale construction and subsidized developments. That is why the president has always scoffed at the tax system and said you need to change the tax laws. You can make a large income and not have to pay large amount of taxes.”        几周前,一位高级官员发表声明称:“由于大规模建设和有补贴的开发项目,总统获得了巨额折旧和纳税优惠。所以总统总是嘲笑税收制度,说税法需要修改。你可以赚很多钱,而不用交很多税。”
        On Saturday, after further inquiries from The Times, a lawyer for the president, Charles J. Harder, wrote that the tax information was “demonstrably false,” and that the paper’s statements “about the president’s tax returns and business from 30 years ago are highly inaccurate.” He cited no specific errors, but on Tuesday added that “I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate” and “would not be able to provide a reasonable picture of any taxpayer’s return.”        周六,在时报进一步调查后,总统的律师查尔斯·J·哈德(Charles J. Harder)写道,这些税务信息“明显是假的”,时报“关于总统30年前的纳税申报单和业务”的陈述“极不准确”。他没有提到具体的错误,但在周二补充说,“国税局的单据出了名的不准确,尤其是在实现电子报税之前”、“从中不可能对任何纳税人的报税情况得出一个公道的认知”。
        Mark J. Mazur, a former director of research, analysis and statistics at the I.R.S., said that, far from being considered unreliable, data used to create such transcripts had undergone quality control for decades and had been used to analyze economic trends and set national policy. In addition, I.R.S. auditors often refer to the transcripts as “handy” summaries of tax returns, said Mr. Mazur, now director of the nonpartisan Urban-Brookings Tax Policy Center in Washington.        前国税局研究、分析和数据主管马克·J·马苏尔(Mark J. Mazur)说,用来生成这些单据的数据不但没有被普遍认为不可靠,而且几十年来一直在进行质量控制,被用来分析经济趋势和制定国家政策。此外,马苏尔说,国税局的审计人员经常把这些单据称为“好用的”报税表摘要。马苏尔目前是华盛顿无党派机构城市-布鲁金斯税收政策中心(Urban-Brookings Tax Policy Center)的主任。
        In fact, the source of The Times’s newly obtained information was able to provide several years of unpublished tax figures from the president’s father, the builder Fred C. Trump. They matched up with Fred Trump’s actual returns, which had been obtained by The Times in the earlier investigation.        事实上,向时报提供这些最新信息的信源还能够提供总统的父亲、建筑商弗雷德·C·特朗普(Fred C. Trump)多年来未公布的纳税数据,它们与时报较早前调查中获得的弗雷德·特朗普的实际报税单相符。
        If the new tax information does not offer a new narrative of Mr. Trump’s career, its granular detail gives a precise accounting of his financial failures and of the constantly shifting focus that would characterize his decades in business. Here are some key takeaways.        新的税务信息纵使没有给特朗普的经商生涯带来一种新的叙事,它的点滴细节也能准确描述特朗普的财务失败,以及他在数十年经商生涯中不断转移关注点这一特征。下面是一些摘要。
        1. Mr. Trump was deep in the red even as he peddled deal-making advice        1. 即使是在到处宣传自己的生意经期间,特朗普也深陷债务
        “Trump: The Art of the Deal” came out in 1987. It became a best seller — and a powerful vehicle for the self-spun myth of the self-made billionaire that would ultimately help propel him to the presidency.        《特朗普:交易的艺术》(Trump: The Art of The Deal)出版于1987年。这本书成了畅销书,有力地传播了一个自编的白手起家亿万富翁神话,最终帮助他登上总统宝座。
        Mr. Trump has long attributed his first run of business reversals and bankruptcies to the recession that hit three years later, in 1990. But the new tax information reveals that he was already in deep financial distress when his master-of-the-universe memoir hit the shelves.        长期以来,特朗普一直将他的第一次商业挫折和破产归因于该书出版三年后、即1990年的经济衰退。但新的税务信息显示,当他的“太空超人”式回忆录上架时,他已经深陷财务困境。
        For Mr. Trump, the 1980s were a frenzy of acquisition and construction, buoyed by hundreds of millions of dollars of borrowed money. In 1985, for the first time, Forbes’s “rich list” included Mr. Trump individually, independent of his father. But his estimated net worth according to the magazine, $600 million, included the real estate empire Fred Trump still owned.        对特朗普来说,1980年代是疯狂的收购和建设时期,得到了数亿美元借款的支持。1985年,《福布斯》的富豪榜首次将特朗普与他的父亲分开,单独列出。据该杂志估计,他的净资产为6亿美元,但是其中包括仍然属于弗雷德·特朗普的房地产帝国。
        With Mr. Trump’s vast debt and other expenses on his properties — among them Trump Tower and the Grand Hyatt hotel in Manhattan, and two Atlantic City casinos — his fortunes were already on the way down. In 1985, his core businesses reported a loss of $46.1 million; they also carried over a $5.6 million loss for earlier years.        随着特朗普在房地产方面欠下巨额债务和其他开支——其中包括曼哈顿的特朗普大厦和君悦酒店(Grand Hyatt),以及大西洋城的两家赌场——他的财富已经在走下坡路。1985年,他的核心业务据报亏损4610万美元;此外这些业务还背负此前累积的560万美元亏损。
        Because those businesses were generally created as partnerships, they did not pay federal income taxes themselves. Instead, their gains, and their losses, flowed onto Mr. Trump’s ledger. To put his results in perspective, The Times compared them with detailed information that the I.R.S. compiles on an annual one-third sampling of high earners. Most of them appeared, like Mr. Trump, to be businessmen who received what is known as pass-through income.        由于通常是以合伙企业形式创办,这些企业本身不缴纳联邦所得税。它们的收益和损失转而流入特朗普的账上。为了提供一些参照,时报将其与美国国税局年度前三分之一高收入者抽样调查所得的详细信息进行了比较。和特朗普一样,他们中的大多数人看起来都是获得这样的所谓过账收入的商人。
        For 1985, the I.R.S. information indicates this: Only three individual taxpayers in the sampling reported bigger losses than Mr. Trump.        1985年,国税局的信息表明:在该抽样调查中,只有三个纳税人的亏损比特朗普更大。
        2. In multiple years, he appears to have lost more money than nearly any other individual taxpayer        2. 多年来,他的亏损似乎超过了其他几乎所有纳税人
        The tax results for the years that followed trace an arc of continued empire building — and gathering loss.        随后数年的税收结果同特朗普帝国的持续扩张以及亏损的累积保持着一致轨迹。
        He bought the Eastern Airlines shuttle for $365 million; it never made a profit, and he spent more than $7 million a month to keep it flying. His new Trump Taj Mahal Hotel and Casino, opened in 1990 with more than $800 million in debt, sucked revenue from his other casinos, pulling them along into the red.        他以3.65亿美元买下了美国东方航空的穿梭班机;这笔交易始终没有盈利,他每月花700多万美元维持航班运营。他在1990年新开的特朗普泰姬陵酒店与赌场负债逾8亿美元,从他的其他赌场吸走了收入,导致它们一同陷入亏损。
        And so, year after year, Mr. Trump appears to have lost more money than nearly any other individual taxpayer, according to the I.R.S. information on high earners — a publicly available database with taxpayers’ identifying details removed. Indeed, in 1990 and 1991, his core businesses lost more than $250 million each year — more than double those of the nearest taxpayers in the sampling for those years.        因此,根据国税局的高收入者信息(这是一个删除了纳税人身份信息的公开数据库),特朗普的亏损似乎一年比一年多,几乎超过了其他所有个人纳税者。事实上,在1990年和1991年,他的核心业务每年亏损超过2.5亿美元——是那些年抽样调查中与他最接近的纳税人的两倍多。
        The tax code allows owners of commercial property to write down the cost of their buildings — a valuable tax shelter known as depreciation. In “The Art of the Deal,” Mr. Trump cited one of his Atlantic City casinos to show how it works. Built for $400 million and depreciated at a rate of 4 percent a year, he said, it could allow him to shelter $16 million in taxable income annually. But Mr. Trump’s example, meant to demonstrate the magic of depreciation, shows something else: Depreciation alone cannot account for the hundreds of millions of dollars in losses he declared on his taxes.        税法允许商业地产的所有者减记建筑物成本的账面价值——一个相当好用的避税手段,称为折旧。在《交易的艺术》一书中,特朗普以自己在大西洋城的一座赌场为例,说明了它是如何运作的。他说,这座赌场始建的价值是4亿美元,每年的折旧率是4%,他每年因此有1600万美元的应税收入得以避税。但特朗普这个意在展示折旧魔法的例子,也透露出一些其他东西:仅凭折旧,无法解释他在报税时申报的数亿美元的损失。
        3. He paid no federal income taxes for eight of the 10 years        3. 在这10年里,他有8年没有缴纳联邦所得税
        Business owners like Mr. Trump may also use their losses to avoid paying taxes on future income. Over the years, those losses rolled into a $915.7 million free pass, known as a net operating loss, that appeared on his 1995 tax returns, pages of which were mailed anonymously to The Times during the 2016 campaign.        像特朗普这样的企业主,可能也会利用他们的损失来为未来的收入避税。几年下来,这些亏损变成了9.157亿美元的免费通行证,也就是在他1995年的纳税申报单上显示的净经营亏损——在2016年竞选期间,有人匿名将其中一些报税文件邮寄给了《纽约时报》。
        The new tax information shows how Mr. Trump’s net operating losses snowballed, reaching $418 million in 1991. That was fully 1 percent of all the losses that the I.R.S. reported had been declared by individual taxpayers that year.        新的税务信息显示,特朗普的净经营亏损呈滚雪球式增长,在1991年达到4.18亿美元。这相当于当年个人纳税人申报、国税局所报告的全部亏损的整整1%。
        And the red ink continued to accumulate apace. In all, Mr. Trump lost so much money that he was able to avoid paying any federal income taxes for eight of the 10 years.        亏损继续快速积累。总之,特朗普损失了如此多的钱,以至于在这10年的8年时间里,他完全不用缴纳联邦所得税。
        4. He made millions posing as a corporate raider — until investors realized he never followed through        4. 他假扮企业掠夺者,赚了成百上千万美元——直到投资者意识到他从未付诸实施
        For a time, Mr. Trump was able to stave off his coming collapse with the help of a new public role: He traded on his business-titan brand to present himself as a corporate raider. He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating a takeover, then quietly sell on the resulting bump in the stock price. An occasional quote from a high-profile associate helped burnish the myth.        有一段时间,特朗普借助新建立的公众形象避免了即将到来的崩溃:他利用自己的商业巨头品牌,把自己塑造成一个企业掠夺者(corporate raider)。他会用借来的钱购买一家公司的股票,公开暗示他正在考虑收购,然后在股价上涨时悄悄卖出。一位知名同事的无心之语有助于澄清这个神话。
        “He has an appetite like a Rocky Mountain vulture,” his stockbroker, Alan C. Greenberg, told The Wall Street Journal in 1987. “He’d like to own the world.”        “他的胃口就像落基山的秃鹰一样,”1987年,他的股票经纪人艾伦·C·格林伯格(Alan C. Greenberg)对《华尔街日报》(The Wall Street Journal)说,“他想拥有这个世界。”
        From 1986 through 1989, Mr. Trump declared $67.3 million in gains from stocks and other assets bought and sold within a year.        从1986年到1989年,特朗普宣布,他通过在一年的期限里将股票和其他资产买进卖出而获利6730万美元。
        But ultimately, the figures show, he lost most, if not all, of those gains after investors stopped taking his takeover talk seriously.        但最终数据显示,在投资者不再听信他的收购言论后,他失去了大部分的收益——如果不是全部的话。
        5. His interest income spiked in 1989 at $52.9 million, but the source is a mystery        5. 1989年,他的利息收入飙升至5290万美元,但其来源成谜
        Amid the hundreds of figures on 10 years of tax transcripts, one number is particularly striking: $52.9 million in interest income that Mr. Trump reported in 1989.        在10年税单成百上千的数据中,有一个数字尤其引人注目:特朗普1989年报告的利息收入为5290万美元。
        In the three previous years, Mr. Trump had reported $460,566, then $5.5 million, then $11.8 million in interest.        在此前的三年里,特朗普申报的利息收入分别是46.0566万美元、550万美元和1180万美元。
        The source of that outlier $52.9 million is something of a mystery.        5290万美元这个异常数值的来源是个谜。
        Taxpayers can receive interest income from a variety of sources, including bonds, bank accounts and mortgages. Hard data on the workings of Mr. Trump’s businesses is hard to come by. But public findings from New Jersey casino regulators show no evidence that he owned anything capable of generating that much interest. Nor is there any such evidence in a 1990 report on his financial condition, prepared by accountants he hired at his bankers’ request.        纳税人可以从债券、银行账户和抵押贷款等各种渠道获得利息收入。关于特朗普业务运作情况的切实资料很难获得。但新泽西州赌场监管机构公布的调查结果显示,没有证据表明他拥有任何能够带来如此高额利息的东西。1990年的一份关于其财务状况的报告中,也没有这样的证据,这份报告是他应银行的要求聘请会计师编写的。
        Mr. Trump’s interest income fell almost as quickly as it rose. By 1992, he was reporting only $3.6 million.        特朗普的利息收入上升得快,下降得也快。到1992年,他申报的利息收入只有360万美元。

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