Category: World

Democrats in Congress released thousands of pages of former President Donald Trump’s tax returns Friday, providing the most detailed picture to date of his finances over a six-year period, including his time in the White House, when he fought to keep the information private in a break with decades of precedent.

The documents include individual returns from Trump and his wife, Melania, along with Trump’s business entities from 2015-2020. They show how Trump used the tax code to lower his tax obligation and reveal details about foreign accounts, charitable contributions and the performance of some of his highest-profile business ventures, which had largely remained shielded from public scrutiny.

The disclosure marks the culmination of a yearslong legal fight that has played out everywhere from the presidential campaign to Congress and the Supreme Court as Trump persistently rejected efforts to share details about his financial history — counter to the practice of transparency followed by all his predecessors in the post-Watergate era. The records release comes just days before Republicans retake control of the House and weeks after Trump announced another campaign for the White House.

The records show how Trump limited his tax liability by offsetting his income against corporate losses as well as millions of dollars in business expenses, asset depreciation and other deductions.

While Trump paid $641,931 in federal income taxes in 2015, the year he began his campaign for president, he paid just $750 in 2016 and 2017, according to a report released last week by Congress’ nonpartisan Joint Committee on Taxation. He paid nearly $1 million in 2018, but only $133,445 in 2019 and nothing in 2020, the year he unsuccessfully sought reelection.

The records also detail Trump’s foreign holdings.

Trump, according to the filings, reported having bank accounts in China, Ireland and the United Kingdom in 2015 through 2017, even as he was commander in chief. Starting in 2018, however, he only reported an account in the U.K. The returns also show that Trump claimed foreign tax credits for taxes he paid on various business ventures around the world, including licensing arrangements for use of his name on development projects and his golf courses in Scotland and Ireland.

In several years, Trump appears to have paid more in foreign taxes than he did in net U.S. federal income taxes, with income reported in countries including Azerbaijan, China, India, Indonesia, Panama, the Philippines, St. Martin, Turkey and the United Arab Emirates.

The documents also show that Trump’s charitable donations often represented only a sliver of his income. In 2020, the year the coronavirus ravaged the economy, Trump reported no charitable donations at all. In 2019 and 2018 he reported writing checks for about $500,000 in donations. In earlier years the numbers were higher — $1.8 million in 2017 and $1.1 million in 2016.

It’s unclear whether the reported sums included Trump’s $400,000 annual presidential salary, which he had said, as a candidate, that he would forgo and which he claimed he donated to various federal departments.

Jeff Hoopes, an accounting professor at the University of North Carolina’s Kenan-Flagler Business School, described Trump’s returns as “large and complicated” with “hundreds of entities scattered all over the globe.”

He noted that many of those entities are slightly unprofitable, which he described as “pretty magical as far as the tax code.”

“It’s hard to know if someone’s really bad at business or really good at tax planning, because they both look like the same thing,” he said.

Daniel Shaviro, a taxation professor at New York University, cited the large financial losses from so many of Trump’s businesses, despite their often healthy sales, as something that should raise suspicions from auditors. “There’s fishy looking stuff here.”

Shaviro also cited examples of suspicious or sloppy math even in smaller businesses, such as an aviation firm dubbed “DT Endeavor I LLC,” which in 2020 reported both sales and expenses of $160,144. Such exact matches are unusual, Shaviro said. Yet the form also reported an $18,923 loss.

“The return doesn’t say, ‘Guess what? I’m committing fraud,’” Shaviro said, “but there are red flags.”

The release marks the latest setback for Trump, who has been mired in investigations, including federal and state inquiries into his efforts to overturn the 2020 election. The Department of Justice also has been investigating reams of classified documents found at his Mar-a-Lago club and possible efforts to obstruct the investigation.

In a statement Friday, Trump lashed out at Democrats and the Supreme Court for the release.

“It’s going to lead to horrible things for so many people,” he said. “The radical, left Democrats have weaponized everything, but remember, that is a dangerous two-way street!”

He said the returns demonstrated “how proudly successful I have been and how I have been able to use depreciation and various other tax deductions” to build his businesses.

The returns were released by the House Ways and Means Committee, which held a party-line vote last week to make the returns public after years of legal wrangling.

The returns detail how Trump used tax law to minimize his liability, including carrying forward massive losses from previous years. Trump said during his 2016 campaign that paying little or no income tax in some years “makes me smart.”

In 2020, more than 150 of Trump’s business entities listed negative qualified business income, which the IRS defines as “the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business.” In total for that tax year, combined with nearly $9 million in carryforward loss from previous years, Trump’s qualified losses amounted to more than $58 million.

Another of Trump’s money losers: the ice rink his company operated until last year in New York City’s Central Park. Trump reported a total of $2.6 million in losses from Wollman Rink over the six years made public. The rink, an early Trump Organization jewel run through a contract with New York City’s government, reported a loss of $1.3 million in 2015 despite taking in $9.3 million in revenue, according to the tax returns. The rink turned a $298,000 profit in 2016, but was back to melting cash in each of the next four years.

“Trump seems to be creating huge losses that are suspicious or questionable under current law,” said Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center, who said he had spent 20 years preparing taxes for corporations and wealthy individuals and “never saw anyone lose money as regularly and as large as Trump lost money year after year.”

“To me, Trump’s business operations were phenomenally unsuccessful and I struggle to figure out how much of it is attributable to Trump’s unluckiness as a businessman and how much of it is attributable to Trump’s inflation,” he said.

Aspects of Trump’s finances had been shrouded in mystery since his days as an up-and-coming Manhattan real estate developer in the 1980s.

Trump, known for building skyscrapers and hosting a reality TV show before winning the White House, did offer limited details about his holdings and income on mandatory disclosure forms and financial statements he provided to banks to secure loans and to financial magazines to justify his ranking on lists of billionaires.

Trump’s longtime accounting firm has since disavowed the statements, and New York’s attorney general has filed a lawsuit alleging Trump and his Trump Organization fraudulently inflated asset values on the statements. Trump and his company have denied wrongdoing.

In October 2018, The New York Times published a Pulitzer Prize-winning series based on leaked tax records that contradicted the image Trump had tried to sell of himself as a self-made businessman. It showed that Trump received a modern-day equivalent of at least $413 million from his father’s real estate holdings, with much of that money coming from what the Times called “tax dodges” in the 1990s.

A second series in 2020 showed that Trump paid no income taxes at all in 10 of the previous 15 years because he generally lost more money than he made.

In its report last week, the Ways and Means Committee indicated the Trump administration may have disregarded a requirement mandating audits of a president’s tax filings.

The IRS only began to audit Trump’s 2016 tax filings on April 3, 2019 — more than two years into his presidency — when the Ways and Means chairman, Rep. Richard Neal, D-Mass., asked the agency for information related to the returns.

Every president and major-party candidate since Richard Nixon has voluntarily made at least summaries of their tax information available to the public.

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Associated Press writers Gary Fields, Paul Wiseman and Farnoush Amiri in Washington, Meg Kinnard in Columbia, South Carolina, and Nicholas Riccardi in Denver contributed to this report.

KYIV, Ukraine (AP) — Multiple blasts rocked Kyiv and other areas of Ukraine on Saturday, killing at least one person and wounding 14 others, in a sign that the pace of Russia attacks had picked up before New Year’s.

Some Ukrainians defied the danger, however, to return to the country to reunite with families for the holidays.

Ukrainian officials claimed Russia was now deliberately targeting civilians, seeking to create a climate of fear to see out the year grimly and usher in a bloody 2023.

First lady Olena Zelenska expressed outrage that such massive missile attacks could come just before New Year’s Eve celebrations.

“Ruining lives of others is a disgusting habit of our neighbors,” she said.

The blasts also came at an unusually quickened rhythm, one that alarmed officials just 36 hours after Russia launched a barrage of missiles on Thursday to damage energy infrastructure facilities.

Ukrainian Foreign Minister Dmytro Kuleba highlighted the harsh civilian toll of this latest offensive — that “this time, Russia’s mass missile attack is deliberately targeting residential areas, not even the energy infrastructure.”

The deadly blast in the Ukrainian capital occurred among the multi-story residential buildings of the Solomianskyi district. One person wounded in the attacks is in a critical condition, according to Kyiv Mayor Vitali Klitschko. He said two schools were damaged, including a kindergarten.

Various residential buildings and civilian infrastructure were damaged in Kyiv on Saturday afternoon as part of massive attacks spanning the country. A top official in the president’s office, Kyrylo Tymoshenko, published photos and video of a partially collapsed six-story hotel in Kyiv. Mayor Klitschko said a Japanese journalist was among those injured in the capital.

Russia launched 20 cruise missiles over Ukraine on Saturday afternoon, of which Ukrainian forces shot down 12, according to Ukrainian military chief Gen. Valerii Zaluzhnyi.

Ukrainian President Volodymyr Zelenskyy published a video address shortly after Russia launched the New Year’s Eve cruise missiles over Ukraine saying that Russian President Vladimir Putin is “hiding behind the military, behind missiles, behind the walls of his residences and palaces.” Addressing the Russians, he added that “no one in the world will forgive you for this. Ukraine will not forgive.”

At least four civilians were wounded in the Khmelnytskyi province of western Ukraine, according to regional Gov. Serhii Hamalii. Six people were wounded in the southern region of Mykolaiv.

Mykolaiv Gov. Vitalii Kim said that the Russians were targeting civilians more directly than just by attacking infrastructure as in the past.

“In many cities residential areas, hotels, just roads and garages are affected,” he wrote on Telegram.

In Zaporizhzhia region, as a result of a missile attack, two houses were destroyed, and around eight damaged. Four people were also wounded, among them a pregnant woman and a 14-year-old girl, said regional Gov. Oleksandr Starukh.

Even though Russia’s 10-month war rumbles on with no end in sight, for some families the new year is nevertheless a chance to reunite, however briefly, after months apart.

At Kyiv’s central railway station on Saturday morning, Mykyta, still in his uniform, gripped a bouquet of pink roses tightly as he waited on platform 9 for his wife Valeriia to arrive from Poland. He hadn’t seen her in six months.

“It actually was really tough, you know, to wait so long,” he told The Associated Press after hugging and kissing Valeriia.

Nearby, another soldier, Vasyl Khomko, 42, joyously met his daughter Yana and wife Galyna who have been living in Slovakia due to the war, but returned to Kyiv to spend New Year’s Eve together.

Back in February, fathers, husbands and sons had to stay behind as their wives, mothers and daughters boarded trains with small children seeking safety outside the country. Scenes of tearful goodbyes seared television screens and front pages of newspaper across the world.

But on the last day of the year marked by the brutal war, many returned to the capital to spend New Year’s Eve with their loved ones, despite the ongoing Russian attacks.

As Russian attacks continue to target power supplies leaving millions without electricity, no big celebrations are expected and a curfew will be in place as the clock rings in the new year. But for most Ukrainians being together with their families is a luxury.

Valeriia first sought refuge from the conflict in Spain but later moved to Poland. Asked what their New Year’s Eve plans were, she answered simply: “Just to be together.”

The couple declined not to share their family name for security reasons as Mykyta has been fighting on the front lines in both southern and eastern Ukraine.

On platform 8, another young couple reunited. University student Arseniia Kolomiiets, 23, has been living in Italy. Despite longing to see her boyfriend Daniel Liashchenko in Kyiv, Kolomiiets was scared of Russian missiles and drone attacks.

“He was like, ‘Please come! Please come! Please come!’” she recalled. “I decided that (being) scared is one part, but being with beloved ones on the holidays is the most important part. So, I overcome my fear and here I am now.”

Although they have no electricity at home, Liashchenko said they were looking forward to welcoming 2023 together with his family and their cat.

Natalya Kontonenko had traveled from Finland. It was the first time she had seen her brother Serhii Kontonenko since the full-scale invasion began on Feb. 24. Serhii and other relatives traveled from Mykolaiv to Kyiv to meet Natalya.

“We are not concerned about the electricity, because we are together and that I think is the most important,” he said.

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Follow AP’s coverage of the war in Ukraine: https://apnews.com/hub/russia-ukraine

Cristiano Ronaldo has joined Saudi Arabian side Al Nassr on a deal that runs until 2025.

Ronaldo will reportedly receive the biggest football salary in history at more than £177m per year.

The 37-year-old says he is “eager to experience a new football league in a different country”.

Ronaldo added: “I am fortunate that I have won everything I set out to win in European football and feel now that this is the right moment to share my experience in Asia.”

Al Nassr – nine-time Saudi Pro League champions – described the signing as “history in the making”.

The club said it would “inspire our league, nation and future generations, boys and girls to be the best version of themselves”.

In the summer, Ronaldo turned down a £305m deal to join another Saudi team – Al Hilal – because he was happy at United.

Earlier in November, the striker spoke out in an interview with Piers Morgan for TalkTV in which he said he felt “betrayed” by United, did not respect manager Erik ten Hag and was being forced out of the club.

Ronaldo, who scored 145 goals in 346 appearances for United, left Juventus to rejoin the Old Trafford club in August 2021 – 11 years after he departed to join Real Madrid.

He had just over seven months remaining on his £500,000-a-week contract with United but his immediate exit was “mutually agreed”.

A day after he left the club, he was banned for two domestic matches for knocking a phone out of an Everton fan’s hand after United’s defeat at Goodison Park in April.

He will serve the ban at domestic level with any new club – in England or abroad – although it does not apply at continental club level, such as the Champions League.

Ronaldo recently returned from playing for Portugal at the World Cup in Qatar, where he made history by becoming the first man to score at five different Fifa World Cups with his strike in his side’s opening win against Ghana.

LONDON (AP) — Cristiano Ronaldo completed a lucrative move to Saudi Arabian club Al Nassr on Friday in a deal that is a landmark moment for Middle Eastern soccer but will see one of Europe’s biggest stars disappear from the sport’s elite stage.

Al Nassr posted a picture on social media of the five-time Ballon d’Or holding up the team’s jersey after Ronaldo signed a deal until June 2025, with the club hailing the move as “history in the making.”

“This is a signing that will not only inspire our club to achieve even greater success but inspire our league, our nation and future generations, boys and girls to be the best version of themselves,” the club wrote.

It also gives the 37-year-old Ronaldo a massive payday in what could be the final contract of his career. Media reports have claimed the Portugal star could be earning up to $200 million a year from the deal, which would make him the highest-paid soccer player in history.

Ronaldo said in a statement that he was “eager to experience a new football league in a different country.”

“I am fortunate that I have won everything I set out to win in European football and feel now that this is the right moment to share my experience in Asia,” the forward added.

While the signing is a massive boost for Middle Eastern soccer, it will also fuel the debate about Saudi Arabia using so-called “sportswashing” to boost the country’s image internationally. Saudi Arabia’s sovereign wealth fund owns Premier League team Newcastle, and the country is considering a bid to host the 2030 World Cup.

Ronaldo had been a free agent after his contract was terminated by Manchester United following an explosive TV interview in which he criticized manager Erik ten Hag and the club’s owners after having been repeatedly benched and even temporarily suspended by the club.

He is also coming off a disappointing World Cup where he was benched in the knockout rounds and left the field in tears after Portugal lost in the quarterfinals to Morocco.

And after a storied career that saw him win the Champions League with both United and Real Madrid, along with league and cup titles in England, Spain and Italy, he will now seemingly see out the last years of his career far away from the spotlight of top European soccer.

While Saudi Arabia earned its biggest international soccer win ever at the World Cup in Qatar last month when it beat eventual champion Argentina in its first group-stage game, the domestic league has few other stars and is not watched by a major international audience.

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