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更新時間:2019/5/8 20:31:31 來源:紐約時報中文網 作者:佚名

5 Takeaways From 10 Years of Trump Tax Figures
時報調查了特朗普10年稅單,我們總結了5個要點

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年總統競選以來,《紐約時報》和其他媒體的記者一直在試圖理清唐納德•J•特朗普復雜而隱蔽的財務狀況。如今,《紐約時報》從總統的聯邦所得稅申報表中獲得了10年的未披露數據。從1985年到1994年的稅收數據來看,特朗普的交易能力和財務狀況遠沒有他一直以來描繪的那麼理想。

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.

特朗普從一個沒有從政經驗的商人和電視真人秀明星成為了一個史無前例的總統,他打破幾十年來總統的傳統,拒絕公布自己的所得稅申報表。隨著關于俄羅斯的調查,這些申報表中可能隱藏的秘密——關于他近期的商業交易和他的資金來源——成為日益激化的問題,特朗普政府現在陷入一場與眾議院民主黨人的戰斗,後者要求得到總統過去六年的申報表。周一,財政部長史蒂文•馬努欽(Steven Mnuchin)表示,他不會讓一個眾議院委員會查閱這些申報表。

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.

新披露的稅務信息包括了特朗普經商生涯的早期階段。時報並沒有獲得特朗普的實際納稅申報表,但從可以合法獲取這些數據的人手中獲得了他的美國國稅局(Internal Revenue Service)正式稅單的打印件,其中的數字來自他的1040聯邦稅表格。它們對總統納稅狀況做出了迄今為止最全面、最詳細的呈現。透過這些數據可以看到,在充斥著狂熱收購和驚人崩潰的動蕩十年里,特朗普的核心業務——主要是賭場、酒店和公寓樓內的零售空間——虧損達到11.7億美元。

The White House’s response to the findings has shifted over time.

白宮對調查結果的反應有過多次的轉變。

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.”

幾周前,一位高級官員發表聲明稱︰“由于大規模建設和有補貼的開發項目,總統獲得了巨額折舊和納稅優惠。所以總統總是嘲笑稅收制度,說稅法需要修改。你可以賺很多錢,而不用交很多稅。”

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,在時報進一步調查後,總統的律師查爾斯•J•哈德(Charles J. Harder)寫道,這些稅務信息“明顯是假的”,時報“關于總統30年前的納稅申報單和業務”的陳述“極不準確”。他沒有提到具體的錯誤,但在周二補充說,“國稅局的單據出了名的不準確,尤其是在實現電子報稅之前”、“從中不可能對任何納稅人的報稅情況得出一個公道的認知”。

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.

前國稅局研究、分析和數據主管馬克•J•馬甦爾(Mark J. Mazur)說,用來生成這些單據的數據不但沒有被普遍認為不可靠,而且幾十年來一直在進行質量控制,被用來分析美高梅官方开户趨勢和制定國家政策。此外,馬甦爾說,國稅局的審計人員經常把這些單據稱為“好用的”報稅表摘要。馬甦爾目前是華盛頓無黨派機構城市-布魯金斯稅收政策中心(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.

事實上,向時報提供這些最新信息的信源還能夠提供總統的父親、建築商弗雷德•C•特朗普(Fred C. Trump)多年來未公布的納稅數據,它們與時報較早前調查中獲得的弗雷德•特朗普的實際報稅單相符。

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.

新的稅務信息縱使沒有給特朗普的經商生涯帶來一種新的敘事,它的點滴細節也能準確描述特朗普的財務失敗,以及他在數十年經商生涯中不斷轉移關注點這一特征。下面是一些摘要。

1. Mr. Trump was deep in the red even as he peddled deal-making advice

1. 即使是在到處宣傳自己的生意經期間,特朗普也深陷債務

“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︰交易的藝術》(Trump: The Art of The Deal)出版于1987年。這本書成了暢銷書,有力地傳播了一個自編的白手起家億萬富翁神話,最終幫助他登上總統寶座。

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.

長期以來,特朗普一直將他的第一次商業挫折和破產歸因于該書出版三年後、即1990年的美高梅官方开户衰退。但新的稅務信息顯示,當他的“太空超人”式回憶錄上架時,他已經深陷財務困境。

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.

對特朗普來說,1980年代是瘋狂的收購和建設時期,得到了數億美元借款的支持。1985年,《福布斯》的富豪榜首次將特朗普與他的父親分開,單獨列出。據該雜志估計,他的淨資產為6億美元,但是其中包括仍然屬于弗雷德•特朗普的房地產帝國。

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.

隨著特朗普在房地產方面欠下巨額債務和其他開支——其中包括曼哈頓的特朗普大廈和君悅酒店(Grand Hyatt),以及大西洋城的兩家賭場——他的財富已經在走下坡路。1985年,他的核心業務據報虧損4610萬美元;此外這些業務還背負此前累積的560萬美元虧損。

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業形式創辦,這些企業本身不繳納聯邦所得稅。它們的收益和損失轉而流入特朗普的賬上。為了提供一些參照,時報將其與美國國稅局年度前三分之一高收入者抽樣調查所得的詳細信息進行了比較。和特朗普一樣,他們中的大多數人看起來都是獲得這樣的所謂過賬收入的商人。

For 1985, the I.R.S. information indicates this: Only three individual taxpayers in the sampling reported bigger losses than Mr. Trump.

1985年,國稅局的信息表明︰在該抽樣調查中,只有三個納稅人的虧損比特朗普更大。

2. In multiple years, he appears to have lost more money than nearly any other individual taxpayer

2. 多年來,他的虧損似乎超過了其他幾乎所有納稅人

The tax results for the years that followed trace an arc of continued empire building — and gathering loss.

隨後數年的稅收結果同特朗普帝國的持續擴張以及虧損的累積保持著一致軌跡。

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3.65億美元買下了美國東方航空的穿梭班機;這筆交易始終沒有盈利,他每月花700多萬美元維持航班運營。他在1990年新開的特朗普泰姬陵酒店與賭場負債逾8億美元,從他的其他賭場吸走了收入,導致它們一同陷入虧損。

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,根據國稅局的高收入者信息(這是一個刪除了納稅人身份信息的公開數據庫),特朗普的虧損似乎一年比一年多,幾乎超過了其他所有個人納稅者。事實上,在1990年和1991年,他的核心業務每年虧損超過2.5億美元——是那些年抽樣調查中與他最接近的納稅人的兩倍多。

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.

稅法允許商業地產的所有者減記建築物成本的賬面價值——一個相當好用的避稅手段,稱為折舊。在《交易的藝術》一書中,特朗普以自己在大西洋城的一座賭場為例,說明了它是如何運作的。他說,這座賭場始建的價值是4億美元,每年的折舊率是4%,他每年因此有1600萬美元的應稅收入得以避稅。但特朗普這個意在展示折舊魔法的例子,也透露出一些其他東西︰僅憑折舊,無法解釋他在報稅時申報的數億美元的損失。

3. He paid no federal income taxes for eight of the 10 years

3. 在這10年里,他有8年沒有繳納聯邦所得稅

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.

像特朗普這樣的企業主,可能也會利用他們的損失來為未來的收入避稅。幾年下來,這些虧損變成了9.157億美元的免費通行證,也就是在他1995年的納稅申報單上顯示的淨經營虧損——在2016年競選期間,有人匿名將其中一些報稅文件郵寄給了《紐約時報》。

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.

新的稅務信息顯示,特朗普的淨經營虧損呈滾雪球式增長,在1991年達到4.18億美元。這相當于當年個人納稅人申報、國稅局所報告的全部虧損的整整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.

虧損繼續快速積累。總之,特朗普損失了如此多的錢,以至于在這10年的8年時間里,他完全不用繳納聯邦所得稅。

4. He made millions posing as a corporate raider — until investors realized he never followed through

4. 他假扮企業掠奪者,賺了成百上千萬美元——直到投資者意識到他從未付諸實施

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.

有一段時間,特朗普借助新建立的公眾形象避免了即將到來的崩潰︰他利用自己的商業巨頭品牌,把自己塑造成一個企業掠奪者(corporate raider)。他會用借來的錢購買一家公司的股票,公開暗示他正在考慮收購,然後在股價上漲時悄悄賣出。一位知名同事的無心之語有助于澄清這個神話。

“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禿鷹一樣,”1987年,他的股票經紀人艾倫•C•格林伯格(Alan C. Greenberg)對《華爾街日報》(The Wall Street Journal)說,“他想擁有這個世界。”

From 1986 through 1989, Mr. Trump declared $67.3 million in gains from stocks and other assets bought and sold within a year.

從1986年到1989年,特朗普宣布,他通過在一年的期限里將股票和其他資產買進賣出而獲利6730萬美元。

But ultimately, the figures show, he lost most, if not all, of those gains after investors stopped taking his takeover talk seriously.

但最終數據顯示,在投資者不再听信他的收購言論後,他失去了大部分的收益——如果不是全部的話。

5. His interest income spiked in 1989 at $52.9 million, but the source is a mystery

5. 1989年,他的利息收入飆升至5290萬美元,但其來源成謎

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年稅單成百上千的數據中,有一個數字尤其引人注目︰特朗普1989年報告的利息收入為5290萬美元。

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,特朗普申報的利息收入分別是46.0566萬美元、550萬美元和1180萬美元。

The source of that outlier $52.9 million is something of a mystery.

5290萬美元這個異常數值的來源是個謎。

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.

納稅人可以從債券、銀行賬戶和抵押貸款等各種渠道獲得利息收入。關于特朗普業務運作情況的切實資料很難獲得。但新澤西州賭場監管機構公布的調查結果顯示,沒有證據表明他擁有任何能夠帶來如此高額利息的東西。1990年的一份關于其財務狀況的報告中,也沒有這樣的證據,這份報告是他應銀行的要求聘請會計師編寫的。

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,他申報的利息收入只有360萬美元。

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