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Taxes on Trump's $1.4 billion crypto income could total hundreds of millions
CBS News • • nation
Key Points:
- President Trump's recent financial disclosure revealed he made $1.4 billion from cryptocurrency ventures, but questions remain about how much tax he has paid on this income.
- Tax experts suggest Trump could owe at least $250 million, but the actual amount is unclear due to the opaque structure of the corporate entities holding the income and his refusal to release tax returns.
- The nature of the income—whether capital gains or ordinary income—is uncertain, complicating tax liability estimates; for example, $625 million from his $TRUMP meme coin is reported as royalty income.
- It is also unclear if the income is paid directly to Trump or to associated businesses, which would affect the applicable tax rates and potential deductions.
- A 2023 Justice Department settlement prevents the IRS and Treasury from pursuing claims related to Trump's prior tax returns, further limiting transparency into his tax payments.
