There is a whole lot here folks so I can only provide the initial reporting at this time. 

The highlights courtesy of NYT:

Among the key findings of The Times’s investigation:

Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.

He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.

The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.

As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia.

It is important to remember that the returns are not an unvarnished look at Mr. Trump’s business activity. They are instead his own portrayal of his companies, compiled for the I.R.S. But they do offer the most detailed picture yet available.

So Trump has paid virtually no income tax in the last 18 years and somehow finagled a 72.9 million dollar tax refund that was so sketchy that he has been under an IRS audit ever since. 

We also hear, and not for the first time, that essentially all of the Trump’s businesses are constantly losing money which helps him to avoid taxes, and that hundreds of millions in loans are coming due which has no way of paying. 

There is also this from NYT as well:

The tax data examined by The Times provides a road map of revelations, from write-offs for the cost of a criminal defense lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow.

Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president’s business empire. They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on “The Apprentice” — that helped propel him to the White House and that still undergirds the loyalty of many in his base.

Ultimately, Mr. Trump has been more successful in playing a business mogul than being one in real life.

“The Apprentice,” along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Mr. Trump a total of $427.4 million, The Times’s analysis of the records found. He invested much of that in a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s.

It would appear that Trump is once again on the verge of bankruptcy and he is currently using the government to funnel money into his businesses to keep them afloat.

Now we know why he keeps insisting that he visit his own golf courses so often and then jacks up the fees he charges the Secret Service whose job it is to protect him. 

Trump was actually asked about this today and this was his answer courtesy of TPM:

“That is totally fake news, made-up, fake, we will do the same stories you can ask me the same question four years ago I had to litigate this and talk about it,” Trump said.

The President went on to ramble about how he’s been under IRS audit for “a long time.”

“The IRS does not treat me well, they treat me like the tea party and they never treat me well, they treat me very badly,” Trump said.

The problem with that “fake news” argument is that all of this is backed up by his own tax returns.

The Times and other news outlets are saying that there is much more to come, and I for one can hardly wait to read it.