Trump's $1.4 Billion Crypto Income Clouds Tax Bill, Which Could Top $518 Million
Updated
Updated · CBS New York · Jul 2
Trump's $1.4 Billion Crypto Income Clouds Tax Bill, Which Could Top $518 Million
2 articles · Updated · CBS New York · Jul 2
Summary
$1.4 billion in newly disclosed crypto income has revived questions about how much tax President Trump owes, with experts saying the true bill cannot be pinned down from public filings.
A full individual tax treatment at the top 37% federal rate would imply about $518 million owed, while one crypto accountant said at least $250 million is plausible; the total could fall if income sits in corporate entities or is offset by losses.
$625 million from the $TRUMP meme coin is listed as royalty income, and more than $590 million came from token sales and an equity stake in a Trump family crypto venture, leaving unclear whether the proceeds are ordinary income, capital gains or business income.
The White House declined to answer questions on what taxes were paid, and Trump still does not release tax returns, unlike several past presidents.
That opacity is unlikely to ease: a May Justice Department settlement over leaked returns bars the IRS and Treasury from pursuing claims tied to prior tax returns.