Even though taxes on wealthy Americans have fallen sharply in recent decades, most still pay a lot to the federal government. A typical billionaire pays tens of millions of dollars in federal income taxes each year.

President Trump, however, is different.

Yesterday, The Times published an investigation of his finances, based on thousands of pages of documents that had not previously been public. They showed that Trump paid no taxes in 11 of the 18 years between 2000 and 2017. In both 2016 and 2017, he paid only $750.
He was able to do so both because many of his businesses report losing large amounts of money — which reduces his taxable income — and because he has engaged in questionable tax practices. 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.

The investigation also found that:
• As president, he has received more money from foreign sources and U.S. interest groups than previously known.
• 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.
• Trump is facing a series of large looming bills in the next few years, and it is not obvious how he will cover them.