THE US President is alleged to have paid a mere $750 in federal income taxes the year he won the presidency.
Trump is the first president since Watergate to decline to make his tax returns public. Here’s everything we know about the new bombshell report and Trump’s denials.
Did Trump pay $750 in taxes?
The publication obtained tax-return data extending over more than two decades on Trump’s finances.
He told reporters: “I pay a lot. And I pay a lot of state taxes too.”
The article also claimed that Trump has paid no income taxes at all in 10 of the previous 15 years.
The alleged reason that he did not pay the taxes over the decade is due to reporting losing more money than he had made.
“The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public,” the Times reports.
“His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes.
“Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.”
The outlet reported that Trump paid just $750 in federal income taxes in the U.S. the year that he won the presidency and then again within his first year in the White House.
A lawyer for the Trump organization, Alan Garten, said the article is “riddled with gross inaccuracies.”
Garten said: “Over the past decade the President has paid tens of millions of dollars in personal taxes to the federal government.”
When were Trump’s taxes released?
The president has never officially publicly disclosed his tax records.
He previously vowed that information about his taxes “will all be revealed,” but did not disclose when this would be.
Trump has fought to keep his tax returns private, with the president telling the Associated Press in 2015 that “there’s nothing to learn from them.”
The Supreme Court ruled that the Manhattan district attorney can obtain Trump tax returns while not allowing Congress to get Trump tax and financial records, for now, returning the case to lower courts.
On September 27, 2020, the New York Times released a report based on Trump’s tax-return data.
Trump is the first president since Watergate to decline to make his tax returns public.
Is Donald Trump in debt?
The allegations claim that Trump’s “financial challenges are mounting” and he avoided paying income taxes because he both lost so much money and found multiple ways to reduce his tax bills.
Losses in property businesses solely owned and managed by Trump appear to have offset income from his stake in “The Apprentice” and other entities with multiple owners.
During the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations.
The Times said $9.7million worth of business investment credits that were submitted after Trump requested an extension to file his taxes allowed him to reduce his income and pay just $750 each in 2016 and 2017.
In 2019, The Times also reported Trump made an alleged billion-dollar loss on hotels and casinos – the largest amount of money any other American citizen has lost during their tax returns.
Trump’s businesses lost more than $1billion from 1985 to 1994, based on tax information acquired by the New York Times.
It also said that Trump reported business losses of $46.1million (£35million) in 1985, and a total of $1.17 billion in losses for the 10-year period.
After comparing Trump’s information with other “high-income earners,” the New York Times said that Trump “appears to have lost more money than nearly any other individual American taxpayer.”
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