WASHINGTON – President Donald Trump paid just $ 750 in federal income taxes in 2016 when he ran for president and in 2017, his first year at the White House, according to a report published Sunday in The New York Times.
According to the publication, citing sources, Trump, who zealously defended his tax returns and who is the only president in modern times who has not made them public, has not paid federal income taxes for 10 of the past 15 years. As you know, the backbone of his 2016 presidential campaign was his reputation as a successful billionaire businessman in the real estate business.
The details of tax filings released by the New York Times complicate Trump’s portrayal of himself as an astute and patriotic businessman, revealing instead a series of financial losses and profits from abroad that may conflict with his responsibilities as president.
The president’s published financial information indicates that he earned at least $ 434.9 million in 2018, but his tax returns indicate a loss of $ 47.4 million.
Speaking at a press conference at the White House on Sunday, Trump dismissed the message as “fake news” and said he paid taxes, but did not provide details.
Trump Organization lawyer Alan Garten and a spokesman for the organization have not yet responded to an Associated Press request for comment on the report. Garten previously told the Times that “most, if not all, of the facts quoted appear to be inaccurate.”
According to the publication, during the first two years of Donald Trump’s tenure as president, his Trump Organization raised $ 73 million from overseas operations, including $ 3 million from the Philippines, $ 2.3 million from India and $ 1 million from Turkey. In 2017, the President paid $ 145,400 in taxes in India and $ 156,824 in the Philippines, compared with just $ 750 in income taxes in the United States.
According to the article, Trump has found several ways to reduce his tax burden. He used tax deductions for personal expenses such as housing, airplane and $ 70,000 for hair styling while filming The Apprentice. Losses in real estate, solely owned and operated by Trump, were apparently offset by income from his stake in the TV show and other multi-owner businesses.
The article also reported that during the first two years of his presidency, Trump used tax breaks for businesses to reduce his tax liability. The Times reported that $ 9.7 million in business investment loans, which came after Trump requested an extension of the tax filing deadline, allowed him to cut his income and pay just $ 750 each in 2016 and 2017.
Income tax payments are a source of funding for US military and domestic programs.
Trump has requested and received a $ 72.9 million income tax refund since 2010, which the Times recalled was the centerpiece of the IRS ‘ongoing audit. The president declined to make his taxes public, citing an audit.
Richard Neal, a Massachusetts Democratic congressman and chairman of the House Budget Committee, which tried unsuccessfully to get Trump’s tax reports, said the Times publication made access to them even more important.
“The president appears to have used the tax code to his advantage and used litigation to delay or evade payment of his debts,” the congressman said in a statement. “Now Donald Trump is the boss of the agency, which he considers his opponent. It is important that the IRS presidential audit program remains tamperproof. ”
The release of the information, which The New York Times writes, is based on data from tax returns for two decades, came at a defining moment on the eve of the first presidential debate on Tuesday and a few weeks before an election in which President Trump will be opposed by Democrat Joe Biden.
The president promised that information about his taxes “will be made public,” but he did not specify a timeframe. He made similar promises during the 2016 campaign, but has yet to keep them.
Meanwhile, the president has filed lawsuits against those who wanted access to his declarations, including the US House of Representatives, which has filed a congressional oversight lawsuit.
Garten pointed out in a statement to the New York newspaper that the president “has paid tens of millions of dollars in personal taxes to the federal government, including millions since announcing his candidacy in 2015.” The New York Times also writes that the newspaper’s refusal to provide counsel to the Trump Organization Alan Garten needs the tax documents on which the publication’s conclusions are based to protect sources.