[ad_1]
Image source,fake images
Trump accused the New York Times report of “fake news.”
The New York Times published an investigation claiming that US President Donald Trump paid only $ 750 (approximately 5,115 yuan) in federal income taxes in the first year after running for President of the United States. and take office in the White House in 2016.
According to the report, the newspaper obtained the tax records of Trump and his company for 20 years. The report also indicated that Trump has not paid any income taxes in 10 of the last 15 years.
The New York Times stated that these records reveal that “Trump’s financial situation faces long-term losses and he has been avoiding taxes for many years.”
But Trump replied that the report was “fake news.”
“Actually, I paid my taxes. They’ll see my tax records soon. They’re still auditing, they’ve been auditing for a long time.”
“The Internal Revenue Service (IRS) won’t wait to see me … they treat me very badly,” he said.
Trump has faced legal challenges for refusing to share documents about his estate and business. Although there are no mandatory requirements under US law, he is the first president since the 1970s to not disclose tax returns.
The New York Times stated that the information in his report was “provided through legal channels.”
The report was released a few days before the first election debate between Trump and Democratic rival Joe Biden (Joe Biden), with only a few weeks before the November 3 US election.
What are the key accusations?
The New York Times said it checked the tax records of President Trump and Trump Group companies from the 1990s, as well as his personal tax records in 2016 and 2017.
According to the report, Trump paid only $ 750 in income taxes in 2016 and 2017. In the previous 15 years, he had not paid any income taxes for 10 years, “mainly because he reported losses far more than his earnings. Money.” .
Image source,fake images
The Trump Organization has multiple businesses, including golf courses and hotels.
Before becoming president, Trump was a well-known American businessman and real estate mogul.
However, the New York Times stated that Trump’s report to the IRS “attracted hundreds of millions of dollars a year, but accumulated long-term losses for a businessman who actively used these losses to avoid taxes.”
Trump stated in a public document that he earned at least $ 434.9 million in 2018. The report refuted this, saying his tax records showed that he had instead suffered a loss of $ 47.4 million.
Both the Trump Organization and the president himself denied the report’s allegations.
The group’s legal director, Alan Garten, told the New York Times that “most, if not all, of the facts appear inaccurate.”
“In the last ten years, President Trump has paid tens of millions of dollars in personal income taxes to the federal government, including millions of dollars in personal taxes since he announced his candidacy in 2015,” he said.
What else did the report say?
The New York Times report also stated that “most” of the big companies, such as Trump’s golf courses and hotels, “report losses of millions of dollars year after year, even tens of millions of dollars.”
“This formula is a key element of how Trump makes money – use his celebrity earnings to buy and hold venture companies, and then use his losses to avoid taxes,” the report said.
Image source,fake images
Before running for president, Trump was a guest on reality television shows.
The report also said that the president personally also supports more than $ 300 million in loans, which will mature in the next four years.
The newspaper also stated that some of President Trump’s businesses receive funding from “pressure groups, foreign officials and others seeking to meet with, contact, or gain support from the president.”
According to the New York Times, the newspaper used tax records to find the amount of income the president received from his overseas companies – he made $ 73 million in overseas income in the first two years in the White House.
Most of the money came from its golf courses in Ireland and Scotland, but the New York Times stated that the Trump Organization also received funds from “authorized transactions by authoritarian leaders or controversial geopolitical nations.”
According to the New York Times, these authorized transactions resulted in a net profit of $ 3 million, $ 2.3 million, and $ 1 million from the Philippines, India, and Turkey, respectively.
In 2018, Trump reportedly received $ 427.4 million in revenue from the US reality show “Apprentice” (also translated: Apprentice). Additionally, some organizations paid for the use of Trump’s name for brand promotion cooperation. It is said that he also invested in two office buildings that year and earned 176.5 million US dollars.
However, the New York Times stated that because Trump reported that his business had suffered significant losses, he had hardly paid taxes on this income.
Image source,fake images
In 2018, Trump reported a total loss of $ 63.6 million on two golf courses in Scotland and one course in Ireland.
The report also indicated that President Trump has been using the tax law to allow companies “to carry forward losses in order to reduce taxes in the coming years.”
For example, the newspaper claimed that in 2018, Trump’s largest golf complex, Trump National Doral near Miami, lost $ 162.3 million. Similarly, it reported a total loss of $ 63.6 million on two golf courses in Scotland and one course in Ireland.
External reaction
Trump’s political opponents condemned this.
Nancy Pelosi, a senior figure in the US Democratic Party and Speaker of the House of Representatives, said the report showed that Trump had taken “extraordinary measures” and “played with the tax law to avoid paying the taxes he had to pay.”
Senate Minority Leader Chuck Schumer called on Twitter to ask Americans to raise their hands if they pay more federal income taxes than Trump.
Democratic presidential candidate Biden has yet to comment, but his campaign team emphasized on Twitter that teachers, firefighters and nurses pay well over $ 750 in taxes.
