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The New York Times claimed that US President Donald Trump paid just $ 750 in income taxes in 2016, which he won the presidency, as well as his first year in office.
According to the newspaper, which says it obtained Trump and his corporate tax records in two decades, Trump has not paid any taxes for 10 of the last 15 years.
The records reveal “chronic losses and years of tax evasion,” according to the New York Times.
Trump denied the newspaper report as “fake news.”
After the newspaper report was released on Sunday, Trump told reporters, “I’ve actually paid, but you’ll see it as soon as I finish my tax returns … It’s been under scrutiny for a long time.”
The president added: “(The Internal Revenue Service) is not treating me well … they are treating me very badly. There are people from the Internal Revenue Service who treat me very badly.”
Trump has faced lawsuits after he refused to release documents related to his estate and business. He is the first president since the 1970s to not disclose his tax returns, although the law does not require it.
The New York Times said the information in its report “was provided by sources with a legal right to access it.”
The report comes days before the first debate between Trump and his Democratic rival in the upcoming presidential election, Joe Biden, and weeks before the elections scheduled for November 3.
What are the main accusations?
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The group representing Trump companies rejected the newspaper’s accusations
The New York Times said it had seen the tax returns of President Trump and the companies owned by his group “Trump Organization”, for a period that extended into the 1990s, in addition to their tax returns for the years 2016 and 2017.
The newspaper claimed that Trump paid an income tax of just $ 750 for 2016 and another $ 750 for 2017, and he also paid no income tax for ten of the last 15 years, “because he largely announced losing more money than you made. “
Before becoming president, Trump became known as a famous businessman and real estate mogul.
But the New York Times says its reports to the Internal Revenue Service “envision a businessman making hundreds of millions of dollars a year and, despite chronic losses, spending a lot to avoid paying taxes.”
In a record year for 2018, President Trump said he made at least $ 434.9 million. The newspaper disputes this, claiming that tax returns show he lost $ 47.4 million.
Trump’s group of companies also rejected the accusations published by the newspaper.
Trump’s legal director Alan Garten responded to the newspaper report saying: “Most, if not all, the facts appear inaccurate.”
“Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including millions of dollars in personal taxes, since his candidacy was announced in 2015,” Garten added.
What are the other allegations in the report?
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Trump made $ 427.4 million from The Apprentice TV show in 2018
The newspaper claimed that “most” of Trump’s big companies, like golf courses and hotels, “report losses in the millions, if not tens of millions, year after year.”
“This equation is an important element in Trump’s money management – using the gains from his fame to buy and back risky businesses, then publicizing his losses to avoid taxes,” according to report authors Ross Buettner, Susan Craig and Mike McIntyre. .
The report alleges that Trump is personally responsible for more than $ 300 million in loans that must be repaid over the next four years.
It also alleges that some Trump companies have received money from “lobbyists, foreign officials and others seeking an interview, permission or personal service” from the president.
The newspaper said it used tax records to find out how much income the president earned from his overseas companies, stating that he had earned $ 73 million overseas in his first two years in the White House.
Much of that came from its golf courses in Ireland and Scotland, but the newspaper says the Trump Organization has also received money “from licensing deals in countries ruled by leaders with authoritarian tendencies or countries with thorny geopolitics.”
The newspaper claimed that the licensing deals generated $ 3 million from the Philippines, $ 2.3 million from India and $ 1 million from Turkey.
The newspaper says President Trump made $ 427.4 million in 2018 from the proceeds of the US television show “The Apprentice,” as well as from trademark deals where organizations pay to use his name. The newspaper also claims that it made $ 176.5 million by investing in two office buildings that year.
However, The New York Times claims that the president paid almost no taxes on this income because he claimed that his business incurred large losses.
It also alleges that President Trump is taking advantage of a tax law that allows business owners to “roll over the remaining losses to reduce taxes for years to come.”
And in 2018, for example, the newspaper says that President Trump’s largest golf complex near Miami, Trump National Doral, incurred losses of $ 162.3 million.
Similarly, its two golf courses in Scotland and one in Ireland incurred a combined loss of $ 63.3 million, allegedly.
