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WASHINGTON (AP) – President Donald Trump paid very little in income taxes in recent years, as large losses to his business ventures offset hundreds of millions of dollars in revenue, the New York Times reported Sunday, citing tax return data.
The Times reported that Trump, seeking reelection in November, paid only $ 750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving $ 427.4 million until 2018 of its reality. television shows and other sponsorship and licensing agreements.
Trump was able to minimize his tax bill by reporting large losses across his business empire. The Times reported that Trump claimed $ 47.4 million in losses in 2018, despite claiming revenue of at least $ 434.9 million in a financial disclosure that year.
Trump denied the report Sunday, calling it “total fake news” at a press conference at the White House. In a statement to the Times, Alan Garten, a lawyer for the Trump Organization, said Trump had paid millions of dollars in personal taxes over the past decade, without having a say in the specific income tax finding.
Trump has consistently refused to release his taxes, departing from standard practice for presidential candidates, saying they are being audited.
The Times said it had obtained tax return data covering more than two decades for Trump and the companies within his business organization. He had no information on his personal statements from 2018 or 2019.
The Times also reported that Trump is currently involved in a decade-long Internal Revenue Service audit of a $ 72.9 million tax refund he claimed after declaring large losses. If the IRS rules against you in that audit, you could have to pay more than $ 100 million, according to the newspaper.
– Reuters
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