[ad_1]
September 28, 05:00
Donald Trump called the NYT article “totally false” (Photo: REUTERS / Ken Cedeno)
US President Donald Trump paid no income taxes for a decade before becoming head of the White House, citing consistently high losses on his tax returns.
This is clear from the New York Times publication, whose reporters claim they had access to the president’s tax documents.
According to the publication, NYT received information about Trump’s taxes for more than 20 years, including data «hundreds ”of companies that make up his business empire.
«Trump paid $ 750 in federal income taxes a year when he won the presidential election. In his first year in the White House, he paid another $ 750. He did not pay any income taxes for 10 of the previous 15 years, mainly because he said he lost much more money than he made, ”the article says.
According to the publication, in 2018, the president received about $ 427 million from his participation in the reality show Pupil and for the right to use only his name, and another $ 176.5, thanks to successful investments in two office buildings. This revenue alone could have caused Trump to pay more than $ 100 million, NYT notes.
However, the reason for the default lies in Trump’s businesses, which he owns and operates himself, the newspaper writes. The recurring losses that you report from them largely exempt you from paying federal income tax. According to the newspaper, Trump’s losses come from the Trump National Doral Miami resort and the Trump International Hotel in Washington.
«This equation is a key element in Trump’s financial alchemy: using the profits of his fame to buy and support risky companies, and then using his losses to avoid taxes, ”the authors note.
At the same time, the lawyer of the Trump Organization company Alan Garten qualified the facts presented «imprecise “.
Trump himself called the NYT article «total false “and said he paid «a lot of. “” I paid a lot of taxes to the state, New York State is demanding a lot, “Trump said.
At the same time, the President of the United States promised to publish his tax returns as soon as the Department of the Treasury, the Internal Revenue Service, has completed the audit of his accounting, which has been carried out for several years.
«The IRS does not treat me well. They treat me very badly, ”Trump complained.
In the 2016 election race, Trump promised to publish his tax return as soon as his accounting checks were completed. He is currently in court against a group of Manhattan attorneys seeking access to his tax records.
According to the NYT, the IRS is now verifying the legality of Trump reimbursing taxes totaling $ 72.9 million in relation to financial losses he reported on previous tax returns.
Recall that in early April 2019, representatives of the Democratic Party in the United States Congress officially demanded to disclose the tax deductions of President Donald Trump in recent years.
A federal court in New York rejected a motion by lawyers for President Donald Trump, who asked to deny the Manhattan prosecutor’s office the requirement to file tax returns for the head of the White House for the past eight years.
In December 2019, the United States Supreme Court suspended Trump’s tax filings for Democrats in Congress.
