Left Menu
Development News Edition

Trump frequently paid no federal income taxes in years leading up to presidency -New York Times

In a report that Trump dismissed as "fake news," the Times said the Republican president also paid no federal income taxes in 10 of the previous 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals. The disclosure of previously private tax information came little more than a month before the Nov. 3 election between Trump and Democrat Joe Biden.

Reuters | Updated: 28-09-2020 05:08 IST | Created: 28-09-2020 05:08 IST
Trump frequently paid no federal income taxes in years leading up to presidency -New York Times

President Donald Trump paid just $750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises to offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data. In a report that Trump dismissed as "fake news," the Times said the Republican president also paid no federal income taxes in 10 of the previous 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.

The disclosure of previously private tax information came little more than a month before the Nov. 3 election between Trump and Democrat Joe Biden. Democrats were quick to seize on the report to paint Trump as a tax dodger and raise questions about his carefully groomed image as a savvy businessman. Senate Democratic leader Chuck Schumer took to Twitter to ask Americans to raise their hands if they paid more in federal income tax than Trump.

Calling the report "total fake news" at a White House news conference, Trump again cited an ongoing audit as his reason for not releasing his returns. 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 last decade, without weighing in on the specific finding of minimal income taxes. Trump's consistent refusal to release his taxes has been a departure from standard practice for presidential candidates. He is currently in a legal battle with New York City prosecutors and congressional Democrats who are seeking to obtain his returns.

He also previously indicated he preferred to minimize his tax bill, saying in a 2016 presidential debate it made him "smart." The Times reported that Trump was able to minimize his tax bill by reporting heavy losses across his business empire. It said he claimed $47.4 million in losses in 2018, despite saying he had income of at least $434.9 million in a financial disclosure that year.

The Times emphasized the documents reveal only what Trump told the government about his businesses, and did not disclose his true wealth. The Times said it had obtained tax-return data covering over two decades for Trump and companies within his business organization. It did not have information about his personal returns from 2018 or 2019.

The Times also reported that Trump was currently embroiled in a decade-long Internal Revenue Service audit over a $72.9 million tax refund he claimed after declaring large losses. If the IRS rules against him in that audit, he could have to pay over $100 million, according to the newspaper.


TRENDING

OPINION / BLOG / INTERVIEW

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Guinea’s elections hearken back to the autocracy and violence of its past

... ...

Videos

Latest News

Magpie swoops Australian reporter moments before he goes on air

A magpie swooped an Australian reporter in the face on Monday, moments before the journalist went live on air for the evening bulletin. Nine Network reporter, Brett McLeod, was preparing for his live cross outdoors when the crow-like bird d...

U.S. State Department approves $2.4 bln more in potential arms sales to Taiwan -Pentagon

The U.S. State Department has approved the potential sale of 100 Boeing-made Harpoon Coastal Defense Systems to Taiwan in a deal that has a potential value of up to 2.37 billion, the Pentagon said on Monday. The move comes days after the St...

NYU researchers find most dentists have experienced aggression from patients

Roughly half of U.S. dentists experienced verbal or reputational aggression by patients in the past year, and nearly one in four endured physical aggression, according to a new study led by researchers at NYU College of Dentistry. The study...

Rajnath Singh to address four-day Army Commanders' Conference in Delhi

Defence Minister Rajnath Singh will be addressing the four-day Army Commanders Conference being held in Delhi on Tuesday today. The Army Commanders Conference, an apex level biannual event, which formulates important policy decisions throug...

Give Feedback