The U.S. president paid $ 750 in income taxes in 2016 and 2017, the New York Times reported, citing tax return data.
The New York Times reported that U.S. President Donald Trump paid $ 750 in income taxes in both 2016 and 2017, citing tax return data.
Trump also paid no income taxes in 10 of the last 15 years, the newspaper reported on Sunday, despite having received $ 427.4 million from his reality television program and other advertising and licensing deals as of 2018.
Trump was able to minimize his tax burden by reporting heavy losses in his business empire. The Times reported that Trump claimed losses of $ 47.4 million in 2018, despite a financial report earlier that year claiming revenue of at least $ 434.9 million.
The newspaper reported that the president also faces “a decade-long scrutiny battle with the Internal Revenue Service over the legitimacy of a $ 72.9 million tax refund requested and received after declaring large losses.” It was said that a negative decision could cost him more than $ 100 million.
At a press conference on Sunday, Trump denied the report.
“It’s wrong news, it’s totally wrong news. Invented. Fake, ”he told reporters.
“Actually, I paid taxes and you will see that my tax returns – they are being examined – have been examined for a long time.”
Alan Garten, a Trump Organization attorney, said in a statement to the New York Times that “most, if not all, of the facts appear to be inaccurate”.
“For the past decade, since announcing his candidacy in 2015, President Trump has paid tens of millions of euros in personal taxes to the federal government, including millions in personal taxes,” Garten said in a statement.
The report comes at a crucial time before the first presidential debate on Tuesday and weeks before a split.
Trump has consistently refused to release his taxes. He deviates from normal practice for presidential candidates by stating that they will be examined.
The Times said it received tax return data for Trump and companies within his corporate organization for over two decades. There was no information on his personal returns from 2018 or 2019.