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Trump has paid little to no income taxes, NYT says his returns show

Trump taxes
CNN
Controversy continues to swirl over President Trump's tax returns.

NEW YORK, NY -- President Donald Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House, according to a report Sunday in The New York Times.

Trump, who has fiercely guarded his tax filings and is the only president in modern times not to make them public, paid no federal income taxes in 10 of the past 15 years.

The details of the tax filings complicate Trump’s description of himself as a shrewd and patriotic businessman, revealing instead a series of financial losses and income from abroad that could come into conflict with his responsibilities as president. The president’s financial disclosures indicated he earned at least $434.9 million in 2018, but the tax filings reported a $47.4 million loss.

The disclosure, which the Times said comes from tax return data it obtained extending over two decades, comes at a pivotal moment ahead of the first presidential debate Tuesday and weeks before a divisive election against Democrat Joe Biden.

Speaking at a news conference Sunday at the White House, Trump dismissed the report as “fake news” and maintained he has paid taxes, though he gave no specifics. He also vowed that information about his taxes “will all be revealed,” but he offered no timeline for the disclosure and made similar promises during the 2016 campaign on which he never followed through.

In fact, the president has fielded court challenges against those seeking access to his returns, including the U.S. House, which is suing for access to Trump’s tax returns as part of congressional oversight.

During his first two years as president, Trump received $73 million from foreign operations, which in addition to his golf properties in Scotland and Ireland included $3 million from the Philippines, $2.3 million from India and $1 million from Turkey. The president in 2017 paid $145,400 in taxes in India and $156,824 in the Philippines, compared to just $750 in U.S. income taxes.

Trump found multiple ways to reduce his tax bills. He has taken tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed “The Apprentice.” Losses in the property businesses solely owned and managed by Trump appear to have offset income from his stake in “The Apprentice” and other entities with multiple owners.

During the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations. The Times said $9.7 million worth of business investment credits that were submitted after Trump requested an extension to file his taxes allowed him to reduce his income and pay just $750 each in 2016 and 2017.

Income tax payments help finance the military and domestic programs.

Trump, starting in 2010, claimed and received an income tax refund that totaled $72.9 million, which the Times said was at the core of an ongoing audit by the IRS. The Times said a ruling against Trump could cost him $100 million or more. He also has more than $300 million in loans due to be repaid in the next four years.

Richard Neal, D-Mass., the chair of the House Ways and Means Committee who has tried unsuccessfully to obtain Trump’s tax records, said the Times report makes it even more essential for his committee to get the documents.

“It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes,” Neal wrote in a statement. “Now, Donald Trump is the boss of the agency he considers an adversary. It is essential that the IRS’s presidential audit program remain free of interference.”

A lawyer for the Trump Organization, Alan Garten, and a spokesperson for the Trump Organization did not immediately respond to a request for comment from The Associated Press on the report.

Garten told the Times that “most, if not all, of the facts appear to be inaccurate.”

He said in a statement to the news organization that the president “has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015.”

The New York Times said it declined to provide Garten with the tax filings in order to protect its sources.

During his first general election debate against Democrat Hillary Clinton in 2016, Clinton said that perhaps Trump wasn’t releasing his tax returns because he had paid nothing in federal taxes.

Trump interrupted her to say, “That makes me smart.”

News / Politics / Top Stories / US & World

Associated Press

Comments

42 Comments

      1. That’s correct. High earners both Democrat and Republican don’t pay taxes especially now after the orange buffoon engineered a tax break for the wealthy. This is a non-issue.

        1. Mark, that is true for the top 1-2%. But, he has also managed to offset his taxes with his losses, which are in the millions. This is just the tip of the iceberg, which is why he has been fighting tooth-and-nail to avoid the release of his tax returns. Tramp is an absolute con-artist and anyone who still supports him is a pathetic moron.

          1. Alberto up psycho ranting again. Dumbass Alberto is on everyone’s poop list. He is just one big piece of mierda.

  1. Wealthy people employ tax lawyers whose job is to get their client to pay as little tax as possible but you moron’s out there don’t understand anything but hate Trump! You are fools who should have chaperones when you’re in public or a public forum

    1. Me my you are full of shot. Wealthy people cheat. Period. If your rationale was correct everyone would hire a “lawyer”. Tax evasion isn’t rampant amongst Trumptards.

        1. “If you read down into the New York Times hit piece the authors admit President Trump paid $1 million in taxes in 2016 and $4 million in taxes in 2017. The $750 is an extra amount he paid on top of the actual taxes.” The entire premise of the article is false and fake news. But the dumbass libtards are sucking it in

  2. Most high earners pay no taxes. They hire good tax accountants and lawyers. That’s not a crime in itself. The orange buffoon’s taxes are not a problem. All the damage he’s done to the country is the problem.

  3. Mark turner i disagree. Unless you are in the top 1% you wouldn’t know. He’s a cheat, his accountants are a cheat, his lawyers are a cheat. Where is his main lawyer? In jail.

  4. The loopholes are also good for immigrants!!!!! Exploitation of the laws/loopholing is the most common recent Way of dealing in the US. Thank you Mr. Exploitation of the US. Trump.

  5. So the message from Memy357 and his stupid supporters is if you can get good lawyers to exploit the law, it’s all good. Isn’t that what immigrants do? Thank you memes for acknowledging you are for exploitation of the law. Hook line and sinker. A true trump dumbass. Lol.

    1. Alberto you are too stupid to exploit the law or find any good tax loopholes. You don’t make any income or pay any taxes so moot issue moron. You are just a psycho with TDS ranting b.s.

  6. Anyone that can pay only $750 in FIT from millions in income is a genius or has the best accounting firm in the U.S. The object is to pay less taxes not more. Trump/Pence 2020!

  7. “If you read down into the New York Times hit piece the authors admit President Trump paid $1 million in taxes in 2016 and $4 million in taxes in 2017. The $750 is an extra amount he paid on top of the actual taxes.” The entire premise of the article is false and fake news. But the dumbass libtards are sucking it in. LMAO.

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