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Politics Trump paid just $750 in federal income taxes in 2016 and 2017, according to tax returns obtained by the New York Times

01:40  28 september  2020
01:40  28 september  2020 Source:   businessinsider.com

Trump paid no income taxes in 10 of last 15 years: New York Times

  Trump paid no income taxes in 10 of last 15 years: New York Times Trump paid no income taxes in 10 of last 15 years: New York TimesWASHINGTON (Reuters) - President Donald Trump paid extremely little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data.

Paper details $ 750 federal income tax payments in 2016 , 2017 and The New York Times reported on Sunday that it had obtained Donald Trump ’s tax information, long the holy grail of US political reporting. The president “ paid $ 750 in federal income taxes the year he won the presidency”, the

President Trump 's tax - return data shows he paid just $ 750 in federal income taxes the year he won presidency Documents show the president paid no income tax in 10 out of the previous 15 years, according Data obtained by The Times does not include his his 2018 and 2019 personal returns .

a close up of Donald Trump making a face for the camera: President Donald Trump speaks during a press conference in the Brady Briefing Room of the White House on September 23, 2020, in Washington, DC. MANDEL NGAN/AFP via Getty Images © MANDEL NGAN/AFP via Getty Images President Donald Trump speaks during a press conference in the Brady Briefing Room of the White House on September 23, 2020, in Washington, DC. MANDEL NGAN/AFP via Getty Images
  • An investigation by The New York Times revealed a trove of tax-return data from President Donald Trump's and his businesses that detail massive losses and 10 years of avoiding federal income taxes.
  • The tax-return data obtained by the Times extends over more than two decades and included "detailed information from his first two years in office," according to the report.
  • Among the Times' findings, Trump paid a total of $750 in federal income taxes in 2016 and 2017, respectively.
  • Visit Business Insider's homepage for more stories.

President Donald Trump avoided paying federal income taxes for 10 of the last 15 years and paid just $750 in 2016 and 2017, respectively, according to an investigation by The New York Times.

Trump's tax records show he's carrying $421million in loans and debt

  Trump's tax records show he's carrying $421million in loans and debt In a Sunday report that Trump, main, dismissed as fake news', The New York Times said the president also paid no federal income taxes in 10 of the previous 15 years through 2017. Ivanka is inset.In a Sunday report, dismissed by the president as 'fake news,' The New York Times said most of that debt comes from the Doral golf resort in Florida - $125 million - and Trump's Washington hotel - $160 million. On top of that, a $100 million mortgage on Trump Tower in New York will come due in 2022.

Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017 , after he became president, his tax bill was only $ 750 . He has reduced his tax bill with questionable measures, including a .9 million tax refund that is the subject of an audit by the Internal Revenue

The Times obtained Donald Trump ’s tax information extending over more than two decades, revealing struggling Donald J. Trump paid $ 750 in federal income taxes the year he won the presidency. The tax data examined by The Times provides a road map of revelations, from write-offs for the cost

Trump avoided paying the income taxes "largely because he reported losing much more money than he made," the Times reported.

The Times obtained a variety of tax-return data from Trump and the hundreds of companies that comprise his business empire after the president refused to reveal them publicly, sparking an ongoing legal battle over the documents.

The tax-return documents obtained by the Times covers more than two decades and includes "detailed information from his first two years in office," according to the report.

Alan Garten, a lawyer for the Trump Organization, denied the Times' reporting, telling the outlet that "most, if not all, of the facts appear to be inaccurate"

The report attributes Trump's longtime tax avoidance to factors like relying on a massive tax refund of $72.9 million and writing up his spending for the family businesses and personal expenses.

Everything Donald Trump Has Said About Releasing His Tax Returns

  Everything Donald Trump Has Said About Releasing His Tax Returns Revelations about the president's alleged tax affairs have reawakened a debate over the president's personal fortune.A New York Times investigation found that Trump paid no federal income taxes in 10 of the previous 15 years and just $750 in federal income taxes in the two most recent years of the newspaper's probe—2016 and 2017.

Tax court records indicate that Mr. Trump also avoided paying any federal income taxes in 1984. In 1991 and 1993, at a time when Mr. Trump ’s Atlantic City A CBS News/ New York Times Poll this month showed that 59 percent of respondents said it was necessary for him to release his tax returns .

Trump paid just $ 750 in federal income taxes in 2016 and another $ 750 the following year, the newspaper reported, and none at all in 10 of the previous 15 years. He is personally responsible for more than 0 million in debt, most of which is coming due within the next four years, according to

The tax refund is the subject of an audit by the Internal Revenue Service, the Times noted, and at least $100 million is on the line in the audit battle.

The data also details huge losses among Trump's business entities, including $315.6 million of reported losses from his golf courses and $55.5 million lost in his Washington, DC hotel since it opened in 2016.

One moneymaker identified by the Times is Trump's personal brand, which the outlet calculated made him a combined $427.4 million between 2004, when "The Apprentice" debuted on NBC, and 2018.

The Times promised "additional articles will be published in the coming weeks."

Read the original article on Business Insider

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usr: 1
This is interesting!