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

02:10  28 september  2020
02:10  28 september  2020 Source:   reuters.com

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The New York Times has reported that US President Donald Trump paid 0 in federal income taxes in both 2016 and 2017, citing tax return data. The disclosure, which the Times said comes from tax return data it obtained extending across two decades, comes at a pivotal moment ahead of

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 0. 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

By Pete Schroeder

Donald Trump wearing a suit and tie: U.S. President Trump campaigns in Jacksonville, Florida © Reuters/TOM BRENNER U.S. President Trump campaigns in Jacksonville, Florida

WASHINGTON (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.

The Times reported that Trump, who is seeking re-election in November, paid just $750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.

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.

Donald Trump paid no federal income tax in 10 of the past 15 years due to massive business losses, and just 0 in federal taxes in 2016 and 2017, the New York Times reported Sunday. In a bombshell report, the Times said it had acquired more than two decades’ worth of tax -return data from Trump

Though little is known about Mr. Trump ’s recent income taxes , limited information about his taxes in some years has surfaced in court and regulatory records. 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 was able to minimize his tax bill by reporting heavy losses across his business empire. The Times reported Trump claimed $47.4 million in losses in 2018, despite claiming income of at least $434.9 million in a financial disclosure that year.

Trump denied the report on Sunday, calling it "total fake news" at a White House news conference. 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 income tax finding.

Trump has consistently refused to release his taxes, departing from standard practice for presidential candidates, saying they are under audit.

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.

Biden Paid Over 4,900 Times More in Taxes Than Trump in 2017

  Biden Paid Over 4,900 Times More in Taxes Than Trump in 2017 While Trump's net worth is estimated to be about $2.5 billion, Biden and his wife are worth approximately $9 million.According to Biden's tax returns, which he released publicly in July 2019, the former vice president and his wife Jill Biden paid $1.5 million in federal income taxes in 2016 and $3.7 million in 2017. The New York Times, which obtained nearly two decades of Trump's closely guarded tax returns, reported on Sunday that the president paid just $750 in both years. That means the Bidens paid 2,000 times as much in federal income taxes in 2016 and more than 4,900 times as much in 2017.

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 . He campaigned for office as a billionaire real estate mogul and successful businessman.

“He had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made.” “The tax returns that Mr Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public,” the paper

The Times also reported that Trump is 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.

(Reporting by Pete Schroeder; Editing by Daniel Wallis and Peter Cooney)


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usr: 1
This is interesting!