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Politics Trump didn't pay income tax for 10 of 15 years before 2016 election: NYT

02:30  28 september  2020
02:30  28 september  2020 Source:   thehill.com

Trump denies New York Times report detailing his tax returns and financial problems: 'It's totally fake news'

  Trump denies New York Times report detailing his tax returns and financial problems: 'It's totally fake news' The Times reported that Trump paid only $750 in federal income tax in 2016 and 2017, but shelled out $70,000 on hair styling during "The Apprentice.""It's totally fake news. Made up, fake," Trump said. "Actually, I paid tax.

The New York Times says the president paid no income tax at all in 10 of the last 15 years . The New York Times said it had reviewed tax returns relating to President Trump and the companies owned by the Trump Organization going back to the 1990s, as well as his personal returns for 2016

10 , 2016 . Donald J. Trump explicitly acknowledged for the first time during Sunday’s debate that he used a 6 million loss that he reported on his 1995 income tax returns to avoid paying personal federal income taxes for years . Mr. Trump ’s response — “Of course I do.

President Trump paid no income taxes for 10 of the 15 years before he was elected president, and his income tax payments in 2016 and 2017 amounted to just $750, according to The New York Times, which obtained the president's tax information for the last 20 years.

Donald Trump wearing a suit and tie: Trump didn't pay income tax for 10 of 15 years before 2016 election: NYT © Getty Images Trump didn't pay income tax for 10 of 15 years before 2016 election: NYT

The Times found that Trump faces hundreds of millions of dollars in debt and struggling Trump Organization properties and that he has taken advantage of a number of write-offs to avoid paying taxes.

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  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.

Trump also paid just US0 in federal income taxes in both 2016 and 2017, the New York The Times reported that Trump , who is seeking re- election in November The Times said it had obtained tax -return data covering over two decades for Trump and companies within his business organization.

Trump paid just 0 in federal income taxes in 2016 and another 0 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

In a statement to the Times, Trump Organization lawyer Alan Garten said that "most, if not all, of the facts appear to be inaccurate" and reportedly took issue with the amount of taxes the Times reported that Trump has paid.

"Over the past decade, President Trump 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," Garten told the Times.

Trump himself also denied the Times's reporting during a press conference on Sunday, calling the story "totally fake news."

"The IRS does not treat me well. They treat me like the Tea Party," he continued, referring to claims from GOP figures that the IRS targeted GOP-leaning groups during the Obama administration.

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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 Service.

Paper details 0 federal income tax payments in 2016 , 2017 and says information ‘does not reveal unreported Russia connections’. “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 Times revealed that the president faces payments on more than $300 millions in loans that will become due in the next few years, while revenue from his time hosting "The Apprentice" on NBC has mostly dried up, and he has largely sold his stock portfolio.

Trump reportedly made hundreds of millions of dollars from his work and related licensing on "The Apprentice" over the years, which was apparently invested back into Trump Organization businesses. But the Times analysis of Trump's finances finds those businesses have continued to lose millions, resulting in Trump avoiding payments on income taxes while earning millions from "The Apprentice" due to losses at other businesses.

The Times reports that Trump's tax records show $47.4 million in losses in 2018, despite Trump announcing in a financial disclosure that he made at least $434.9 million.

Other details revealed by the Times include that the Miss Universe pageant was most profitable under Trump and generated $2.3 million for him as a co-owner of the pageant.

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Donald Trump tears into the New York Times for 'made-up, phony' story that he paid just 0 in federal income tax in 2016 and 2017, no income tax for 10 years and Documents show the president paid no income tax in 10 out of the previous 15 years , according to a report by the paper.

More Election Coverage from The Times . Here’s a look at how Trump reshaped the election map. The data for the results on this site are reported by the Associated Press through the week of Nov. 8, 2016 . Presidential results are updated as of Feb.

Trump Organization tax records also show, according to the Times, that between 2010 and 2018, it wrote off around $26 million in unexplained "consulting fees." The consulting fees claimed as tax deductions for hotel projects in Vancouver and Hawaii match the payments Ivanka Trump reported, more than $747,600, from a consulting company she co-owned, according to the Times.

Also revealed in Sunday's report was the at least partial scope of Trump's overseas dealings, long a target of government ethics organizations due to concerns that foreign investors could seek to curry favor with the president through his businesses. At least $73 million was made abroad by the Trump Organization during the first half of Trump's term, according to the documents.

The Times reports that while Trump paid just $750 in income taxes in the U.S. in 2017, Trump or his companies paid more taxes in other countries, including $15,598 in Panama, $145,400 in India and $156,824 in the Philippines.

At a press conference Sunday, Trump sought to cast doubt on the reporting and suggested that he would release his returns when he no longer faces federal audit, a claim he has made since the 2016 election.

"It's under audit. They've been under audit for a long time," he said Sunday.

Updated at 6:30 p.m.

Trump's tax returns: 5 key takeaways from experts .
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