President Donald Trump paid very little in income taxes in recent years as heavy losses from his business enterprises balance out hundreds of millions of dollars in income, the New York Times reported on Sunday, pointing out tax-return data.
The Times reported that Trump, who is seeking re-election in November, paid ONLY $750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, regardless of receiving $427.4 million through 2018 from his reality tv program and other endorsement and licensing deals.
Trump had the ability to lessen his tax expense by reporting heavy losses throughout his company empire. The Times reported Trump claimed $47.4 million in losses in 2018, regardless of claiming income of a minimum of $434.9 million in a monetary disclosure that year.
Trump rejected 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, stated Trump had actually paid countless dollars in personal taxes over the last years, without weighing in on the specific income tax finding.
Trump has regularly refused to release his taxes, departing from basic practice for presidential prospects, saying they are under audit.
The Times stated it had gotten tax-return information covering over twenty years for Trump and companies within his organization. It did not know about his personal returns from 2018 or 2019.
The Times likewise reported that Trump is presently involved in a decade-long Internal Revenue Service audit over a $72.9 million tax refund he claimed after declaring large losses. If the Internal Revenue Service rules versus him due to the audit, he could have to pay over $100 million, according to the paper.