US 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, citing tax-return data.
US 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 (September 27), citing tax-return data.
The Times reported that Trump, who is seeking re-election in November, paid just USD 750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving USD 427.4 million through 2018 from his reality television program and other endorsement and licensing deals.
Trump was able to minimise his tax bill by reporting heavy losses across his business empire. The Times reported Trump claimed USD 47.4 million in losses in 2018, despite claiming income of at least USD 434.9 million in a financial disclosure that year.
Calling the report "total fake news" at a White House news conference, Trump again cited an ongoing audit as his reason for not releasing his returns.
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 finding of minimal income taxes.
Trump departed from decades of tradition among presidents and presidential candidates when he refused to release his federal income tax returns the first time he ran for president in 2016.
He said it is because he is under audit by the Internal Revenue Service but the agency has said there is no reason he cannot release his taxes while under audit.
The Republican president will face Democratic rival Joe Biden on Tuesday night (September 29) for their first debate before the November 3 US Presidential Elections 2020.
(With inputs from Reuters)
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