NY Times exposes Trump tax scandal
Donald Trump paid just $750 (£580) in federal income tax both in 2016, the year he ran for the US presidency, and in his first year in the White House, the New York Times says.
Trump also paid no income taxes in 10 of the last 15 years, the newspaper reported on Sunday, despite receiving $427.4m through 2018 from his reality television program and other endorsement and licensing deals.
The records reveal “chronic losses and years of tax avoidance”, it says.
Mr. Trump called the report “fake news”.
“Actually I paid tax. And you’ll see that as soon as my tax returns – it’s under audit, they’ve been under audit for a long time,” he told reporters after the story was published on Sunday.
“The IRS [Internal Revenue Service] does not treat me well… they treat me very badly,” he said.
According to the New York Times report, Trump was able to minimise his tax bill by reporting heavy losses across his business empire.
The Times reported Trump claimed $47.4m in losses in 2018, despite claiming income of at least $434.9m in a financial disclosure that year.
The newspaper reported that the president is also facing a “decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9m tax refund that he claimed, and received, after declaring huge losses.” It said an adverse ruling “could cost him more than $100m”.
The Times said the information scrutinized in its report was “provided by sources with legal access to it”.
The report came just days before Mr. Trump’s first presidential debate with Democratic rival Joe Biden and weeks before the 3 November election.
Worthy to mention that the US president’s wealth worth an estimated $2.1bn – down by $1bn during the coronavirus pandemic, according to the latest estimate by Forbes magazine.