NY Times: Trump Paid Little or No Income Taxes

Clay Curtis
September 30, 2020

Many of Mr Trump's businesses have run at a substantial loss, according to the paper, including his three European golf courses - two in Scotland and one in Ireland - which have reported a combined $63.6m in losses.

Mr Trump paid nothing in federal income taxes for ten of the past 15 years, and US$750 in his first year in office.

Despite the intricacies of tax law, Weisbach said some of the takeaways from the Times' reporting are easy to digest.

But there is no legal reason why the president can't release his returns while an audit is taking place, and he would be the first in nearly 50 years not to make them available.

In 2017, while the president only paid $750 in US federal income taxes, he and his businesses paid $15,598 in taxes to Panama, $145,400 to India and $156,824 to the Philippines. "It's so odd that in 2017, the president paid $750 in federal taxes, and he paid over $300,000 in taxes to other countries". Roughly half of Americans pay no income taxes, primarily because of how low their incomes are. The Bidens paid $3.7 million in 2017 and $1.5 million in 2018.

Trump revelations are also expected to feature prominently in the first presidential debate with challenger Joe Biden on Tuesday, turning attention to tax documents that, despite tradition, Trump has kept from the public eye.

"The reaction of Donald Trump that was saying that this was totally fake news, this is his killing argument always and this is what his supporters believe", Chimoy said.

The President vowed information about his taxes "will all be revealed". Massachusetts Congressman Richie Neal, the Democrat in charge of the House Ways and Means Committee, raised the alarm that Trump may try to influence the outcome of the audit. Or, famously, in Trump's case, $70,000 for hair care is deductible due to its relation to his television appearances on The Apprentice.

But Donald Trump Jr. took to broadcaster Fox News, a network that is often sympathetic to the president, to defend his father.

First, that Trump only paid $750 total in federal income tax in 2016 and 2017.

Income tax payments help finance the military and domestic programs.

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Mr Trump continued to deny the reporting was accurate, claimed the information was illegally obtained and said he had paid "millions of dollars" in taxes.

That refund is now under audit at the Internal Revenue Service, the newspaper said. Ultimately, he suggests, the president could be facing bankruptcy.

Most of that debt comes from the Doral Golf Resort in Florida ($US125 million) and Mr Trump's Washington hotel ($US160 million), two properties that the Times said are struggling financially.

"The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent", Trump tweeted Monday morning.

The report adds a new element into what has been a remarkably stable presidential race according to polling, which has consistently shown Democratic nominee Joe Biden with a national lead approaching double digits over Trump.

Arizona Congressman Raul Grijalva said in a statement Monday that President Donald Trump took advantage of a "rigged" tax code to avoid paying income taxes.

It has been common practice since the 1970s for U.S. presidents to be audited by the IRS. The views expressed in this commentary belong to the author.

Dave also said it appears as if Trump did The Apprentice because he needed the money.

Democrats on Monday harshly criticized President Trump over a New York Times report that he paid almost no federal income tax for more than a decade, accusing him of gaming the system to avoid paying his fair share.

No member of Congress ever became involved in a refund review or saw tax documents from such a review while he was chief of staff, Yin said.

Mr Biden's publicly released tax data revealed he paid more than A$5.2 million in taxes in 2017.

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