Donald Trump ‘Paid $750 In Federal Income Taxes In 2016 And 2017’- NY Times. According to BBC Trump describes allegations he avoided taxes as fake news. The New York Times says” Donald Trump paid just $750 in federal income tax both in 2016, which is the year he ran for the US presidency and also in his first year in the white house.
The newspaper that says it obtained tax records for Mr. Trump and his companies over two decades- also said that he paid no income taxes at all in 10 of the previous 15 years. It says that the “records reveal chronic losses and years of tax avoidance.”
But Trump called the report “fake news.”
Donald Trump ‘Paid $750 In Federal Income Taxes In 2016 And 2017’- NY Times
Base on the allegations labeled against Trump, Trump told reporters after the story was published on Sunday “ Actually I paid tax. And you’ll see that as soon as my tax returns- it’s under audit, they’ve been audit for a long time.”
He continued “The Internal Revenue Service (IRS) does not treat me well, they treat me very bad.”
Donald Trump had faced legal challenges for refusing to share documents concerning his fortune and business. He is the first president since the 1970s not to make his tax returns public, though it’s not required by law.
The NY times said the info scrutinized in its report was provided by sources with legal access to it. This report came few days before Mr. Trump’s first presidential debate with Democrat rival Joe Biden.
The Major Claims
NY Times said it reviewed tax returns relating to Trump and companies owned by Trump organization going back to the 1990s, as well as his personal returns for 2016 and 2017.
The president is said to have paid just $750 in income taxes in both 2016 and 2017, while he paid no income taxes at all in 10 of the previous 15 years, largely because he reported losing much more money than he made.”
Before Trump became the president he was known as a celebrity businessman and property mogul, building an image of a hugely successful self-made billionaire which could be denied by the latest revelations, according to observers.
The newspaper says his report to the IRS portrays a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes.”
The US Bureau on Labor Statistics said that the average American household paid $9,302 in federal income tax in 2018, on average earnings of $78,635.
In an annual financial disclosure that he is required to make as president, President Trump said he made at least $434.9m in 2018. The newspaper disputes this, alleging that his tax returns show that Trump had instead gone into the red, with $47.4m in losses.
However, the Trump organization joined the president in denying the allegations in the report. Alan Garten the Chief of staff of the company told The NY Times that “ most, if not all, of the facts, appear to be inaccurate.” He said, “Over the past decade, the president 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.”
Using the term “ personal taxes” the NY Times points out that Garten appears to be conflating other federal taxes paid by Trump- such as social security, taxes, and Medicare for people who work in his household- with federal income tax.