Daily Mail
September 27, 2020
Donald Trump on Sunday labeled The New York Times report that he paid just $750 in federal income tax in 2016 and then again in 2017 as 'phony and fake'.
Documents show the president paid no income tax in 10 out of the previous 15 years, according to a report by the paper. He was able to minimize his tax bill by reporting heavy losses across his business empire including at his golf courses. That's despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.
Responding to the report Sunday evening Trump told reporters: 'It's totally fake news. Made up. Totally fake news.'
The president, who campaigned for office as a billionaire real estate mogul and successful businessman, said he has paid taxes, though he gave no specifics.
Trump has previously blasted the long-running quest for his financial records as a 'continuation of the most disgusting witch hunt in the history of our country'.
The businessman is the only modern president who has refused to release his tax returns. Before he was elected, he had promised to do so.
Data obtained by The Times does not include his his 2018 and 2019 personal returns.
Trump's lawyer Alan Garten, said that 'most, if not all, of the facts appear to be inaccurate'. He added: 'Over the past decade, President Trump 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.'
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Donald Trump's tax records show he's 'carrying $421million in loans, his properties are in debt and he wrote off $70,000 for his haircuts on The Apprentice and $100,000 for Ivanka's favorite stylist'
Daily Mail
September 27, 2020
The Sunday report by The New York Times was dismissed as 'fake news' by Trump.
Most of the debt comes from the Doral golf resort, and Trump's Washington hotel. Trump paid just $750 in federal income taxes in both 2016 and 2017, report says.
The Republican found took tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed The Apprentice. A $95,464 payment to Ivanka's favorite hair and makeup stylist was also listed.
The report also suggests 'consulting fees' were given to the president's eldest daughter, which appear to have helped lowered the family's tax bill.
EDITOR'S NOTE: How did the Times obtain these records? I thought tax returns are confidential.
If this story is true, Trump will be toast on November 3rd. If he can prove the story is false, that could give him a boost with the voters.
1 comment:
A great many people do not comprehend the difference between personal income taxes and business income taxes. I have no idea how many businesses Trump owns but it is a fair bet that some of them paid zero federal income tax.
This is part of a last-minute smear campaign, not unlike the Harry Reid and Mitt Romney thing. When he was jacked about it after the fact Harry just smiled and said, "It worked, didn't it?"
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