An exposé by The New York Times published on Sunday (September 27) revealed extensive financial losses and years of tax avoidance from President Donald Trump.
According to the report, Trump paid only $750 in personal federal income tax in both 2016 and 2017 and didn’t pay any taxes in other years because of business losses and write-offs.
Trump dismissed the NYT report as “fake news.”
The Times noted that Trump’s homes, planes and golf courses are part of the Trump family business, so he was able to classify them as business expenses. Since companies can write off business expenses as deductions, all of the expenses have helped reduce his tax liability.
Trump has refused to produce his tax returns for public review since he first ran for office in 2016. Trump has said that he is willing to release his tax returns once he is no longer under audit by the Internal Revenue Service, even though he is under no obligation to hold his tax returns while under audit.
In response to the…
