Trump really does his own taxes

US President Tax Payments: Poor Donald Trump

A full $ 750 federal income tax, but debt of 421 million: The New York Times found Donald Trump's tax returns.

US President Donald Trump Spends $ 70,000 On Hair Care But Doesn't Pay Taxes? Photo: Alex Brandon / AP

NEW YORKap | US President Donald Trump issued a report to the New York Times according to no federal income tax paid in 10 of the past 15 years. The newspaper reported on Sunday, citing tax returns from two decades to which it gained access.

According to the report, he paid just $ 750 in federal taxes in 2016. In his first year in office, 2017, he paid just $ 750 again, according to the report.

The revelations point to a series of financial losses and income for Trump from abroad that could conflict with his office as president. The financial disclosure shows that Trump made at least $ 434.9 million in 2018, but tax records show a loss of $ 47.4 million.

During his first two years as president, Trump received $ 73 million from business abroad. These include golf courses in Scotland and Ireland and shops in the Philippines, India and Turkey.

$ 70,000 for hair care

In 2017, Trump paid $ 145,400 in taxes in India and $ 156,824 in the Philippines. Investment loans for companies made it possible New York Times alleged to reduce Trump's 2016 and 2017 income after receiving an extension of the deadline to file his tax return.

He found numerous ways to reduce his tax liability, according to the report. Personal expenses for housing and airplanes were tax deductible, including $ 70,000 for hair care. Loss on properties he owned alone appeared to have offset his profits on The Apprentice TV show and other multi-owner properties.

Trump has filed and received claims for income tax reimbursements totaling $ 72.9 million since 2010. They are loud New York Times the focus of an ongoing review by the IRS. According to the newspaper, a decision against Trump could cost him $ 100 million or more.

The president could also come under increasing financial pressure in the coming years. Tax records, according to the report, show that he has a total of $ 421 million in loans and debts, mostly due within four years.

Most of that debt comes from the Doral Golf Resort in Florida ($ 125 million) and Trump's Washington Hotel ($ 160 million), two properties of which the New York Times said they were in financial trouble.

All just "fake news"

Trump, the only modern US president who has not disclosed his tax returns, called the report "fake news" at a press conference on Sunday. He paid taxes, but did not give any details. He also promised that the information about his taxes would be published without giving a date.

During the 2016 election campaign, he made similar promises and failed to keep them. In fact, Trump took legal action against the publication.

A Trump Organization attorney, Alan Garten, said the New York Times, "Most, if not all, of the facts appear to be inaccurate". The president "has paid millions of dollars in personal taxes to the federal government, including millions in personal taxes, since he announced his candidacy in 2015".

The report comes at a critical time: The first debate between Republican Trump and his Democratic challenger Joe Biden will take place on Tuesday, and the presidential election on November 3rd.

Joe Biden's online store now has stickers that read “I paid more income tax than Donald Trump”. Senate Democratic Minority Leader Chuck Schumer urged followers on Twitter to report "if you paid more federal income taxes than President Trump". Democratic Senator Chris Murphy announced that it now knows why Trump has "hidden his tax returns." "Because he didn't pay any taxes the whole time."