![]() ![]() Trump, starting in 2010, claimed and received an income tax refund that totaled $72.9 million, which the Times said was at the core of an ongoing audit by the IRS. The Times said $9.7 million worth of business investment credits that were submitted after Trump requested an extension to file his taxes allowed him to reduce his income and pay just $750 each in 20. Losses in the property businesses solely owned and managed by Trump appear to have offset income from his stake in the television show “The Apprentice” and other entities with multiple owners.ĭuring the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations. He has taken tax deductions on personal expenses such as housing, aircraft and $70,000 in haircare. Trump found multiple ways to reduce his tax bills. ![]() The president in 2017 paid $145,400 in taxes in India and $156,824 in the Philippines, compared to just $750 in U.S. House, which is suing for access to Trump’s tax returns as part of congressional oversight.ĭuring his first two years as president, Trump received $73 million from foreign operations, which in addition to his golf properties in Scotland and Ireland included $3 million from the Philippines, $2.3 million from India and $1 million from Turkey. In fact, the president has fielded court challenges against those seeking access to his returns, including the U.S. He also vowed that information about his taxes “will all be revealed,” but he offered no timeline for the disclosure and made similar promises during the 2016 campaign on which he never followed through. Speaking at a news conference Sunday at the White House, Trump dismissed the report as “fake news” and said he has paid taxes, though he gave no specifics. The disclosure, which the Times said comes from tax return data it obtained extending over two decades, comes at a pivotal moment ahead of the first presidential debate Tuesday and weeks before a divisive election against Democrat Joe Biden. The president’s financial disclosures indicated he earned at least $434.9 million in 2018, but the tax filings reported a $47.4 million loss. The details of the tax filings complicate Trump’s description of himself as a shrewd and patriotic businessman, revealing instead a series of financial losses and income from abroad that could come into conflict with his responsibilities as president. Trump, who has fiercely guarded his tax filings and is the only president in modern times not to make them public, paid no federal income taxes in 10 of the past 15 years. President Donald Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House, according to a report Sunday in The New York Times. ![]()
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