The newspaper wrote on Sunday, among other things, that the US president only paid $ 750 federal income tax in 2016 and 2017. Trump called the report “totally fake news”. He will publish his tax returns when the IRS audit, which has been ongoing for years, has been completed. “The IRS doesn’t treat me well. They treat me very badly,” said the US president.
According to its own statements, the “New York Times” got access to tax documents from Trump and hundreds of companies in his group of companies from more than two decades. This shows, among other things, that Trump had not paid any income taxes in 10 out of 15 years before 2016, given the high reported losses, the newspaper wrote. Trump said, “I’ve paid a lot, I’ve also paid a lot of taxes to the state, New York state charges a lot.”
Trump is said to be personally liable for debts of $ 421 million
Trump had not published his tax return in the 2016 presidential election campaign, including with reference to the ongoing IRS auditing. “It will all be published, it will all come out, but after the exam.” Negotiations have been going on for a long time and things are cleared up. The IRS itself emphasizes that ongoing auditing does not stand in the way of publications.
The president is currently defending himself in a court in New York against an attempt by prosecutors from Manhattan to gain access to his private financial records. According to the New York Times, an IRS investigation reveals a tax credit of $ 72.9 million, which he received after claiming high losses.
The detailed report of the “New York Times” with many precise figures could also increase the political pressure on Trump to provide the public with information about his finances. The documents show, among other things, that he is personally liable for debts of $ 421 million, of which more than $ 300 million would be due in the next four years, the newspaper wrote.
US President is said to have tax deducted more than $ 70,000 in hairdressing expenses
For Trump, the publication also poses an image problem. For years he has presented himself as a successful and skilled businessman. General accusations that he pays too little taxes have not harmed him so far. When the then opposing candidate Hillary Clinton pointed out his low tax payments in the 2016 election campaign, he interjected that it showed that he was “smart”. The figures published by the “New York Times” list losses that could not only be explained with tax minimization, but also with poor economic activity.
According to the report, a hugely successful Trump venture was the TV show “The Apprentice”, which has brought him a total of $ 427.4 million over the years. Numerous hotels and golf resorts in Trump, however, would have posted high losses.
The detail from the report that Trump had more than $ 70,000 in hairdressing expenses tax deducted during the time of “The Apprentice” caused ridicule on the Internet. For his daughter Ivanka, nine Trump companies had deducted costs of $ 95,464 for hairstyles and make-up.
“I paid more income taxes than Donald Trump”
The Democrats quickly picked up the report in the election campaign. The Democratic leader of the House of Representatives, Nancy Pelosi, called for clarity on Trump’s tax payments. Kate Bedingfield, a campaign manager for Democratic presidential candidate Joe Biden, told CNN that the report reinforced the impression that Trump is looking down on working people. Biden’s campaign team promptly started selling stickers on his side that read: “I paid more income taxes than Donald Trump.” The report also opens up a new target for Biden in the first presidential debate on Wednesday night.
The New York Times did not publish any original documents, explaining that it wanted to protect its sources. That would be a justified precaution: for example, printed documents can contain digital watermarks that are invisible to the human eye and that are assigned to a specific printer.