Trump VS Federal Income Taxes

A New York Times investigation published on Sunday shared that President Trump paid only $750 in federal income taxes in 2016 and 2017. Trump declined this statement with his most familiar rebuttal: “fake news.”

President Trump was accused of only paying $750 in federal income taxes for the years 2016 and 2017.

The New York Times further reported that Trump paid no income taxes in 10 of the previous 15 years as he reported massive losses to his business.

Here are other key findings from The New York Times:

  • Trump has hundreds of millions of dollars in loans that are set to come due within the next 4 years.
  • He’s currently battling the Internal Revenue Service over an almost $73 million tax refund he claimed a decade ago.
  • He used the 427.4 million dollars made from his TV show, “The Apprentice” mainly on building his golf courses and putting more money into his business ventures than he was making.

Trump’s response to the detailed claims over the years is “I pay a lot, and I pay a lot in state income taxes”. He shared that he will release his tax statements once he is no longer under audit of the IRS.

Nancy Pelosi, Speaker of the House of Representatives, shared “The fact that you could have a sitting president who owes hundreds of millions of dollars that he’s personally guaranteed to lenders, and we don’t know who these lenders are,” she said, and suggested that Mr Trump may be indebted to Russian President Vladimir Putin.

Left to right: President Donald Trump, VP Mike Pence, Democratic Nominee Joe Biden and VP Nominee Kamala Harris

The first of three Presidential debates between Democratic nominee, Joe Biden, and incumbent Donald Trump begins tonight at 9p.m. Eastern time.

For more on elections and government relations, visit CIMA Law Group.

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