Trump paid just $750 in federal income tax in 2016

Nellie Chapman
September 28, 2020

The bombshell investigation comes less than six weeks away from the 2020 election, and just two days before Trump and former Vice President Joe Biden are set to debate for the first time.

Trump's political opponents for years have sought his personal financial records, after he broke decades of presidential precedent by not voluntarily releasing his tax returns during the 2016 campaign or since.

"I've paid a lot and I've paid a lot state income taxes too", he said.

"The Apprentice" has brought Trump a total of $427.4 million through endorsements and licensing deals, according to the investigation.

Alan Garten, a lawyer for the Trump Organization, said in a statement that "The New York Times' story is riddled with gross inaccuracies", but he named only one specific issue: the amount of taxes Trump has paid to the federal government.

After taking five questions that were unrelated to the Times' report, Trump was finally pressed on it, which he insisted was "fake news".

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The Times also reports that the returns do not show anything not previously known about Trump and Russian Federation as far as business dealings are concerned. It did not have information about his personal returns from 2018 or 2019.

"Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015".

The Times said it had obtained tax-return data covering over two decades for Trump and companies within his business organisation.

The revelations come less than six weeks before the November 3 election and two days before Trump's first scheduled debate against Democratic nominee Joe Biden, with the Times indicating it planned to publish more stories based on the documents it obtained.

It says that Mr Trump's finances are in trouble, with his businesses losing millions of dollars.

He is the only modern president to refuse to release his tax returns, describing attempts to force him to open them up to public scrutiny as a "witch hunt". If the IRS rules against him in that audit, he could have to pay over $100 million, according to the newspaper.

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