Donald Trump did not pay income taxes for 10 of the 15 years before he was won the presidential election in 2016, with his income tax payments the year he was elected president and the following year amounting to just $750. This shred of information has been revealed by The New York Times, which acquired his tax information for the last 20 years.
The aforesaid report suggests that Trump faces millions of dollars in debt, and Trump Organization properties aren't reaping profits either. Aside from that, it shows he has used several write-offs to avoid paying taxes.
Trump Organization lawyer Alan Garten released a statement to the Times, claiming "most, if not all, of the facts, appears to be inaccurate" and even disagreed with the amount of taxes the Times claim that Trump has paid. Garten told the Times that Trump has paid tens of millions of dollars in personal taxes to the federal government, which comprises paying millions in personal taxes since he announced his candidacy in 2015.
Trump also denied the Times's reporting in a press conference over the weekend, describing the story as "totally fake news." Alluding to the claims from GOP figures that the IRS targeted GOP-leaning groups when Barack Obama was in office, Trump accused the IRS of not treating him well, claiming they treat him like the Tea Party.
The Times report suggests Trump faces payments on over $300 million in loans that are slated to become due in the next few years, adding that income from his time hosting "The Apprentice" on NBC has nearly faded away, with him selling a large portion of his stock portfolio. Trump reportedly made millions of dollars from his work and related licensing on The Apprentice, which he invested back into Trump Organization businesses.
The Times, however, analyzed Trump’s finances and found those businesses have been losing millions regularly, and as a result, Trump avoids payments on income taxes while earning million from The Apprentice because his other businesses continue losing millions. The Times reports that Trump's tax records reveal $47.4 million in losses two years ago when Trump announced in a financial disclosure that he made about $434.9 million.
The Times also revealed that the Miss Universe pageant garnered the highest profits under Trump, generating $2.3 million for him as a co-owner of the annual international beauty pageant, The Hill reported. Trump Organization tax records show that between 2010 and 2018, it canceled nearly $26 million in unexplained “consulting fees.”