According to a Sunday report from The New York Times, President Donald Trump paid only $750 in federal income taxes the year he won the White House. The next year the tax amount didn’t change, the report said, citing tax-return data.
Trump, worth an estimated $2.1 billion, also paid no federal income taxes at all in 10 of the last 15 years, The Times’ analysis of the records found, despite receiving $427.4 million through fiscal year (FY) 2018 from his reality TV program “The Apprentice,” and other endorsement and licensing deals.
The Times also said the U.S. President claimed $47.4 million in losses in FY 2018, despite claiming in his disclosure that he had made at least $434.9 million.
The tax returns, which it’s worth noting do not include personal returns for fiscal 2018 and 2019, allegedly also reveal that Trump is also facing a “decade-long audit battle” with the IRS over a $72.9 million tax refund, which he received after declaring huge losses.
An adverse audit ruling could cost him more than $100 million, as per the report.
The tax returns allegedly also reveal that the president has failed to pay back $287 million, far more money than previously known, since 2010 to his lenders.
The Times said its report is based on much sought-after tax-return data from over two decades, including detailed information from Trump’s first two years in the Oval Office.
At a White House briefing Sunday, Trump dismissed the report as “fake news,” telling reporters that he pays “a lot” in federal income taxes.
“I pay a lot, and I pay a lot in state income taxes,” he said. When asked how much he has paid in fed taxes, the President refused to answer.
Alan Garten, a lawyer for the Trump Organization, said in a statement that most of the Times report is based on facts that “appear to be inaccurate.”
“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.”