Trump Paid No Federal Taxes In 10 Of The Last 15 Years, Just $750 in 2016 & 2017
The New York Times recently received a copy of President Donald Trump‘s tax information from the past two decades. The records reflect struggling properties, audit issues and massive losses that the Trump empire suffered over the years.
Because the president lost more money than he made as reflected in his tax records, he only paid $750 in federal income taxes annually during his last presidential campaign and his first year at the White House. Trump has not paid any income tax in ten out of the 15 years reviewed.
President Trump paid $750 in federal income taxes in 2016, and nothing in 10 of the prior 15 years — largely because he reported losing much more money than he made.
Read the takeaways from our exclusive look at decades of Trump’s tax records. https://t.co/XpNCUbPfDn
— The New York Times (@nytimes) September 27, 2020
Trump has refused to release his tax returns, but the leaked tax information provided a different perspective from the persona Trump tried to present of a successful businessman when facing the American public. The tax returns portrayed a businessman struggling with major losses and his attempt to use the losses to avoid paying taxes. With stressed financials, Trump seemingly prioritized making money from his businesses with foreign investors, a conflict of interest with his role serving as the U.S. president.
In addition to his stressed financial situation with millions of dollars of debt, Trump remains in an audit battle with the Internal Revenue Service over a $72.5 million tax refund. He would have to pay over $100 million if the ruling does not come out in his favor.
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