Trump’s Tax Records Show Hundreds of Millions of Dollars in Debt, New York Times Reports
The New York Times has obtained Donald Trump’s tax information covering the past two decades and found that the president has paid a total of $1,500 in federal taxes since taking office and paid no income tax at all 10 of the previous 15 years because he reported losing money each year.
President Trump has avoided releasing his tax records since before he secured the Republican nomination, but the New York Times reported Sunday that his tax information reveals his finances have been in trouble for 20-plus years.
Among the issues, the Times says Trump is “beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed” and an audit disagreement with the IRS over the legitimacy of a $72.9 million tax refund that he received after claiming a loss.
The tax return data the NY Times obtained cover the hundreds of companies that fall under his business organization’s umbrella and does not include his personal returns from 2018 or 2019.
If the IRS rules against him, it could cost Trump more than $100 million, the NY Times reports.
The filings, the NY Times says, will leave many questions unanswered, as it reveals “that Mr. Trump has disclosed to the I.R.S., not the findings of an independent financial examination. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. Nor do they reveal any previously unreported connections to Russia.”
“Most, if not all, of the facts appear to be inaccurate,” Alan Garten, a lawyer for the Trump Organization, told The Times in a letter summarizing its findings, and requested a copy of the documents on which their report is based. Wanting to protect their source, the outlet declined the request.
“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,” Garten said in a statement.
More to come…
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