According to the NYT, Trump “paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.”
“He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made,” the report stated. Trump took huge deductions, which included $70,000 on styling his hair during The Apprentice, and also “nine Trump entities have written off at least $95,464 paid to a favorite hair and makeup artist of Ivanka Trump,” the report stated.
Trump — who has been adamant that he can’t release his taxes because he’s under audit by the IRS — insisted that everyone will see his tax returns one day. “It’s under order, they are under order for a long time. They are doing their assessment,” he claimed. “We’ve been negotiating for a long time. Things get settled like in the IRS but right now, when you’re under audit, you don’t do that, so we’re under audit, but I will tell you that I look forward to releasing that, I look forward to releasing many things.
“I am going to release many things, and people will be really shocked,” he added. “But The New York Times has been doing fake story after fake story. I have never seen anything like it.”
However, former IRS officials have said that if a president wanted to release his taxes during an audit, it’s possible.
“From our standpoint, if you’re being audited, and you want to do something else, share that information with your returns, you can do that,” John Koskinen, a former IRS Commissioner, said in 2016.
Alan Garten, a lawyer for the Trump Organization, denied the claims about Trump. “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,” he said in a statement.
For years, Trump has skirted around the subject of his taxes. In fact, in 2016 he told The Associated Press that “there’s nothing to learn from [his taxes].”
Prior to that, Trump bragged about his tax returns, saying they were “very big and beautiful” but refused to release them. “It’s very complicated,” he stated.
After this new report was released, it revealed that Trump — who rose to fame as a businessman in New York — “takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid taxes,” the NYT reported. “Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.”
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