Report: Trump Only Paid $750 In Taxes For 2016 And 2017
Nicholas Reimann
Forbes Staff
Business
I'm a news reporter for Forbes, primarily covering the U.S. South.
Updated Sep 27, 2020, 05:59pm EDT
TOPLINE President Donald Trump paid only $750 in federal income taxes for the years 2016 and 2017, as he successfully ran his 2016 campaign for president and began his first term as president of the United States, according to tax records obtained by The New York Times, revealed Sunday in a report that claims Trump spent years avoiding paying any federal income taxes because he lost more money than he made.
President Trump Departs The White House En Route To North Carolina
U.S. President Donald Trump speaks to members of[+]
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KEY FACTS
Before 2016, Trump did not pay any income taxes at all in 10 of the previous 15 years, according to The New York Times.
The New York Times claims it has obtained tax data dating back almost two decades and covering hundreds of companies that make up the president’s business empire.
According to The New York Times, most of Trump’s “core enterprises,” like his golf courses, report losing millions and sometimes tens of millions of dollars a year.
Alan Garten, an attorney for the Trump Organization, counteracted The New York Times’ claims, saying in a statement that “most, if not all, of the facts appear to be inaccurate,” claiming the Trump has paid millions to the federal government in “personal taxes,” which may refer to taxes like Social Security and Medicare taxes—not income tax.
The collection of records do not show any unreported financial ties to Russia or its president, Vladimir Putin, nor does it reveal any more information about a $130,000 non-disclosure agreement payment to pornographic actress Stormy Daniels, with whom Trump allegedly had an affair, with the payment being the focus of the Manhattan district attorney’s probe into Trump’s tax history.
This is a developing story. Check back for updates.
