US President Donald Trump paid no federal income taxes in 10 out of 15 years beginning in 2000 and paid just $750 as income tax in 2016 according to an explosive report released Sunday by the New York Times.
According to the report, in both the year he won the presidency and his first year in the White House, Trump paid just $750 in federal income taxes because he reported losing significantly more than he made.
The report is a blow to Trump’s business tycoon image he has built his political career on.
The Times report in outlining extensive financial losses and years of alleged tax avoidance by Trump also alleged the $427.4 million Trump was paid for “The Apprentice” to fund his other businesses, mostly his golf courses, and was putting more cash into his businesses than he was taking out.
The tax information obtained by the New York Times also reveals Trump has been fighting the IRS claiming losses he accrued should have resulted in a $73 million refund.
Trump has denied the report while Trump Organization lawyer Alan Garten told the Times that “most, if not all, of the facts, appears to be inaccurate” and requested the documents.
