The New York Times recently released a story on President Trump’s taxes with key information that could influence the coming election.
“The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due,” The Times reported in an article released during the afternoon of Sunday, Sept. 27.
For years, Trump’s opponents have attempted to obtain his tax information in an effort to prove to his supporters that Trump does not work for the American people. The article stated that Trump has only paid $750 in federal income taxes both in 2016 and 2017, and he has paid even less in the years leading up to his presidency.
“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 Times reported.
The article also stated that Trump has reported taking in millions of dollars a year to the International Revenue Service but still reported heavy losses which allowed him to avoid taxes.
“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,” The Times reported.
Alan Garten, a lawyer for the Trump organization, has denied the allegations. According to The Times, Garten stated, “Most, if not all, of the facts appear to be inaccurate.”
The Times has declined to provide the records in an effort to protect their sources.
“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 given to The Times.
In a press conference at the White House about an hour after the story was released, a reporter asked for Trump’s response to the Time’s article.
“It’s fake news, it’s totally fake news,” Trump said in response, completely denying the Times’ statements and instead claiming that the IRS treats him badly, like “they treated the Tea Party.”
Trump also responded to the article with a series of tweets on Monday morning.
“The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent,” Trump tweeted. “I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits. Also, if you look at the extraordinary assets owned by me, which the Fake News hasn’t, I am extremely under leveraged - I have very little debt compared to the value of assets. Much of this information is already on file, but I have long said that I may release. Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!”
After the release of the story, former Vice President Joe Biden’s campaign tweeted a video comparing Trump’s taxes to those paid by teachers, firefighters and nurses.
“Teachers paid $7,239, Firefighters paid $5,283, Nurses paid $10,216; Donald Trump paid $750” @TeamJoe tweeted on Sunday night. Biden also now has a website on his Instagram for Americans to calculate how much more than Trump they paid in taxes.
Ahead of the first presidential debate on Tuesday night, Biden released his own tax returns. According to the Wall Street Jorunal, Biden paid $300,000 in federal taxes in 2019, drastically different from Trump’s $750 in 2017.