Donald Trump tears into the New York Times for ‘made-up, phony’ story that he paid no income tax for 11 years, just $750 in 2016 and 2017 and reported huge losses across his business empire

Donald Trump on Sunday labeled The New York Times report that he paid just $750 in federal income tax in 2016 and then again in 2017 as ‘phony and fake’. Documents show the president paid no income tax in 11 of the 18 years studied, according to a report by the paper. He was able to minimize his tax bill by reporting heavy losses across his business empire, including at his golf courses. That’s despite receiving $427.4 million through 2018 from his reality television program and other endorsement deals. The president could also face mounting financial pressure in the years ahead. The tax records show he’s carrying a total of $421 million in loans and debt that are primarily due within four years. Responding to the report Sunday evening Trump told reporters: ‘It’s totally fake news. Made up. Totally fake news.’ The president, who campaigned for office as a billionaire real estate mogul and successful businessman, said he has paid taxes, though he gave no specifics. The Times reported Trump claimed $47.4 million in losses in 2018, despite claiming income of at least $434.9 million in a financial disclosure that year. The Times emphasized the documents reveal only what Trump told the government about his… Read full this story

Donald Trump tears into the New York Times for 'made-up, phony' story that he paid no income tax for 11 years, just $750 in 2016 and 2017 and reported huge losses across his business empire have 308 words, post on www.dailymail.co.uk at September 27, 2020. This is cached page on Europe Breaking News. If you want remove this page, please contact us.