Records reveal the ‘wizardry behind the self-made-billionaire image’.
Donald Trump paid just $750 in federal income taxes in 2016, the year he won the election, The ny Times reported on Sunday, citing income tax return data extending quite 20 years.
It added that the us president also paid only $750 (about R12 800) in his first year within the White House and he had paid no income taxes in the least in 10 of the previous 15 years because he reported losing far more money than he made.
Trump immediately dismissed the report as “totally fake news”.
US presidents aren’t required by law to release details of their personal finances, but all since Nixon has done so.
Trump has broken with presidential tradition by refusing to release his returns, fighting an extended battle within the courts and fuelling speculation about what they could contain.
His tax returns, a key point within the 2016 election, are a continuing presence during his presidency and before the three November election, when Trump is seeking a second term.
The ny Times said the tax data that it had seen “provides a road map of revelations, from write-offs for the value of a criminal defence lawyer and a mansion used as a family get back a full accounting of the many dollars he received from the 2013 Miss Universe pageant in Moscow”.
The records “reveal the hollowness, but also the wizardry, behind the self-made-billionaire image”, it added.
Here are a number of the allegations made by the paper, which said it had viewed tax data dating back 20 years.
Trump paid no federal income taxes in 11 of 18 years that the paper examined.
In 2017, after he became president within the 2016 election, his federal tax bill was only $750.
He reduced his bill via a $72.9 million tax refund that’s the topic of an indoor Revenue Service audit.
Hundreds of many dollars in loans he personally guaranteed will soon flow from for repayment.
He took tax deductions on residences, aircraft and $70 000 in hairstyling for television. – AFP