The New York Times in a bombshell investigation report revealed the chronic losses of Republican President Donald Trump and the awfully low amount of taxes he paid in the year of his presidential journey, which is opposite of his claims.
President Trump, who took the office in 2016 paid only $750 in federal tax, and following one year of his term in the White House, he paid another $750, the report reveled which probed in Trump’s tax-return reports.
Trump is one of the only Presidents in US history to completely conceal his tax returns from the public and the tax records offer the first direct glimpse into the President’s business empire.
“They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on “The Apprentice” — that helped propel him to the White House and that still undergirds the loyalty of many in his base,” The newspaper writes in a scathing narrative.
“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,” it said.
The Guardian noted, Trump’s tax returns have been a ‘holy grail’ of the American political reporting and the bombshell investigation could shake up the upcoming presidential elections in November.
The revealings are remarkable because it threatens to shatter Trump’s carefully painted and publicized image of a successful businessman who is every bit fit capable to lead the world’s greatest economy ever.
The newspaper on its website story noted, how Trump’s concealed tax returns fundamentally told a different story than what he sold to the American people.
Trump has been entwined with an audit battle with the Internal Revenue Service (IRS) – the federal revenue service – for decades.
The NY Times report noted, Trump’s interaction with the IRS portrayed him as a businessman who cashes in hundreds of millions of dollars, yet rakes up chronic losses to avoid paying taxes.
If found guilty, Trump faces a possible debt of ‘more than $100 million’ from the IRS.
“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 New York Times will not publish Trump’s tax returns data for more than two decades to maintain the anonymity of the source, but more articles will be coming in the next weeks.
“Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television,” the newspaper noted.
Trump, in a White House press briefing on Sunday, refuted the report as ‘totally fake news’ and said he actually paid tax and slammed the New York Times story as ‘fake’ and ‘phony.’
“Totally fake news, no. Actually, I paid tax. And you’ll see that as soon as my tax returns – it’s under audit, they’ve been under audit for a long time. The [Internal Revenue Service] does not treat me well … they treat me very badly. You have people in the IRS – they treat me very badly,” Trump said.
When asked why a billionaire paid only a few hundred dollars of tax returns, he said: “First of all I paid a lot, and I paid a lot of state income taxes too,” he said, adding once the audit is out, it (the truth) is going to come out.
Trump’s lawyer Alan Garten said the Time’s report is “most, if not all, of the facts, appear to be inaccurate,” and that his boss did pay “tens of millions of dollars in personal taxes to the federal government.”
The Times pointed out, by using the term ‘personal taxes’ Mr. Garten was merging income taxes with other federal taxes Trump has paid which includes the tax for household employees, Medicare, and Social Security among others.
Trump faces Joe Biden on November 3 in perhaps one of the most anticipated and closely followed presidential elections of recent times.