A New York Times exposé of the President’s tax returns revealed that President Donald Trump is a serial tax avoider. He has also been crushed by massive debts that could expose him to conflict of interest. The New York times said his position as President of the United States of America, USA. Trump has been accused by the report for avoiding taxes in 10 to 15 years, from 2000 by writin off his losses. Trump paid a paid a total of $750 in federal income taxes in 2016 and 2017 each which is by far minimal in
comparison to many Americans who are working hard in the midst of a deep recession to stay afloat.
‘Trump took huge deductions — including $70,000 to take care of his hair —
and also appeared to write off hundreds of thousands of dollars paying his daughter Ivanka as a consultant to the Trump Organization. The story also reveals the extent to which Trump’s status as President is being used to shore up his losing ventures — for example his hotel in Washington, DC, and his golf resorts’ the Times revealed.
The media revealed that Trump declined the statements made against him while refusing to disclose information concerning his tax returns. He went ahead to insult
Douglas Brinkley, a presidential historian told CNN Sunday, “This is a con man in the White House,”
referring to a President who shattered convention by refusing to release his tax records to the public while running for office.
The reporting of the thorough article, based on more than two decades of his tax information obtained
by The Times, comes just two days before the first presidential debate and 37 days before an election in
which he is trailing Democrat Joe Biden. This could pose a serious threat to President Trump this period
of presidency campaign as Trump may need to preserve his image to outrun creditors with hundreds of
millions of dollars in loans soon coming due.
The Times report, for instance, says that the President has been battling the Internal Revenue Service
for years over whether losses he claimed should have resulted in a staggering tax refund of $73 million.
Biden campaign communications director Kate Bedingfield told CNN on Sunday that the report clarified
the contrast between the President and the Democratic nominee: “You have in Donald Trump a
President who spends his time thinking about how he can work his way out of paying taxes of meeting
the obligation that every other working person in this country meets every year … with Joe Biden you
have somebody who has a completely different perspective on what it means to be a working family in
this country,” Bedingfield said.
Within hours of the report’s publication, the Biden campaign had already put vinyl stickers up for sale on
its website — reading, “I paid more income taxes than Donald Trump.”
The Times reports that within the next four years, more than $300 million in loans — for which Trump is
personally responsible — will come due. That opens the extraordinary possibility that the lenders could
be called upon to decide whether to foreclose on businesses owned by the US President while he is in
office if he is unable to pay the money back. Trump is therefore in danger of becoming deeply
compromised. And while he has paid little federal tax to the Treasury, the President or his companies
have paid more in taxes to foreign powers, including $145,400 to India and $156,824 to the Philippines
in 2017.
On Sunday, Trump passed off the claims made as being fake. “It’s fake news. It’s totally fake news.
Made-up, fake. We went through the same stories, you could’ve asked me the same questions four
years ago,” the President said, again decisively saying he couldn’t release his tax returns because he was
under audit.
“I mean the stories that I read are so fake. They’re so phony,” he said, insisting that he paid a lot in
taxes.
The Trump Organization’s lawyer, Alan Garten, told the Times that “most, if not all, of the facts appear
to be inaccurate” and requested the documents.