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The New York Times published a report on Sunday regarding President Donald Trump’s business losses. The said report revealed that millions of dollars were lost in more than two decades. It has allowed Trump to reduce his tax bills to nearly $0.
The NYT report said that in 2016, Trump only paid $750 in income taxes, and in 2017, he also paid the same amount. There was no record of payments in the ten previous years.
These losses also affected Trump’s assets. The paper said that he had incurred over $420 million in liabilities. Trump’s debt came within the succeeding years.
This NYT report was published just days before the much-awaited debate of the President and Democratic candidate Joe Biden. This report is said to be the most comprehensive tax returns collection of President Trump.
The Times said that the report was obtained from information that Trump has divulged to the IRS. The report also shows that the President owns millions in assets but does not provide real wealth. The NYT also said that it would not produce the documents to protect the source.
Meanwhile, President Trump has dismissed the New York Times report saying that it’s all fake. He also claimed that these are all part of plans against him as the showdown between him and Biden nears.
Trump said that these allegations should have been asked four years ago. He also said that they paid taxes and vowed to show this to the public as soon as these are available. He said that the reports are still being audited.
Trump blamed the IRS, saying that the agency mistreats him. He claimed that the NYT’s report is only a story and that the publication is doing all the ways to tarnish his reputation.
Finally, the NYT also mentioned that Trump utilized dubious measures to shrink his tax payments. He may be slapped with higher than $100 million if he loses the audit by the IRS over his $72.9 million tax refund Trump claimed he received after the declaration of his financial losses.
NYT said that it would release more reports in the next few weeks. Trump is the only President from the 1970s who kept his tax returns from the public. Trump’s lawyer Alan Garten said that the Time’s report is mostly if not wholly inaccurate. Garten said that the President had paid millions in personal taxes for the past decade.