The President of the United States of America (USA) Donald Trump paid just $750 in federal income taxes in 2016 and 2017, revealed a report on Monday. The year he won the presidential election.
According to the report, the US President paid no income taxes at all in 10 of the previous 15 years.
The report contained information that Donald Trump disclosed to the US government’s Internal Revenue Service and were not findings of any independent inquiry.
The report tabulated the tax returns relating to President Trump and the companies owned by the Trump Organization going back to the 1990s, as well as his personal returns for 2016 and 2017.
The report revealed that Donald Trump paid no taxes mostly because he reported losing much more money than he made.
Decade-Long Audit Battle
According to the report, Donald Trump may also face a hit of more than $100 million if he lost a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. President Donald Trump, who claimed in public filings that he made at least $434.9m in 2018. However, the report, said that his tax returns show the president had instead gone into the red, with $47.4m in losses.
In addition to this, the report also claimed that Trump is personally responsible for more than $300m in loans, which will come due in the next four years.
Donald Trump, however, called the report as Fake and dismissed all claims. The report reveals chronic losses and years of tax avoidance.In his press briefing in Whitehouse, Donald Trump said “We went through the same stories, you could have asked me the same questions four years ago, I had to litigate this and talk about it,”Donald Trump added that “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 “First of all I paid a lot, and I paid a lot of state income taxes too.”