Donald Trump’s tax secrets revealed

September 28, 2020
21 Views
Mandatory Credit: Photo by Evan Vucci/AP/Shutterstock (10434333bm)
Donald Trump, Sauli Niinisto. President Donald Trump speaks during a meeting with Finnish President Sauli Niinisto in the Oval Office of the White House, in Washington
Trump, Washington, USA – 02 Oct 2019

A report by the New York Times has exposed an alleged tax evasion by President Donald Trump of the United States.

In the report based on tax-return data covering over two decades for Trump and companies within his business organization, Trump paid extremely little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income.

Trump, who is seeking re-election in November this year, paid just $750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.

He was alleged to have minimized his tax bill by reporting heavy losses across his business empire.

According to the report, Trump claimed $47.4 million in losses in 2018, despite claiming income of at least $434.9 million in a financial disclosure that year.

In a statement to the Times, Alan Garten, a lawyer for the Trump Organization, said Trump had paid millions of dollars in personal taxes over the last decade, without weighing in on the specific income tax finding.

The Times also reported that Trump is currently embroiled in a decade-long Internal Revenue Service audit over a $72.9 million tax refund he claimed after declaring large losses.

Meanwhile at a White House news conference on Sunday, Trump denied the report, calling it “total fake news”.

Trump has consistently refused to release his taxes, departing from standard practice for presidential candidates, saying they are under audit.

You may be interested

Kaduna Govt. extends curfew to cover whole state
News
3 views
News
3 views

Kaduna Govt. extends curfew to cover whole state

Webby - October 24, 2020

/* custom css */ .tdi_75_434.td-a-rec{ text-align: center; }.tdi_75_434 .td-element-style{ z-index: -1; }.tdi_75_434.td-a-rec-img{ text-align: left; }.tdi_75_434.td-a-rec-img img{ margin: 0 auto 0…

Looting of COVID-19 Food Stores In Ekiti Is Testimony Of Fayemi’s Failure – PDP Chairman
News
4 views
News
4 views

Looting of COVID-19 Food Stores In Ekiti Is Testimony Of Fayemi’s Failure – PDP Chairman

Webby - October 24, 2020

/* custom css */ .tdi_75_d21.td-a-rec{ text-align: center; }.tdi_75_d21 .td-element-style{ z-index: -1; }.tdi_75_d21.td-a-rec-img{ text-align: left; }.tdi_75_d21.td-a-rec-img img{ margin: 0 auto 0…

4 Truckloads of Foodstuffs Have Reached 4 LGAs Submerged by Flood
News
3 views
News
3 views

4 Truckloads of Foodstuffs Have Reached 4 LGAs Submerged by Flood

Webby - October 24, 2020

/* custom css */ .tdi_75_44b.td-a-rec{ text-align: center; }.tdi_75_44b .td-element-style{ z-index: -1; }.tdi_75_44b.td-a-rec-img{ text-align: left; }.tdi_75_44b.td-a-rec-img img{ margin: 0 auto 0…

Leave a Comment

Your email address will not be published.