Current News

/

ArcaMax

President Trump paid $750 in income taxes in 2016 and 2017, NYT says

By Laura Davison, Bloomberg News on

Published in News & Features

WASHINGTON - President Donald Trump paid just $750 in income taxes in both 2016 and 2017, reported losing millions of dollars from his golf courses and has hundreds of millions in debt that will come due in the next few years, according to a report in The New York Times.

Trump paid no income taxes in 10 of the 15 years before he was elected, because he generated large losses that offset any money that he made, according to the Times analysis of at least two decades worth of Trump's personal and business tax returns.

The documents show that many of Trump's businesses are struggling, with him putting more money into the companies than he is taking out, the report said. It also said he has earned $73 million abroad, despite a pledge that he would pursue no new foreign deals while president.

Trump said at a news conference Sunday that the report is "totally fake news."

 

Trump has bucked tradition in refusing to release his personal tax records, which had become standard among candidates for office in recent decades. House Democrats have issued subpoenas for the documents, which have been mired in legal battles for more than a year. The Supreme Court in July said lower courts need to do more to scrutinize the tax return requests.

The Times didn't disclose how it got the documents.

Visit Bloomberg News at www.bloomberg.com

(c)2020 Bloomberg News, Distributed by Tribune Content Agency, LLC.