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President Trump paid just $750 in federal income taxes in 2016 and the same amount in 2017, and paid no taxes at all in several previous years, largely because his business empire has reported losing more money than it made, according to a new report in the New York Times. In a story posted Sunday afternoon, the Times said it had obtained tax-return data for Trump and his businesses covering much of the last two decades. Trump has refused to release his tax returns — making him the only president in recent history to do so — and he went to the Supreme Court earlier this year to stop Congress and the Manhattan District Attorney from accessing them.
The Times story shows what Trump would not: that the business empire he brags about has struggled, with keystone properties like the president’s Doral resort and his D.C. hotel steadily losing money. And that, in the next few years, Trump will be required to pay about $421 million in loans and other debts. The Times story said Trump is still fighting the IRS over a $72.9 million tax refund that he was granted in 2010. The IRS is trying to determine if that refund, granted after Trump claimed extensive business losses, was legitimate: If Trump loses that fight, the paper said, he could have to pay more than $100 million.
NeverthelessShePersisted
Article URL : https://www.washingtonpost.com/politics/trump-taxes/2020/09/27/8a58c618-010f-11eb-a2db-417cddf4816a_story.html