The New York Times released a report on Sunday detailing two decades of US President Donald Trump’s tax returns. The report revealed that Trump paid little in taxes, owes massive debts and profited extensively from foreign countries during his presidency.
In 1973 Richard Nixon’s tax returns were leaked, and they revealed that Nixon avoided paying a large sum of taxes by writing off a donation of his president papers. Since then, candidates releasing tax returns has become something of a tradition in American presidential elections. However, in 2016, then-candidate Trump broke a 40-year precedent when he refused to release his tax returns. He insisted he was under audit and promised he wouldd release them eventually, but those promises never materialized.
Trump’s tax returns have long been the subject of widespread speculation, especially after he refused to release them after he was elected president. Efforts to obtain his tax returns resulted in dramatic legal battles that came before the Supreme Court. In a 7-2 decision, the Supreme Court rejected Trump’s efforts to block the Manhattan District Attorney from obtaining his tax returns.
Despite the Supreme Court ruling, there was little expectation Trump’s tax returns would be public before the election. The New York Times is currently protecting the identity of the person who leaked the tax returns.
According to the New York Times report, in 2016 and 2017 Trump only paid $750 in federal income tax. Additionally, Trump claimed a $72.9 million tax refund in 2010 after writing off after declaring huge losses. The tax refund is the subject of a current IRS audit. Trump’s tax returns also reveal he is responsible for over $400 million in loans, and the repayment is due in four years.
Additionally, and alarming to some conservatives, is the revelation that Trump has generated $73 million of revenue from abroad. This includes “$3 million from the Philippines, $2.3 million from India and $1 million from Turkey.”
Trump responded to the New York Times story Monday morning on Twitter:
The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits. Also, if you look at the extraordinary assets owned by me, which the Fake News hasn’t, I am extremely under leveraged – I have very little debt compared to the value of assets. Much of this information is already on file, but I have long said that I may release. Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!
It is unclear at this time whether the tax returns reveal if Trump broke any laws.
