Tom Brenner | Reuters
Trump paid simply $750 in federal income taxes in 2016 and one other $750 the next yr, the newspaper reported, and none in any respect in 10 of the earlier 15 years.
The losses additionally strained Trump’s funds, in accordance to the paper. He is personally answerable for greater than $420 million in debt, most of which is coming due inside the subsequent 4 years, in accordance to the Times.
The report, which comes simply two days earlier than Trump and former Vice President Joe Biden meet for the primary basic election debate of the 2020 contest, seems to be based mostly on essentially the most full assortment of the president’s latest tax returns assembled to date.
The Times mentioned that the story is the primary of several, with extra to be printed within the coming weeks. Two of the reporters who authored the story gained the 2019 Pulitzer Prize for an investigation of the president’s funds that yr based mostly on earlier tax information.
CNBC has not seen the paperwork reviewed by the Times.
Trump referred to as the story “fake news” at a White House information convention that happened shortly after the story was printed.
The Trump marketing campaign didn’t present a remark. The White House referred CNBC to Trump’s personal attorneys. An lawyer who has represented the president didn’t instantly reply to a request for remark.
An lawyer for the Trump Organization, Alan Garten, mentioned in a press release to the Times that “most, if not all, of the facts” the newspaper reported appeared to be inaccurate.
“Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015,” Garten mentioned.
Trump has bucked the precedent adopted by each main presidential contender for the reason that 1970s by refusing to launch his tax returns. He has offered shifting explanations for his refusal to accomplish that.
According to the Times, the tax information don’t reveal any beforehand unknown ties to Russia, which have been the topic of a lot hypothesis. The information do element questionable practices, nevertheless, together with a a $72.9 million tax refund below audit by the Internal Revenue Service.
During his first two years in workplace, Trump took in $73 million from international sources, in accordance to the Times.
The newspaper reported that the majority of that cash got here from his golf properties in Scotland and Ireland, although he additionally obtained $three million from the Philippines, $2.three million from India and $1 million from Turkey, in accordance to the paper.