Posted on 09/28/2020 11:14:34 AM PDT by USA Conservative
President Trump lambasted a New York Times report that said he paid no federal income taxes for 10 of the past 15 years, calling the story “fake news” and arguing that he paid large amounts of federal and state taxes.
“It's fake news, it’s totally made up,” Trump said Sunday during a press briefing less than an hour after the story broke in the newspaper. “Everything was wrong, they are so bad.”
According to the New York Times report, Trump, who has fiercely guarded his tax filings and is the only president in modern times not to make them public, paid $750 in taxes to the federal government the year he was elected and $750 again his first year in office.
The disclosure, which the Times said comes from tax return data extending over two decades, comes at a pivotal moment ahead of the first presidential debate Tuesday and a divisive election.
Trump, whose net worth is claimed to be in the billions, denied that he paid such a small amount in taxes.
“I’ve paid a lot and I’ve paid a lot of state income taxes too,” he said.
Even before being elected to the White House in 2016, Trump was heavily criticized for not releasing his taxes. He has claimed multiple times that he is under a routine audit by the IRS and will release his filings once the audit is over.
“I’m under audit,” Trump said Sunday. “They’re doing an assessment.”
A lawyer for the Trump Organization, Alan Garten, also denied to the New York Times that the president paid such a small amount of taxes – saying in a statement obtained by Fox News that Trump "has paid tens of millions of dollars in personal taxes to the federal government,
(Excerpt) Read more at foxnews.com ...
Saying how much he paid in taxes is meaningless. You need to know the amount of income, broken down by the different ways the IRS taxes things, cap gains, ordinary income, etc. Then the deductions. Then medical, etc.
Obviously too much to fit in a headline, but saying he paid $750 in taxes is essentially a lie, without the other information. They want the public to think he made millions and paid very little in taxes.
The write offs are the same for Pete the Plumber if he owns his own commercial building.
IF all you are filing is a 1040 EZ, you are totally ignorant about depreciation, etc.
True, but he has other ways of taking money out of Berkshire. They don't pay dividends but he can clearly sell his stock which results in capital gains (and private jets).
Agreed. In 40 years of paying taxes my tax bill was never the same. $750 in two consecutive years is definitely the obvious clue. Fake News
I think the issue involves Trump’s personal income tax, not the taxes relative to the Trump Group Corp.
Two, very different, tax returns. Trump hasn’t been involved in the Corp. since ‘16.
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