President Donald Trump has been dogged by claims of avoiding paying income taxes since entering the White House in 2017 and has repeatedly dodged further inquiry by the threads of his combover. However, a new report from the New York Times reveals that the former business mogul paid just $750 in taxes during the year he won the presidential election, and only paid taxes five times between 2000 and 2016.
The Times obtained tax return information from Trump dating back to 15 years prior to 2016 and combed through the information as the publication is known to do for investigative pieces. What was unveiled is that Trump has not only paid taxes on his earnings, he’s also under audit for receiving a hefty tax refund that has him under an IRS audit that has been raging for the past decade.
From the Times:
Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.
He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.
Reaction to the news on Twitter has both sides taking digs, with the president and his supporters decrying the report as fake news while the other side has skillfully blasted the hypocrisy of the matter. Further, given that the presidential election is nearly upon voters, the timing of this story could have an impact on Trump’s reelection efforts.
Check out the Twitter reactions to President Donald Trump’s tax returns below.
Today would be a great day to indict Trump for tax fraud.— Scott Dworkin (@funder) September 28, 2020
Never Trumpers are very upset that Trump took advantage of the tax code they wrote— Saagar Enjeti (@esaagar) September 28, 2020
Only a dishonest media would care more about Trump allegedly paying $750 in taxes than Hunter Biden taking in $350 Million from the Russians.— Charlie Kirk (@charliekirk11) September 28, 2020
The New York Times game of "gotcha" with the president makes them look petty and small.
We’re sharing this to be fair and show all sides.
He’s being deliberately misleading here. Financial statements aren’t tax returns.— Angry Staffer (@Angry_Staffer) September 28, 2020
He’s not under-leveraged at all — he’s drowning in debt.
He gave up his $400,000 salary, the Secret Service has spent close to a million dollars on golf carts at Trump properties. pic.twitter.com/c6EX7iGWta
Sorry if this point is a little obvious, but it's pretty hard for Trump to sustain an argument that the NYT taxes story is "fake news" when he won't release his taxes himself. Obviously the base will buy it but I'm not sure that anybody else does.— Nate Silver (@NateSilver538) September 28, 2020
Incredible! Thanks to Donald Trump's Tax Payments The Federal Government Was Able to Buy This Refurbished Dell Laptop pic.twitter.com/qrTWtFoPVq— The Daily Show (@TheDailyShow) September 28, 2020
If President Trump had a dollar for every conflict of interest he has racked up during his presidency, he would have $3,400.— Citizens for Ethics (@CREWcrew) September 28, 2020
That's 4.5x as much as he paid in federal taxes in 2016.https://t.co/mEgjk5ahMM
Imagine how owned the libs would be if Trump finally released his tax returns and discredited the NYT once and for all! But he won’t do that because their reporting is accurate https://t.co/j9bJvHsd9D— Aaron Rupar (@atrupar) September 28, 2020
If the New York Times is lying, why won’t Trump show his taxes to prove it? 🤔— Chip Franklin InsideTheBeltway.com (@chipfranklin) September 28, 2020
Eric Trump stole 2,666 times more money from kids with cancer than Donald Trump paid in taxes.— Tony Posnanski (@tonyposnanski) September 28, 2020
He's a billionaire but hides his taxes— Alicia Smith 💙🌊🌊 (@AliciaSmith987) September 28, 2020
a genius but hides his grades
a businessman but bankrupted a casino
a Christian but doesn't go to church
a Patriot but dodged the draft
& innocent man but refuses to testify#TrumpMeltdown #TrumpTaxReturns #TrumpIsBroke #LockHimUp pic.twitter.com/PmAmlfxVwh
Trump’s entire life has been one big Ponzi scheme - and a really, shitty one. Shame on the fools who fell for it. #TrumpTaxReturns— Amy Siskind 🏳️🌈 (@Amy_Siskind) September 28, 2020