Amidst the US presidential election campaign, the income tax paid by Republican candidate and incumbent President Donald Trump has been revealed. This revelation has sparked a new controversy regarding Donald Trump.
As per reports, Trump has not paid any income tax for the last ten years. He paid a mere $750 as federal income tax in the year he joined the presidential race. In the year 2016-17, Trump’s income tax was only $750. The New York Times published this information on Sunday.
The total assets of the current US President are around USD$2.1 billion. His wealth decreased by $1 billion during the coronavirus pandemic. Trump is the only President in modern times who does not make his income tax payments public. He said that his income tax audit is currently going on, and it will be revealed.
However, the newspaper reports out of the last 15 years, Trump did not pay any federal tax for the ten years. This was when he projected himself as a billionaire real estate business during his presidential campaign.
Donald Trump claimed that he incurred a loss of $4.74 million in 2018. He also made a profit of $43.49 million in the same financial year, he also showed considerable losses in business and received an income tax refund of $7.29 million. Trump has been fighting a legal battle for this for the last decade. If he loses the case, he will have to pay $100 Million.
Meanwhile, in a press conference at the White House, Trump dismissed the article as fake news. He said he has paid taxes. However, Trump did not give any details. He said, “I have actually paid income tax, and you will see it in my income tax return soon. It is currently under audit and has been in audit for a long time.”
Alan Garten, lawyer and official spokesperson of the Trump organisation, has claimed that most of the facts in the report are not right. Garten told the times that the President paid “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.”
The New York Times says that they have extracted the information after acquiring income tax return figures of more than two decades. This revelation comes just before the presidential debate between the candidates on Tuesday. It will be a tough contest for Trump against democratic candidate Joe Biden.