Great Britain

Trump paid just $750 in federal taxes in 2016 and 2017 after reporting millions in losses, report claims

Donald Trump paid $750 in federal income taxes the year he was elected president and another $750 the following year, 2017, his first in office.

Mr Trump for years has been saddled with debt and incurred losses in ways that have allowed him to avoid paying taxes at the rates one might expect for a self-proclaimed billionaire, the New York Times has reported after sifting through years of his long-elusive tax returns.

The president has fiercely protected those filings from entering the public sphere, including challenging a subpoena from Democrats on the House Ways and Means Committee in litigation that has persisted for well over a year.

During his successful 2016 presidential campaign, Mr Trump pitched himself as a business genius with superior organisational management skills.

His tax filings tell a much different story, according to the Times.

“Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year,” the president’s hometown paper reported.

On top of that, he is on the books for hundreds of millions of dollars in unpaid loans — more than $300m over the next four years alone, bills he is personally liable for, the Times story states.

Mr Trump is also under audit by the Internal Revenue Service (IRS) for a $72.9m tax refund he applied for and secured years ago after he reported millions of dollars in losses. He could be liable to pay back more than $100m depending on the outcome of that audit, the Times has reported.

Congressman Bill Pascrell, a New Jersey Democrat on the House panel that has been pursuing Mr Trump’s taxes, called the Times report a “blockbuster” and panned it as “disgusting” that Mr Trump did not pay any federal taxes for 10 of the last 15 years.

“I have been leading Congress's fight to get the trump tax returns since he took office. I'm going to be reading every word of this blockbuster to see how far the crimes go. Wow,” Mr Pascrell said.

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