The report in the New York Times is likely to raise doubts about President Trump’s self-image as a shrewd and successful businessman.
that President Trump paid just $750 in federal income tax the year he entered the White House — and, thanks to colossal losses, no income tax at all in 11 of the 18 years that the Times reviewed — serves to raise doubts about Trump’s self-image as a shrewd and successful businessman.
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden. The New York Times report Sunday suggests why that might have been so. It showed that many of Trump’s top businesses are losing money, even as those losses have helped him shrink his federal tax bill to essentially nothing.
Eugene Steuerle, a tax expert at the Urban Institute and a Treasury Department official under President Reagan, said he wasn’t surprised by the revelation that Trump had paid almost no federal income tax. Most commercial real estate developers deduct large interest payments on their debts from taxable income, thereby lowering their tax bills. Typically, they also often avoid capital gains taxes by plowing profits from the sale of one building into the purchase of another.
“Most tax experts expected you would find little in the way of tax payments by President Trump,” said Steuerle.The Times noted that Alan Garten, a lawyer for the Trump Organization, said of the report that “most, if not all, of the facts appear to be inaccurate” and asked for the documents on which the reporting was based, which the Times declined to provide in order to protect its sources. The Times said Garten then directly disputed only the amount of taxes Trump had paid.
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