In a bombshell report, the New York Times says Trump paid no federal income tax in 10 of the past 15 years due to massive business losses.
Donald Trump paid no federal income tax in 10 of the past 15 years due to massive business losses, and just $750 in federal taxes in 2016 and 2017, the New York Times reported Sunday.
The Times also reported that Trump has hundreds of millions of dollars in debt coming due, and is still engaged in a decade-long dispute with the Internal Revenue Service over a $72.9 million tax refund that he claimed after reporting business losses. Trump reportedly could be on the hook for more than $100 million if he loses that claim.
While Trump in 2016 said avoiding paying taxes “makes me smart,” the returns show little accounting wizardry, instead ” showing that he is simply pouring more money into many businesses than he is taking out,” the Times said, with most of his core U.S. properties losing millions or even tens of millions of dollars a year.
The trove of financial data reportedly shows vast tax write-offs because of business losses and a financially struggling property empire.
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