According to the journalistic work, Trump paid just $ 750 in federal income taxes the year he won the presidency. He then notes that “in his first year in the White House, he paid another $ 750.”
The New York newspaper also notes that Trump paid no income tax in 10 of the previous 15 years, “largely because he reported losing much more money than he earned.”
As the president runs a re-election campaign that polls show he risks losing, his finances are under pressure, beset by losses and hundreds of millions of dollars in past-due debt that he has personally guaranteed.
Also looming over him is a decade-long audit battle with the Internal Revenue Service (IRS) over the legitimacy of a $ 72.9 million tax refund he claimed and received after declaring huge losses.
An adverse ruling could cost the president more than $ 100 million.
The report of Times It also reveals that the financial pressure on Trump is mounting, as he is personally liable for loans and other debts totaling $ 421 million, most of which are due in four years.
Trump’s taxes have been largely a mystery since he ran for office more than four years ago.
During the 2016 campaign, the then-candidate broke the presidential election rules and refused to submit his tax returns for public review.
They have since remained private since he took office and Trump has repeatedly said that he is being audited by the IRS, which has been ongoing since at least 2016, according to the president.