The New York Times reports that US President Donald Trump paid only $750 in federal income tax in 2016 and 2017, citing tax returns.
Trump has also paid no income tax in 10 of the past 15 years, the newspaper reported on Sunday, despite having received $ 427.4 million from his reality TV programme and other licensing agreements in 2018.
The US president has an estimated net worth of $ 2.1 billion – which went down by $ 1 billion due to the coronavirus pandemic, according to Forbes magazine’s latest estimates.
For years, Trump has refused to disclose his tax records publicly and is battling legal attempts to coerce him to so, saying they are being audited.
According to a report in the New York Times, Trump managed to minimize his tax burden by reporting heavy losses across his business empire.
The Times reported that Trump claimed a loss of $ 47.4 million in 2018, despite claiming at least $ 434.9 million in revenue that year for according to data from his financial disclosure.
According to the newspaper, the president also faced a decade-long battle with the Internal Revenue Service over the legitimacy of the $ 72.9 million tax return he claimed and received after declaring heavy losses. According the newspaper, an unfortunate decision could cost the President more than $ 100 million.
Addressing a press conference on Thursday, President Trump said the report was “fake news”. He said he actually paid tax and Americans will know the truth as soon as his tax returns are out of audit.