The newspaper – which claims to have obtained tax records from Trump and his companies over two decades – also claims that he has not paid any income tax in 10 of the previous 15 years.
- FROM MAGNATA TO THE PRESIDENT: Learn more about Donald Trump
Trump did not pay income tax in ten of the last 15 years before being elected, says NYT
The records reveal “chronic losses and years of tax evasion,” he says. Trump called the report “fake news”.
“Actually, I paid taxes. And you will see this as soon as my tax returns … which have been audited, have been audited for a long time,” he told reporters after the report was published on Sunday.
“O IRS [Internal Revenue Service, a receita federal americana] doesn’t treat me well … They treat me very badly, “he said.
Trump has already faced legal problems for refusing to share documents relating to his wealth and business. He is the first president since the 1970s not to disclose his tax returns, although this is not required by law.
The New York Times said the information in its report was “provided by sources with legal access to it”.
The report was published just days before Trump’s first presidential debate with Democratic rival Joe Biden and weeks before the November 3 election.
What are the main claims of the report?
The New York Times said it had analyzed tax returns related to President Trump and companies belonging to the Trump Organization since the 1990s, as well as his personal statements for 2016 and 2017.
The newspaper claims that the president paid only $ 750 in income tax in 2016 and 2017, and that he paid no income tax in 10 out of the previous 15 years, “mainly because he reported that he lost a lot more money than he earned”.
Before becoming president, Trump was known as a celebrity businessman and real estate mogul.
But the newspaper says that its statements to the IRS “portray a businessman who earns hundreds of millions of dollars a year, but still accumulates chronic losses that he aggressively employs to avoid paying taxes“.
In a public case, President Trump said he earned at least $ 434.9 million in 2018. The newspaper disputes this, claiming that his tax returns show that the president had stayed in the red, with US $ 47.4 million (about R $ 263 million) in losses.
The Trump Organization supported the president in denying the report’s allegations.
The company’s legal director, Alan Garten, told the New York Times that “most, if not all, facts appear to be inaccurate.”
“In the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since the announcement of his candidacy in 2015,” he said.
What else does the report say?
The newspaper also claims that “most” of Trump’s biggest businesses – like his golf courses and hotels – “claim to lose millions, if not tens of millions, of dollars year after yearThe”.
“This equation is a key element of Trump’s finance alchemy: using his celebrity’s profits to buy and sustain risky businesses and then use his losses to avoid taxes,” says the newspaper.
The report adds that the president is personally responsible for more than $ 300 million (R $ 1.6 billion) in loans, which will mature in the next four years.
The newspaper also claims that some of President Trump’s companies have received money from “lobbyists, foreign officials and others seeking time, access or favor” from the president.
The New York Times says it used tax records to find out how much the president earns from his overseas companies, claiming that he earned $ 73 million in overseas revenue in his first two years at the White House.
Much of this came from its golf courses in Ireland and Scotland, but the “New York Times” says the Trump Organization has also received money “from countries’ licensing deals with authoritarian leaders or thorny geopolitics.”
The New York Times claims that the licensing agreements generated US $ 3 million in the Philippines (R $ 16 million), US $ 2.3 million (R $ 12.8 million) in India and US $ 1 million (R $ 5.5 million) from Turkey.
The newspaper says President Trump made $ 427.4 million in 2018 in revenue from The Apprentice US series, as well as from brand deals where organizations paid to use his name.
He also earned $ 176.5 million (R $ 981.7 million) by investing in two commercial buildings that year, according to the report.
However, the New York Times claims that the president almost did not pay taxes on these revenues, because he reported that his business had significant losses.
He also claims that President Trump has made use of a tax code that allows business owners to “carry over the remaining losses to reduce taxes in future years” to the next fiscal year.
For example, the newspaper says that in 2018, President Trump’s largest golf resort, Trump National Doral, near Miami, had losses of $ 162.3 million (R $ 902.7 million). Likewise, its two golf courses in Scotland and one in Ireland would have reported combined losses of $ 63.6 million (R $ 352.1 million).
What was the reaction to the report?
Trump’s political opponents condemned the president’s alleged tax arrangement.
House Speaker Nancy Pelosi, Washington’s most powerful Democrat, said the report shows that Trump has taken “extraordinary measures” to “circumvent the tax code and avoid paying his correct share of taxes.”
On Twitter, the Senate minority leader, also Democrat Chuck Schumer, asked Americans to “raise their hands” if they had paid more federal income tax than Trump.
Democratic presidential candidate Joe Biden has yet to comment, but his campaign team has highlighted on Twitter that teachers, firefighters and nurses paid far more than $ 750 in taxes.