FILE PHOTO: U.S. President Donald Trump speaks during a campaign rally at Cecil Airport in Jacksonville, Florida, U.S., September 24, 2020. REUTERS/Tom Brenner ©REUTERS
Trump paid only $750 for taxes when he was a much-famed billionaire tycoon. The Times reveals that the president has not paid for income taxes for the past 15 years, and the reason has been a significant loss in business.
Donald Trump is personally responsible for repaying loans amounting to more than $300 million. However, he tried to hush the story by calling it “fake news” and argued that he paid out a huge amount for federal and state taxes.
“It’s fake news, it’s totally made up,” Trump said Sunday during a press briefing less than an hour after the story broke in the newspaper. “Everything was wrong, they are so bad.”
He also added, “I’ve paid a lot and I’ve paid a lot of state income taxes too.”
The Times also made another shocking revelation that Trump is presently entangled in an IRS audit over a million-dollar refund. If the rule goes against him, the president is likely to pay more than $100 million.
Alan Garten, a lawyer associated with the Trump Organization refused the news as he indicated that the president “has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015.”
“The New York Times’ story is riddled with gross inaccuracies. Over the past decade the President has paid tens of millions of dollars in personal taxes to the federal government,” Garten said. “While we tried to explain this to the Times, they refused to listen and rejected our repeated request that they show us any of the documentation they purport to be relying on to substantiate their claims.”
Obviously this is just part of the Times’ ongoing smear campaign in the run up to the election.”
The Times clarified that Trump paid other federal taxes involving Social Security and Medicare in the past.
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