Business News 

US election pressure heats up following explosive report claiming Trump avoided taxes for years

28th September 2020 

The New York Times say that the controversial US president paid no tax at all in 10 of the previous 15 years

US President Donald Trump, who is facing a contentious re-election campaign, was met with allegations on Sunday that he paid little to no federal income tax for several years before he came into power.

President Trump had made US history for being the first major-party candidate since 1976 not to publish his tax returns during the 2016 election campaign, which saw him elected to office. He is now facing Democrat presidential candidate Joe Biden, with the election to take place on Tuesday, 3rd November. 

The New York Times has alleged that President Trump paid only $750 (€645) in federal income taxes in 2016 and 2017, and no federal income taxes at all in 10 of the previous 15 years, because he reported losing more money than he made.

The president responded with a press conference where he called the report “totally fake news”, saying that he paid “a lot” of state income taxes. He promised that “all will be revealed”.

The New York Times wrote that the president reduced his tax bill through a $72.9 million (€63 million) tax refund that is the subject of an Internal Revenue Service audit which has reportedly been ongoing for the past four years.

The newspaper also claims that President Trump took tax deductions on residences, aircraft and $70,000 (€60,168) in hairstyling for television appearances.

In the meantime, he his tax records reportedly show a loss of large amounts of money in his golf courses, while hundreds of millions of dollars in loans he has personally guaranteed will shortly be due for repayment.

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US election pressure heats up following explosive report claiming Trump avoided taxes for years