The self-described billionaire, who has resisted releasing his tax returns despite promising to do so in his 2016 presidential campaign, paid just $750 in federal income taxes in both 2016 and 2017, the Times reported. Trump is the only president in modern history not to make his tax returns public.
Trump paid no federal income taxes in 10 of the 15 years before 2016, according to the Times, which based its reporting on tax return data it obtained that extends across more than two decades.
He reportedly paid dramatically more tax on overseas ventures than he did to the U.S. government.
The Times reported that Trump faces a “gathering storm” of financial threats in the coming years, as ongoing business losses, tens of millions in personal debt and an Internal Revenue Service audit converge.
The Times characterized Trump’s tax filings as revealing “chronic losses and years of tax avoidance.”
Asked about the report at his Sunday news briefing, Trump called it fake news but didn’t offer any evidence to refute it. He said the taxes he paid will “all be revealed” after audits are complete. (The IRS has said it does not bar people from releasing their returns while under audit.)
Twitter lit up swiftly following the publication of the report. Here’s a snapshot of the chatter.
Donald Trump is the Freeloader-in-Chief#TrumpTaxReturns— Charlotte Clymer ️ (@cmclymer) September 27, 2020
Raise your hand if you pay more taxes than supposed “billionaire” Donald Trump.— The Lincoln Project (@ProjectLincoln) September 27, 2020
I helped prepare thousands of taxes for my families accounting, tax, and insurance business. I’ve never seen anything like this. Seasonal farm workers, who mostly file 1099 taxes, pay more taxes than Trump. Trump is a complete and utter criminal. #TrumpTaxReturns