Donald Trump paid only $750 in federal taxes in 2016 and 2017

A report by The New York Times has revealed that United States President Donald Trump paid only $750 in the financial year 2016 to 2017. The report also claims that he did not pay income taxes at all in the past 10 of the previous 15 years. The newspaper allegedly obtained tax records for Trump and his companies over two decades, but he has argued the information is "fake news," BBC News reports. "Actually, I paid tax," he told reporters. "And you'll see that as soon as my tax returns—it's under audit, they've been under audit for a long time."

He added that the Internal Revenue Service "does not treat [him] well." He stated, "They treat me very badly." Over the past few years, Trump has faced legal scrutiny over his tax returns. He is the first American President since the 1970s not to make his tax returns public. While he is not required by law to do so, he has been the target of several legal challenges for refusing to share documents regarding his businesses. The New York Times stated the information they received regarding Trump's finances were reportedly procured from "sources with legal access" to them.

The report makes three key claims regarding the President's fortunes. The first is that he shelled out only $750 in taxes in 2016-2017. Secondly, between the years 2000 and 2015, Trump paid a whopping zero dollars in taxes for 10 years. Finally, he owes $300 million in loans, which are expected to be repaid by the year 2024. While he may have run his campaign claiming to be a mogul with unparalleled business acumen, the truth may be far from this narrative. On the other hand, the report states that his financial documents "portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes."

In a 2018 financial disclosure mandated by law, President Trump claimed he made at least $434.9 million. However, the newspaper alleged that he had actually suffered major losses that year to the tune of $47.4 million. The Trump Organization's chief legal officer Alan Garten said that "most, if not all, of the facts appear to be inaccurate." In addition to these claims, The New York Times reported that most of Trump's biggest businesses, such as his golf courses and hotels, lost "millions, if not tens of millions, of dollars year after year" and that they received funding from "lobbyists, foreign officials, and others seeking face time, access or favor" from the President.

At present, Trump is battling out a new case in a New York court that will determine whether he must publish his tax returns. As citizens wait for the verdict, this report from The New York Times could be particularly damning. It was released just days before his first Presidential debate with Democratic rival Joe Biden and, of course, mere weeks before the election in November. Whether the newspaper will have an impact on the course of the elections is yet to be seen, but it is likely to play a role in influencing the debate and consequently, American voters.