President Trump Reportedly Avoided Taxes, Has Looming Debts - TheStreet

President Trump Reportedly Avoided Taxes, Has Looming Debts

The New York Times drops a bombshell report about President Donald Trump after getting hold of the president's tax forms.
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Despite claims of vast wealth and years of "winning" by President Donald Trump, his tax information over the last several years shows a man who reported heavy losses, avoided paying taxes, and may owe on big debts soon. 

That's the main takeaway from an explosive New York Times story posted late Sunday, showing such details as Trump only paying $750 in federal taxes the year he was elected and an ongoing audit battle with the Internal Revenue Service over a nearly $73 million tax refund he claimed and took - and how a ruling against him could cost the president an even greater sum.

After obtaining Trump’s tax documents for the past 20 years, the Times showed that the president had owned "struggling" properties, made "vast" write-offs, and has hundreds of millions in debt that is coming due.

In fact, Trump paid zero income taxes in 10 of the past 15 years, found Times reporters Russ Buettner, Susanne Craig and Mike McIntire. 

During some periods, Trump reported losing more money than he brought in, and paid just $750 in federal income taxes in 2016 and the year after, said the report.

A lawyer for the Trump Organization objected to the paper's account, and claimed that “most, if not all, of the facts appear to be inaccurate," according to the Times. 

Trump on Sunday denied the story in The New York Times, saying he pays "a lot" in federal income taxes.

"I pay a lot, and I pay a lot in state income taxes," Trump said.