Donald Trump Dismisses NYT Report on His Tax-Return as 'Fake News'

Donald Trump Dismisses NYT Report on His Tax-Return as 'Fake News'

He said he has paid "a lot" of income taxes, including NY state taxes, and that information will come out after the audit.

US President Donald Trump on Sunday (Sept 27) dismissed a New York Times report that he paid just $750 in federal income taxes in 2016, the year he won the election. Equally important in his efforts to zero out his tax bill were numerous write-offs.

Responding to The New York Times' report, the US President said: "The New York Times wants to create a little bit of a story". But they remain private, he said.

"It's totally fake news - made-up, fake", Trump told reporters Sunday in a White House briefing, noting that he had to deal with similar questions when the Times published a story on his taxes in 2016.

The bombshell investigation comes less than six weeks away from the 2020 election, and just two days before Trump and former Vice President Joe Biden are set to debate for the first time. "Now, Donald Trump is the boss of the agency he considers an adversary". "I paid a lot [of federal taxes], and I paid a lot of state income taxes, too".

The Times also reports that the returns do not show anything not previously known about Trump and Russian Federation as far as business dealings are concerned. And that, in the next few years, Trump will be required to pay about $421 million in loans and other debts.

Trump Organization lawyer Alan Garten issued a statement to the NY Times over the alleged tax records, saying that "most, if not all, of the facts appear to be inaccurate". His golf courses have reported $315.6 million in losses since 2000.

The New York Times said it declined to provide Garten with the tax filings in order to protect its sources.

The Trump National Doral clubhouse in Doral, Florida, as seen in 2016. Since 2010, he has written off $26 million in consulting fees, and Ivanka Trump appears to have received a portion of those costs through a consulting company she co-owns, The New York Times reports. Between 2010 and 2018, Trump deducted US$26 million in "consulting fees" as a business expense.

But they do chart the arc of Trump's business over the last 15 years, and show that the future president seems to have squandered a windfall from his TV show "The Apprentice".

Should that battle be lost, Mr Trump could face a further $100 million tax bill.

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