President Trump, in a series of tweets on Monday morning, denounced the New York Times' explosive Sunday report on his tax returns, and suggested that his low tax bill was due to “depreciation and tax credits.”
The Times on Sunday reported that Trump paid as little as $750 in federal income tax the year he was elected, and zero for many years prior to that.
Trump, in his tweets Monday, claimed the Times report contained “illegally obtained” information, and denied that he is heavily indebted.
The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.....
— Donald J. Trump (@realDonaldTrump) September 28, 2020
Trump also falsely claimed that he is the only president ever to donate his government salary. John F. Kennedy donated his salary to charity, according to news reports from the time, as did Herbert Hoover.
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.....Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!
— Donald J. Trump (@realDonaldTrump) September 28, 2020
The New York Times on Sunday reported that Trump paid no federal income taxes in 10 of the past 15 years, and only $750 in federal income tax in 2016, the year he was elected president. The paper reported he also paid $750 in 2017, his first year in office.
Trump found multiple ways to reduce his tax bills, according to the Times, which reported he has taken tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed “The Apprentice.” Losses in the property businesses solely owned and managed by Trump appear to have offset income from his stake in “The Apprentice” and other entities with multiple owners.
During the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations. Trump, starting in 2010, claimed and received an income tax refund that totaled $72.9 million, which the Times said was at the core of an ongoing audit by the IRS. The Times said a ruling against Trump could cost him $100 million or more.
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The president could also face mounting financial pressure in the years ahead. The tax records show he’s carrying a total of $421 million in loans and debt that are primarily due within four years. Most of that debt comes from the Doral golf resort in Florida ($125 million) and Trump’s Washington hotel ($160 million), two properties that the Times said are struggling financially.
Trump’s tweets Monday were a departure from remarks he made during a press conference on Sunday, when he called the Times story entirely “made up.”
Speaking from the White House Sunday, Trump dismissed the Times report as “fake news” and maintained he has paid taxes, though he gave no specifics. He also vowed that information about his taxes “will all be revealed,” but he offered no timeline for the disclosure. He made similar promises during the 2016 campaign, but never followed through.
Material from the Associated Press was used in this report.
Christina Prignano can be reached at christina.prignano@globe.com. Follow her on Twitter @cprignano.
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Trump denounces NYT story revealing low tax bill, claims he was entitled to ‘depreciation’ and ‘tax credits’ - The Boston Globe
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