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Donald Trump said he has paid ‘millions’ in taxes, but returns show otherwise

Published: (Updated: ) in Australian News by .

Donald Trump has claimed to have paid “millions of dollars in taxes” after the New York Times published a report claiming the president had paid no income tax in 10 of the last 15 years.

Donald Trump has claimed to have paid "millions of dollars in taxes" after the New York Times published a report claiming the president had paid no income tax in 10 of the last 15 years.

In a series of tweets posted overnight, the president declared the information published by the newspaper was "illegally obtained".

"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.

"Also, if you look at the extraordinary assets owned by me, which the Fake News hasn't, I am extremely under leveraged - I have very little debt compared to the value of assets.

"Much of this information is already on file, but I have long said that I may release 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 Trump paid no federal income tax for ten of the last 15 years because he reported financial losses those years.

By declaring the information was "illegally obtained", Mr Trump has appeared to concede the tax returns reported on by the Times were true.

Within hours Joe Biden's presidential campaign had put out an ad slamming the president as a tax dodger.

Much of Joe Biden's post-White House income has come from paid speeches.

"You have in Donald Trump a president who spends his time thinking about how he can work his way out of paying taxes, of meeting the obligation that every other working person in this country meets every year," Mr Biden's deputy campaign manager Kate Bedingfield said.

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"With Joe Biden, you have somebody who has a completely different perspective on what it means to be a working family in this country."

Mr Biden's website now allows users to input their own data to find out how much more they paid in income taxes than Mr Trump.

Mr Biden's publicly released tax data revealed he paid more than A$5.2 million in taxes in 2017.

Most of his income came from paid speaking engagements.

The failure of his Atlantic City casinos cost him A$500 million in 2002 alone.

A worker removes letters from a logo at one of Donald Trump's failed casinos.

The tax returns revealed how The Apprentice saved Mr Trump from a total economic collapse.

The year before the television series started, Mr Trump lost US$89.9 million (A$127 million). The success of the show brought him back into the black.

In the wake of the show, he signed lucrative endorsement deals to market laundry detergent, mattresses, biscuits and pizza.

Mr Trump was also paid US$50,000 (A$70,000) by the Lifetime channel for a "juicy night time soap" that was never made.

When the ratings from The Apprentice started to tumble, Mr Trump's books went back into the red.

Mr Trump paid nothing in federal income taxes for ten of the past 15 years, and US$750 in his first year in office.

The lack of income tax is because he reported so many losses those years.

The returns also revealed Mr Trump claimed US$70,000 in deductions for hairstyling.

In the past 20 years, it appears Mr Trump's wealth peaked in 2005, at the height of the success of his reality show The Apprentice.

And for many years his licensing and endorsement deals offset the losses made at many of his self-run properties.

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Donald Trump has lashed out at the New York Times for publishing his tax returns.

The biggest loser appears to be at one of his country clubs, Trump National Doral in Florida.

His country clubs and golf courses have cost him more than A$440 million since 2000.

Mr Trump is the first presidential candidate not to release his tax returns to the public since the 1970s.

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He has been engaged in lengthy legal battles with New York prosecutors and the House of Representatives to prevent his tax returns from being made public.

Mr Trump will likely be challenged on his tax data tomorrow in the first presidential debate.

That debate will be livestreamed and liveblogged at at 11am AEST.

Trump’s damning tax returns released

Source: 9News

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