BREAKING NOW: New York Times publishes Donald Trump's tax information - He paid only $750
As we wait for Donald Trump to take the podium in the White House briefing room, the New York Times reveals it has obtained the US president’s tax return data for thousands of personal and corporate returns going back more than two decades.
Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.
He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.
The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. 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. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.
UPDATE Sept. 27 6:51pm: In 2012, he took out a $100 million mortgage on the commercial space in Trump Tower. He took nearly the entire amount as a payout. His company has paid more than $15 million in interest on the loan, but nothing on the principal. The full $100 million comes due in 2022.
UPDATE Sept. 27 10:10pm
Federal income taxes paid in 2017 (jointly with spouse):
Joe Biden - $3,742,974
Kamala Harris - $516,469
Bernie Sanders - $343,882
Elizabeth Warren - $268,484
Donald Trump - $750
Federal taxes paid, first year in office— Christopher Ingraham (@_cingraham) September 28, 2020
Ronald Reagan: $165,202
George H.W. Bush: $101,382
Bill Clinton: $62,670
George W. Bush: $250,221
Barack Obama: $1,792,414
Donald Trump: $750