Donald Trump's taxes — here's what we know from scathing 'New York Times' report

28 September 2020 - 15:12 By cebelihle bhengu
US President Donald Trump says reports about his debts and huge amounts owed to the Internal Revenue Service are all lies.
US President Donald Trump says reports about his debts and huge amounts owed to the Internal Revenue Service are all lies.
Image: REUTERS/Leah Millis. File Photo

The New York Times on Sunday released a scathing report with allegations about US president Donald Trump's tax returns, including how Trump allegedly paid little tax early on in his term as president and none for years before becoming president.

It also revealed that his businesses, including his hotel in Washington, are allegedly making significant losses, which could see him paying millions in debt in the coming years.

The report excludes his personal tax returns from 2018 and 2019. 

Trump tweeted this morning — without mentioning the publication — “fake news!”.

US president Donald Trump and former vice president Joe Biden got heated in their first chance to challenge each other face to face during the first presidential debate. Hardly a minute went by without one of the candidates interrupting the other, whether on the coronavirus, the Supreme Court or the economy

Here's what we know about Trump's businesses and his tax returns, according to the report:

$750 tax 

Trump allegedly paid $750 in tax in 2016 and in 2017, the year he won the presidency. He allegedly paid no federal income tax for 10 of the 15 years evaluated by the publication due to his businesses losing more money than they made.

Questionable tax refund 

Trump is embroiled in a decade-long audit battle with the Internal Revenue Service (IRS) which started after he allegedly claimed and received $72.9m in tax refunds after he said that he made losses in his businesses. The New York Times reports that he may have to fork out more than $100m, depending on the outcome of the audit.

Tax from other countries 

In his first two years as president, Trump allegedly made $73m in revenue from foreign countries. He made the most money from his golf properties in Scotland and Ireland and through licensing deals which saw him allegedly receive $3m from the Philippines, $2.3m from India and $1m from Turkey.

'The Apprentice' 

The report says the president allegedly made $427.4m from television show The Apprentice and through licensing and endorsement deals from the show. Trump hosted the weekly show which assessed the business skills of contestants. Its last season aired in 2017.

Debt and sinking businesses

Trump is apparently running out of money made from The Apprentice and associated deals and, according to the report, will allegedly be personally liable for $300m in debt in the next four years.

Public outrage

The damning revelations saw him trend on Twitter as scores of Americans expressed outrage, with some vowing to withhold their votes come November 3.

Here's what some people had to say: