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President Trump blasted The New York Times over what he called a “made-up” report that claimed he paid no taxes for years and suffered major losses in his business.
The president on Sunday called out the left-wing newspaper for publishing the “totally fake news” about his business empire and claiming it had secured decades worth of Trump’s tax returns to the Internal Revenue Service showing he had paid little to nothing for years.
“It’s totally fake news. Made up. Totally fake news,” Trump told reporters during a White House press briefing on Sunday when asked about the article.
“You could have asked me the same questions four years ago, I had to litigate this and talk about it,” he said, adding that he did, in fact, pay taxes.
“It’s under audit. They’ve been under audit for a long time,” he said. “The IRS does not treat me well.”
President Trump denied the New York Times report that he paid just $750 in federal income taxes in both 2016 and 2017, calling it ‘total fake news’ at a White House news conference https://t.co/7nbZR9njQl pic.twitter.com/eRO4GUP6o6
— Reuters (@Reuters) September 28, 2020
Days after the Senate Finance and Homeland Security Committees released an explosive report on Hunter Biden, the son of Democratic presidential nominee Joe Biden, and corruption in his overseas business dealings, the New York Times chose to run a report on the president’s tax returns going back more than two decades, and claiming they showed “chronic losses and years of tax avoidance.”
The newspaper published information allegedly gleaned from Trump’s sought-after tax returns, reportedly showing that he paid $750 in federal income taxes in 2016, the year he was elected president. He allegedly paid another $750 in 2017, his first year in the White House.
The article also claimed that the New York real-estate mogul had paid no taxes at all in 10 of the previous 15 years “largely because he reported losing much more money than he made.”
According to The Times:
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 article also claimed that the tax records showed $47.4 million in losses in 2018, although Trump had reported in a financial disclosure that he made at least $434.9 million. The Trump Organization also allegedly made at least $73 million overseas during the first half of the president’s term in office and, in 2017, Trump or his companies paid $15,598 in taxes Panama, $145,400 in India and $156,824 in the Philippines.
Despite previous promises to release his tax records, Trump has insisted that he has been unable to because he is being audited by the Internal Revenue Service.
“When they’re not [under audit], I would be proud to show [them],” he told reporters Sunday, disputing claims that he did not pay much, if any, taxes.
“First of all, I paid a lot,” he said. “I paid a lot of state income taxes too. New York State charges a lot.”
The Times claimed that Trump “has long fought to keep private tell a story fundamentally different from the one he has sold to the American public,” adding that despite his claims of running successful businesses, he “racks up chronic losses that he aggressively employs to avoid paying taxes.”
Democrats, who have long been after Trump’s tax returns, reacted as expected to the report.
New Jersey Rep. Bill Pascrell, the chair of the House Ways and Means Subcommittee on Oversight, said the findings in the article “reveal absolutely staggering theft by Trump before and while he has been in office.”
But The Times acknowledged that Trump’s tax returns do not reveal “any previously unreported connections to Russia,” nor “any itemized payments to Mr. Cohen,” referring to Trump’s former lawyer.
Trump Organization attorney Alan Garten blasted the newspaper’s report, noting that “most, if not all, of the facts appear to be inaccurate.”
“Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015,” Garten told the Times in a statement.
The president again promised that, once audits are completed, he will finally be able to release the actual tax returns.
“It’ll all be revealed,” he said. “I look forward to releasing many things. I’m going to release many things and people will be really shocked.”
The Times report and reactions set the hashtag #TrumpTaxReturns trending on Twitter where many, like conservative radio host Larry Elder, blasted the newspaper for its double standard.
Dear @nytimes,
Now that you’ve obtained and disclosed @realDonaldTrump‘s tax return, perhaps can you get back to obtaining and disclosing @BarackObama‘s test scores and transcripts. #TrumpTaxReturns
— Larry Elder (@larryelder) September 28, 2020
That “journalists” don’t know or don’t care about the distinction between tax “avoidance” or tax “deferral” and tax “EVASION” shows why @realDonaldTrump didn’t want his returns released.#TrumpTaxReturns
— Larry Elder (@larryelder) September 28, 2020
Hysterical Hypocrisy
The New York Times has set records for NOT paying taxes – they seized the land for their building under eminent domain, then had the nerve to take another $26 MILLION in tax breaks from NYC: https://t.co/p8ETsAF5FF #TrumpTaxReturns #trump #MAGA2020— MARK SIMONE (@MarkSimoneNY) September 28, 2020
Bombshell NYT story on Trump tax returns shows that he received a $3.5 million wire transfer from a corrupt Russian tied to Vladimir Putin. Oh wait, no, that was Hunter Biden, and the NYT didn’t even report it
— Undercover Huber (@JohnWHuber) September 27, 2020
So the @nytimes presented their October Surprise early about a subject everybody loves reading about! Oh, wait… pic.twitter.com/FsQqvz6YK0
— James Woods (@RealJamesWoods) September 28, 2020
These teams like prepare their taxes and stuff and the rich people just sign when they’re told to! They don’t even like try to pay more than they have to… My shock is through the roof! 🙄
Just wait till people find it out Jeff Bezos’ Amazon got a $129M refund. 🤯
— Robby Starbuck (@robbystarbuck) September 27, 2020
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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