US President Trump claims he paid 'millions' in taxes after bombshell report

WION Web Team New Delhi, India Sep 28, 2020, 08.53 PM(IST)

Donald Trump Photograph:( Reuters )

Story highlights

A New York Times report released on Sunday said that Trump had paid just $750 in federal income taxes in both 2016 and 2017

United States President Donald Trump on Monday claimed that he paid “many millions of dollars in taxes" after a bombshell report came out earlier suggesting Trump had evaded taxes. 

Trump added that he was entitled to depreciation, and tax credits, while also claiming he was under-leveraged. The US president said that he has more assets than debt.

A New York Times report released on Sunday said that Trump had paid just $750 in federal income taxes in both 2016 and 2017. Before this, he had reported heavy losses from his business undertakings.

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"I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits," he wrote on Twitter. "I am extremely under leveraged - I have very little debt compared to the value of assets."

Trump called the allegations "totally fake news" and said he "he paid a lot of state income taxes", adding everything will be "revealed". 

"First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said.

The report said the US president reduced his taxes through a $72.9 million refund that gets audited by Internal Revenue audit. 

It added that Trump used deductions on aircraft, residences, including $70,000 in hairstyling for TV appearances. 

Also read: Donald Trump faces fresh controversy as bombshell report claims president avoided tax for years

The report said his golf courses showed a loss of large amounts of money, and hundreds of millions of dollars in loans he took on personal guarantee will soon be due for repayment. 

Democrats have sharpened their attacks on the US president with House Speaker Nancy Pelosi describing the findings as "Trump's disdain for America's working families."

Massachusetts representative Richard Neal, the chair of the House Ways and Means Committee who earlier has unsuccessfully attempted knowing Trump's tax records, said now it is more essential for his committee to access the documents.

"It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes," he said.