US President Donald Trump has not paid federal income tax for years before he came to power, as his cloudy financial past stoked controversy ahead of the first election debate. This was reported by The New York Times.
The New York Times alleged the billionaire president paid just $750 federal income taxes in 2016 and 2017, and no federal income taxes at all in 10 of the previous 15 years because he reported losing more money than he made.
According to The New York Times, the financial condition of the American head of state is in dire condition due to losses and debts of hundreds of millions of dollars.
"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 Times notes.
The tax returns that Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. A businessman earns hundreds of millions of dollars a year, but at the same time suffers chronic losses, which he actively used to avoid paying taxes.
Trump Organization lawyer Alan Garten has denied accusations of Trump's non-payment of income taxes.
Trump in his turn dismissed the accusations as "totally fake news."
He accused the Times of wanting "to create a little bit of a story” before the election and said that he would submit his tax returns to refute the material.
As it was reported earlier, Trump's niece Mary sued Donald, his brother Robert and sister Marienne for inheritance fraud.