Trump Paid Little or No Income Taxes — NY Times

Среда, 30 Сен, 2020

The New York Times's blockbuster report on USA president Donald Trump's long-sought tax returns has sparked outrage about his tax bill and business practices.

The Biden campaign was also quick to jump on the story, releasing a video ad on Twitter, comparing what it said were average taxes paid by teachers, firefighters and nurses, all substantially more than $750.

Donald Trump asserted during the first presidential debate Tuesday that he paid millions of dollars in federal income tax as he defended himself against reports that he only paid $750 in federal income taxes in both 2016 and 2017. Trump has categorised everything from his residence to his golf course to his aircraft as business expenses.

MOSLEY: So, Ilya, we've had 24 hours to process this information.

The president could also face mounting financial pressure in the years ahead.

MARRITZ: I think of it nearly like a three-stage thing, right?

The details of the tax filings published Sunday complicate Trump's description of himself as a shrewd and patriotic businessman, revealing instead a series of financial losses and income from overseas that could come into conflict with his responsibilities as president.

In 2017, while the president only paid $750 in US federal income taxes, he and his businesses paid $15,598 in taxes to Panama, $145,400 to India and $156,824 to the Philippines. ABC News has not independently verified the Times' account. Well, that mansion is not actually a business. And just the perception of that possibility will only further erode public trust in the USA government, which has only gotten worse under Trump. Ivanka Trump's tax returns showed $747,622 in payments from a consulting group that she co-owns.

But among his wealthy peers Trump is still an outlier.

For example, managing a "family business" with far-flung golf courses and hotels requires travel-and that travel, even in private airplanes, is a business expense.

Paying high consultation fees: The NYT found that across almost all of his projects, Trump's companies set aside about 20% of income for unexplained "consulting fees".

Fahrenthold said he was mostly surprised by two things.

"If I did, I would be there now instead of talking to you", Fahrenthold told Dave. "Now, Donald Trump is the boss of the agency he considers an adversary".

Biden reminds the public that the country is still recording roughly 40,000 new cases a day. he directly addressed people viewing at home, asking, "how many of you will wake up tomorrow and have lost a loved one?" For sure I've never seen anyone with $400 million in personal debt be president.

The way our government does this is to calculate USA taxes on that foreign income and then allow a credit against the US for the amount paid to foreign countries on the same income.

Mr Trump is the first presidential candidate not to release his tax returns to the public since the 1970s.

Only some of Trump's lenders arepublicly known, but they do not need to be foreign agents for his debt to pose a national security risk. If the foreign tax on the same income is lower than the USA tax, the US does retain the excess.

House of Representatives Speaker Nancy Pelosi told MSNBC the USA public deserves to know to whom he owes money. There've been rumors and speculation about that for a long time. We know this. We know he donates his salary to the government even when he doesn't have to.

They're under audit and when they're not I'd be proud to show it.
The richest 400 families in the US pay a lower tax rate than the middle class. How prevalent is this?

Trump found multiple ways to reduce his tax bills. And the places where it now happens the most are among the poorest Americans. It's much harder to do a full and thorough audit on very rich people, like the president of the United States, who, by the way, is facing audit right now. And perhaps most critically, he owes hundreds of millions of dollars and is saddled with loss-making properties that are digging him deeper in the hole.

I don't know, honestly.

What is the scale of tax evasion?

MARRITZ: You're very welcome.