Trump has long asserted that he is unable to release his tax documents because he is under federal audit.
President Donald Trump on Monday tried out a new line of defense amid fallout from a damaging report on his financial history — arguing he was “entitled” to take advantage of various tax loopholes and insisting he was mired in “very little debt.”
The latest explanation from the president, outlined in a series of morning tweets, marked his second attempt at defusing a New York Times exposé published Sunday, which reported that Trump paid only $750 in federal income taxes in both 2016 and 2017.
“The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits,” Trump wrote.
The president was seemingly referring to another Times report on Trump’s taxes, published in October 2016, which revealed that he declared a nearly $1 billion loss on his 1995 tax returns and could therefore have avoided paying federal income taxes for almost two decades.
The Times presented a similarly dire account of the president’s finances on Sunday, reporting that he had paid no income taxes whatsoever in 10 of the last 15 years because he declared he had lost much more money than he had made. Trump is responsible for loans and other debts totaling $421 million, according to the Times, with most of that amount due to be paid within the next four years.
But Trump tweeted Monday that he was in possession of “extraordinary assets” and claimed to be “extremely under leveraged,” writing: “I have very little debt compared to the value of assets.”
The president went on to write that he “may release” personal financial statements “showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!”
Trump has long asserted that he is unable to release his tax documents because he is under federal audit. Former IRS officials, however, have said there is nothing stopping him from making his taxes public.
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President Donald Trump tried out a new line of defense amid fallout from a damaging report on his financial history — arguing he was “entitled” to take advantage of various tax loopholes and insisting he was mired in “very little debt” https://t.co/2ZAyO207KT
— POLITICO (@politico) September 28, 2020
It is one of the most regular features of populism. https://t.co/BqNq8LYSJm
— Tom Nichols (@RadioFreeTom) September 28, 2020
Truly amazing pic.twitter.com/1zWih441uJ
— John Whitehouse (@existentialfish) September 28, 2020
Mollie is correct that it’s ok to AVOID paying taxes through legitimate tax deductions, parking one’s money in a tax-free account, etc. But it is not ok to EVADE one’s tax obligation by claiming bogus deductions, phony losses, not reporting taxable income or taxable holdings. and so on. Tax AVOIDANCE is legal; tax EVASION is illegal.
So if Trump is claiming fake news and that he has plenty of money, then I suppose that may mean his alleged losses and deductions are phony. I’m sure the IRS which I believe is still auditing some of Donnie’s tax returns will be happy to hear that. We may see Donnie in an orange jumpsuit yet.
Carl Bernstein: "He has created the first grifter presidency in the history of the united states, in which his purpose in running for the presidency and exercising the powers of the presidency, the fundamental reason is to bail himself and his family out." pic.twitter.com/tUVDzQkvGp
— The Hill (@thehill) September 28, 2020
You are onto something there Everyday. He is incriminating himself.
I’m confused. The president said the story is totally fake. https://t.co/oOA6Ev6sbS
— Jonah Goldberg (@JonahDispatch) September 29, 2020
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