Trump refutes investigation of his tax returns, saying he 'paid many millions of dollars in taxes'

Business Insider US
President Donald Trump.
  • On Monday, President Donald Trump again denied a New York Times investigation of his tax return data.
  • "I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits," Trump wrote on Twitter.
  • The Times article reveals that Trump paid $750 in federal income taxes in 2016 and 2017, which the president decried as "fake news."
  • Visit Business Insider's homepage for more stories.

US president Donald Trump on Monday issued yet another rebuttal of a bombshell investigation by The New York Times into his tax records, insisting that he has "paid many millions of dollars in taxes".

"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," Trump tweeted. "I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits."

He continued: "Also, if you look at the extraordinary assets owned by me, which the Fake News hasn't, I am extremely under leveraged — I have very little debt compared to the value of assets."

Trump also alluded to a "very IMPRESSIVE" tax statement, adding, "I am the only President on record to give up my yearly $400,000 plus Presidential Salary!"

The Times published a story on Sunday delving into more than two decades of the president's tax return data. It revealed that he paid no taxes in 10 of the past 15 years, and shelled out only $750 in federal income taxes in both 2016 and 2017.

"It's totally fake news. Made up, fake," Trump told reporters during a news briefing on Sunday. "Actually, I paid tax."

Ever since launching his 2016 presidential campaign, Trump has refused to disclose his tax returns to the public. He echoed this sentiment on Sunday, claiming that he cannot do so since he is under audit by the Internal Revenue Service. Trump benefited from a tax refund of $72.9 million in 2010, which is the subject of the IRS audit.

The Times' report sheds light on Trump's highly sought after tax records, which he has fought several legal battles to keep private. The article also highlights how Trump's businesses have recorded losses to the tune of hundreds of millions of dollars, his soon-to-be-due debts totaling $421 million, and that he earned $73 million from foreign countries during his first two years as president. 

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