By Hannah DiPilato
Recently The New York Times got ahold of President Donald J. Trump’s tax information and made the shocking discovery that he has not been paying his fair share of taxes.
According to The New York Times in 2016 and 2017, Trump only paid $750 in taxes each year. Many working Americans pay much more than this and have an income that is far lower than Trump’s. The Times also reported Trump paid nothing for income takes for 10 of the last 15 years.
“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,” said Trump in a tweet today, September 28th. “I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits….. 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.”
Although Trump is brushing this off as fake news, the evidence proves otherwise. Trump has hidden these records and sold others to the American people. Although he takes in hundreds of millions of dollars a year, Trump has claimed losses that gave him millions of dollars in tax refunds.
This information is being revealed just 37 days before the presidential election where Trump appears to be just behind the democratic candidate Joe Biden. The first presidential debate is also coming up in two days, a debate that may need to question Trump’s behaviors regarding taxes. In the first debate in Cleveland, Ohio on Tuesday, Biden could easily interrogate Trump with these accusations.
Alan Garten, a lawyer for the Trump Organization spoke on the findings in a letter. “Most, if not all, of the facts appear to be inaccurate,” said Garten and requested to see the documents that the accusations were based on. After seeing the records, Garten said that Trump “has paid tens of millions of dollars of taxes to the federal government.” However, by saying “personal taxes,” it appears that Garten is combining income taxes with various other federal taxes.
The Twitter account “Team Joe” made a video comparing the tax returns of middle-class workers to those of Trump in 2019. They reported that the typical income tax for elementary school teachers was $7,239, for a firefighter the average was $5,283 and for a nurse it was common to pay $10,216. They then compared this to Donald Trump’s payment of $750.
Trump’s millionaire persona could be all about appearances. He is facing a lengthy audit battle with the Internal Revenue Service because of a $72.9 million tax refund that he claimed. The IRS is investigating the legitimacy of this claim which he received after declaring major losses. If the IRS finds this claim to be false, Trump could owe over $100 million.
For example, Trump disclosed in 2018 that he had brought in at least $434.9 million, but his tax records show a loss of $47.4 million. Tax records are not specific enough to investigate all the business expenses that Trump uses to reduce his taxable income. For example, from 2016 to 2017 Trump’s Bedminster golf club in New Jersey showed expenses that increased fivefold. He has even previously boasted that getting away with paying fewer taxes makes him smart.
The president also brings in a hefty income from overseas in various different countries. In his first two years in office, this revenue added up to $73 million. He paid more to other countries then he did to The United States, by thousands.
Trump’s tax records can be compared to President Richard M. Nixon’s tax bill that showed in 1970 he paid $792.81 of taxes when his income was around $200,000. When this information was revealed there was an uproar from the American people and resulted in the decision that presidents and presidential candidates should allow their tax records to be shared. In 2014, Trump even agreed to this saying, “I would love the do that,” referring to revealing his tax records if he ran for office. Then when he ran, Trump mocked this idea and said he would make the records public if Hillary Clinton made her deleted emails public and if Barack Obama showed his birth certificate.
This information could greatly impact the election coming up in November. Depending on how people that planned to vote for Trump take these findings into consideration. Biden has been previously leading the polls, so it will be interesting to see how things will play out in both the upcoming debates and the election.