Trump Declines to Say How Much He Has Paid in Federal Income Taxes -- Update
September 27 2020 - 9:59PM
Dow Jones News
By Michael C. Bender
President Trump declined to say how much he has paid in federal
income taxes after a new report alleged that he paid $750 a year in
2016 and 2017, and no income taxes in 10 of the previous 15
years.
"I paid tax," Mr. Trump said at the White House on Sunday,
without providing specifics.
Mr. Trump disputed a report earlier in the day by the New York
Times, which attributed its findings to more than two decades of
his tax return data. Asked to give the American people an idea of
how much he has paid, he said, "I've paid a lot, and I've paid a
lot of state income taxes, too."
During the 2016 campaign, Mr. Trump repeatedly promised to
release his tax returns but didn't, breaking a 40-year tradition of
major-party presidential candidates and presidents doing so.
Mr. Trump isn't required by law to release his tax returns
publicly, though no law prevents him from releasing them. He has
cited continuing Internal Revenue Service audits as a reason not to
disclose his returns. During the campaign, his tax lawyers said he
was still under audit for the tax years dating back to 2009. Mr.
Trump has repeatedly declined to release specifics about his
taxes.
Democrats say the president's tax returns could shed light on
conflicts of interest and the president's compliance with tax law,
and have sued for access to the records. New York prosecutors are
also seeking Mr. Trump's returns as part of a probe into possible
bank or insurance fraud.
Mr. Trump paid little to no taxes largely because he reported
losing more money than he made in those years, the Times
reported.
Between 2010 and 2018, Mr. Trump wrote off some $26 million in
consulting fees as a business expense across nearly all of his
projects, according to the report, with no detail on the fees.
Some of those fees matched payments that Ivanka Trump, the
president's eldest daughter, reported on financial disclosures when
she joined the White House staff. That suggests she may have been
treated as a consultant on the same hotel deals that she helped
manage as part of her job at her father's business.
Alan Garten, a spokesperson for the Trump Organization, said the
New York Times report was inaccurate and questioned the timing of
its publication weeks ahead of the presidential election. "Over the
past decade the President has paid tens of millions of dollars in
personal taxes to the federal government," he said.
Write to Michael C. Bender at Mike.Bender@wsj.com
(END) Dow Jones Newswires
September 27, 2020 21:44 ET (01:44 GMT)
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