Washington (CNN)Donald Trump paid no income taxes whatsoever in 10 of the past 15 years beginning in 2000 because he reported losing significantly more than he made, according to an explosive report released Sunday by the New York Times.
The President paid just $750 in federal income taxes in both the year he won the presidency and his first year in the White House, according to more than two decades of his tax information obtained by The Times.
At a briefing Sunday, Trump denied the New York Times story and said he pays “a lot” in federal income taxes.
“I pay a lot, and I pay a lot in state income taxes,” Trump said.
He added that he is willing to release his tax returns once he is no longer under audit by the Internal Revenue Service, which he said “treats me badly.”
Trump is under no obligation to hold his tax returns while under audit but has been saying that for years.
The President repeatedly refused to answer how much he has paid in federal taxes in the briefing and walked out to shouted questions from CNN’s Jeremy Diamond on the topic.
Trump’s taxes have been largely a mystery since he first ran for office. During the 2016 campaign, the then-candidate broke with presidential election norms and refused to produce his tax returns for public review. They have remained private since he took office.
In response to a letter summarizing the newspaper’s findings, Trump Organization lawyer Alan Garten told the Times that “most, if not all, of the facts appear to be inaccurate” and requested the documents.
The New York Times said it will not make Trump’s tax-return data public so as not to jeopardize its sources “who have taken enormous personal risks to help inform the public.”
The tax-return data obtained by the newspaper does not include his personal returns for 2018 or 2019.
Being under audit by the IRS does not preclude someone from releasing their tax returns publicly. But that hasn’t stopped Trump from using it as a defense against releasing his financial information.
In 2016, Trump released a letter from his tax attorneys that confirmed he was under audit. But the letter also said the IRS finished reviewing Trump’s taxes from 2002 through 2008. Trump did not release his tax returns from those years, even though the audits were over.
A previous New York Times investigation published in 2018 reported that Trump had helped “his parents dodge taxes” in the 1990s, including “instances of outright fraud” that allowed him to amass a fortune from them
Trump received at least $413 million in today’s dollars from his father’s real estate empire, starting at the age of 3.
This is a breaking story and will be updated.\
– CNN