On Sunday, The New York Times reported that President Donald Trump has barely paid any income taxes over the last 15 years. Before sending out any criminal accusations, it is always important to understand the full story behind shocking news like this one.
Using his alleged tax-return data over the past two decades (excluding 2018 and 2019), the Times reported that Trump paid no income taxes in 10 of the last 15 years despite claiming an income of at least $434.9 million during the same period. For example, in both 2016 and 2017, the current U.S. president paid only $750 in income taxes.
Late on Sunday, Trump denied the report, marking it down as “total fake news” at a White House news conference. A lawyer for the Trump Organization, Alan Garten has released a statement to the Times saying that Trump has had to pay millions of dollars in personal taxes over the last decade.
True or not, elite businessmen like Trump will always be able to minimize their tax bill by reporting heavy losses across their diverse business portfolio’s. For a guy who takes so much risk, it is logical to be given a tax break here and there. Though if true, the Internal Revenue Service or IRS should be re-evaluating whether $750 in income taxes per year is truly enough for a man with pockets like Donald Trump.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
Originally published at https://invstr.com on September 28, 2020.