The New York Times published an explosive report diving into over two decades of President Trump’s tax returns, which reveal he paid no income taxes at all in 10 of the last 15 years. The report also finds he paid just $750 in federal income tax in 2016, the year he was elected. According to the Times, Trump minimized his taxes by reporting massive losses across his businesses, including his golf courses and his hotel in Washington, D.C. The Trump family also reduced its tax bill by paying so-called consulting fees to Ivanka Trump as an employee of the Trump Organization.
The Times also reveals Trump has been locked in a battle with the IRS over a $73 million tax refund he claimed after his casino business in Atlantic City collapsed. Trump could be forced to pay over $100 million if he loses. In addition, Trump has over $300 million in loans he personally guaranteed that will soon come due. Trump dismissed The New York Times report as “fake news.” We’ll have more on this story after headlines.