Have paid millions in taxes, says President Trump
October 23, 2020
USA

Have paid millions in taxes, says President Trump

WASHINGTON (US) – President Donald Trump said on Monday he paid “many millions of dollars in taxes”, adding that he was eligible for depreciation and tax credits. He also said he was under-leveraged, having more assets than debt.

He was replying in a series of Tweets to a report appearing in the New York Times that he paid only $750 in federal income taxes in 2016 and 2017 after reporting heavy losses for years.

“I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits,” he tweeted. “I am extremely under leveraged – I have very little debt compared to the value of assets.”

Trump said he had “extraordinary assets” and boasted a “very impressive” financial statement.

Following the precedent set by his predecessors, he has refused to release his tax returns. Trump said it was because he was under by the Internal Revenue Service. However, the agency said there was no explanation why he cannot release his taxes while the audit is taking place.

The report said the president has hundreds of millions of dollars in debt amid losses in business and he used that to avoid paying taxes.

Trump accused the newspaper of obtaining the information about tax illegally.

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