Donald Trump’s tax secrets revealed

A report by the New York Times has exposed an alleged tax evasion by President Donald Trump of the United States.

In the report based on tax-return data covering over two decades for Trump and companies within his business organization, Trump paid extremely little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income.

Trump, who is seeking re-election in November this year, paid just $750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.

He was alleged to have minimized his tax bill by reporting heavy losses across his business empire.

According to the report, Trump claimed $47.4 million in losses in 2018, despite claiming income of at least $434.9 million in a financial disclosure that year.

In a statement to the Times, Alan Garten, a lawyer for the Trump Organization, said Trump had paid millions of dollars in personal taxes over the last decade, without weighing in on the specific income tax finding.

The Times also reported that Trump is currently embroiled in a decade-long Internal Revenue Service audit over a $72.9 million tax refund he claimed after declaring large losses.

Meanwhile at a White House news conference on Sunday, Trump denied the report, calling it “total fake news”.

Trump has consistently refused to release his taxes, departing from standard practice for presidential candidates, saying they are under audit.