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Donald Trump has described the report by The New York Times that he paid just $750 in federal income tax in 2016, the year he became the President, as “phoney and fake”.
The Times had reported that Mr Trump paid no income tax in 10 out of the 15 years beginning in the year 2000.
The report also said the President minimized his tax bill by reporting heavy losses across all his business empire, including his golf course.
This is despite Mr Trump who had reportedly received $427.4 million through 2018 from his reality program and other licensing deals.
In his usual style of reaction, Mr Trump told reporters on Sunday that
“It’s totally fake news. Made up. Totally fake news.’
The President, without giving specifics argued that he has paid taxes, saying “made up, fake.”
For months, Trump has fiercely guarded the release of his financial records making him the only President in modern history who refused to release his tax filings despite his promises during his campaign in 2016 that he would.
The report by The Times does not include Mr Trump’s personal return for 2018 and 2019.
In his defence, Trumps Organisation lawyer, Alan Garten said: “most, if not all, of the facts, appear to be inaccurate”.
He added, “Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015.”
The Newspaper said the data it obtained covers 2 decades of Donald Trump tax returns.
The report comes at a time the President is preparing for his first presidential debate scheduled to hold on Tuesday, September 29.
The NYT report on Sunday also revealed that there was a $70,000 tax deduction for Mr Trump’s hairstyling for The Apprentice.
The reports also show that the “consulting fees” to the President’s eldest daughter, Ivanka helped lowered the tax bill.
Another item that formed part of the business expenses was a $100,000 was a payment made to Ivanka’s favourite hair and makeup stylist.
The New York Times report also indicted Trump for claiming $47.4 million in losses in 2018 despite recording income of at least $434.9 million in a financial disclosure for the same period.
Since 2016, Trump has continuously claimed that he hasn’t released his taxes because they are under audit.
Reacting to the report on Sunday, Mr Trump claimed that the IRS “treat me very badly”, maintaining the defence that his tax returns ‘Is under audit. It’s been under audit for a long time.’
Trump has previously been embroiled in a decade long IRS audit for over a $72.9 million tax return he received after declaring large losses.
The President might be compelled to pay $100 million if the IRS rules against him in the audit, according to The Times report.