The New York Times issued a report about President Donald Trumps income taxes. In the New York Times report they mention that the President has not paid taxes in ten of the last 15 years. It also mentions that in 2016 and in 2017 the President only paid $750 in federal income taxes. The article also adds that the President claimed heavy losses from his business empire, citing tax-return data. The article mentions details and mentions that in 2018 President Trump was able to reduce his tax bill by claiming a nearly $47 million loss despite claiming income of over $430 million in a financial disclosure that same year.
The New York Times had obtained the Presidents tax-return data going back two decades but did not have complete information for 2018 and 2019 tax years. The New York Times also reported that the President has been in a decade long IRS audit over a nearly $73 million dollar tax refund he claimed after claiming heavy losses. If the IRS rules against the President, he would have to pay over $100 million to the IRS.
This is breaking news as President Trump is the only President to now release at least ten years of their taxes in the past 54 years. Trump in his usual fashion has called the New York Times article “fake news.”
Social Media has responded to this breaking news about the President. On twitter the Pennsylvania Treasury @PATreasury tweeted this: “Most People pay more than $750 in taxes. On the Facebook group titled The people for Bernie Sanders posted a meme that says “Bernie Sanders Paid $343,882 in taxes in 2017 Donald Trump Paid $750, Guess which one is fighting to write a tax code that works for the working people?” Another tweet from is from an average citizen named Jana (no last name given) @jokacolaclassic and Jana tweeted: “One of my prescriptions costs more than he paid in taxes.” This quote followed by a picture of her receipt. There is a large percentage of the American population that is feeling that the is an example of the rich keep getting richer and that our politicians are simply out of touch with the common American citizen.
Wow! This is fascinating. I’ve also heard and seen things on social media regarding the amount that Trump paid in taxes. Some tweets I read in particular said that many people pay more in monthly rent than Trump had paid in taxes in 2016 and 2017. It’ll be quite interesting to see how the President responds to this outrage (if at all). Great post.
I found this post to be good and very informational. It was detailed and very well out together. Great job!!!