Skip to main content

New top story from Time: President Trump Paid $750 in Federal Income Tax in 2016 and 2017, New York Times Reports

https://ift.tt/3cFlP30

President Donald Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House, according to a report Sunday in The New York Times.

Trump, who has fiercely guarded his tax filings and is the only president in modern times not to make them public, paid no federal income taxes in 10 of the past 15 years.

The details of the tax filings complicate Trump’s description of himself as a shrewd and patriotic businessman, revealing instead a series of financial losses and income from abroad that could come into conflict with his responsibilities as president. The president’s financial disclosures indicated he earned at least $434.9 million in 2018, but the tax filings reported a $47.4 million loss.

The tax filings also illustrate how a reputed billionaire could pay little to nothing in taxes, while someone in the middle class could pay substantially more than him. Nearly half of Americans pay no income taxes, primarily because of how their low incomes are. But IRS figures indicate that the average tax filer paid roughly $12,200 in 2017, about 16 times more than what the president paid.

The disclosure, which the Times said comes from tax return data it obtained extending over two decades, comes at a pivotal moment ahead of the first presidential debate Tuesday and weeks before a divisive election against Democrat Joe Biden.

Speaking at a news conference Sunday at the White House, Trump dismissed the report as “fake news” and maintained he has paid taxes, though he gave no specifics. He also vowed that information about his taxes “will all be revealed,” but he offered no timeline for the disclosure and made similar promises during the 2016 campaign on which he never followed through.

In fact, the president has fielded court challenges against those seeking access to his returns, including the U.S. House, which is suing for access to Trump’s tax returns as part of congressional oversight.

During his first two years as president, Trump received $73 million from foreign operations, which in addition to his golf properties in Scotland and Ireland included $3 million from the Philippines, $2.3 million from India and $1 million from Turkey, among other nations. The president in 2017 paid $145,400 in taxes in India and $156,824 in the Philippines, compared to just $750 in U.S. income taxes. The Times said the tax records did not reveal any unreported connections to Russia.

Trump found multiple ways to reduce his tax bills. He has taken tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed “The Apprentice.” Losses in the property businesses solely owned and managed by Trump appear to have offset income from his stake in “The Apprentice” and other entities with multiple owners.

During the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations. The Times said $9.7 million worth of business investment credits that were submitted after Trump requested an extension to file his taxes allowed him to reduce his income and pay just $750 each in 2016 and 2017.

Income tax payments help finance the military and domestic programs.

Trump, starting in 2010, claimed and received an income tax refund that totaled $72.9 million, which the Times said was at the core of an ongoing audit by the IRS. The Times said a ruling against Trump could cost him $100 million or more. He also has more than $300 million in loans due to be repaid in the next four years.

Richard Neal, D-Mass., the chair of the House Ways and Means Committee who has tried unsuccessfully to obtain Trump’s tax records, said the Times report makes it even more essential for his committee to get the documents.

“It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes,” Neal wrote in a statement. “Now, Donald Trump is the boss of the agency he considers an adversary. It is essential that the IRS’s presidential audit program remain free of interference.”

A lawyer for the Trump Organization, Alan Garten, and a spokesperson for the Trump Organization did not immediately respond to a request for comment from The Associated Press on the report.

Garten told the Times that “most, if not all, of the facts appear to be inaccurate.”

He said in a statement to the news organization that the president “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 New York Times said it declined to provide Garten with the tax filings in order to protect its sources, but it said its sources had legal access to the records.

During his first general election debate against Democrat Hillary Clinton in 2016, Clinton said that perhaps Trump wasn’t releasing his tax returns because he had paid nothing in federal taxes.

Trump interrupted her to say, “That makes me smart.”

Comments

Popular posts from this blog

L Taraval Improvement Project Update

L Taraval Improvement Project Update By Sevilla Mann Roundtable at the Community Parklet Shares Project Updates  This past week, the SFMTA hosted a media roundtable discussing updates about the L Taraval Improvement Project at the community parklet located in front of the The Rolling Out Café  on Taraval St.   Segment B construction began in February 2022 and is scheduled to be completed Fall 2024. Sewer and water infrastructure work is currently taking place. Future work includes track work, overhead line work, the construction of new boarding islands and streetscape improvements.    On hand to answer questions and provide updates was District Four Supervisor Gordon Mar, SFMTA Board Director Sharon Lai and Director of Transportation Jefferey Tumlin.   The Roundtable  Supervisor Mar opened the discussion by highlighting the many benefits that the local community will receive with the planned infrastructure upgrades along the corridor. These benefits include:   Replacing sew

FOX NEWS: Cincinnati zoo renames sloth habitat after late 1-year-old who loved sloths The sloth habitat at Ohio's Cincinnati Zoo will be named after a toddler who recently passed away.

Cincinnati zoo renames sloth habitat after late 1-year-old who loved sloths The sloth habitat at Ohio's Cincinnati Zoo will be named after a toddler who recently passed away. via FOX NEWS https://ift.tt/3DLAshi

IPL 2020 | KKR, SRH search for first win to get off the mark https://ift.tt/333a9nc

Having suffered defeats in their opening games, the Kolkata Knight Riders and Sunrisers Hyderabad will lock horns on Saturday at the Sheikh Zayed Stadium in Abu Dhabi. While Kolkata faced a tough 49-run loss to defending champions Mumbai Indians, the Sunrisers suffered a monumental batting collapse against Royal Challengers Bangalore, losing the game by 10 runs.

FOX NEWS: Decadent double chocolate mint cookies for National Chocolate Day National Chocolate Day on Oct. 28th calls for a serious dose of chocolate.

Decadent double chocolate mint cookies for National Chocolate Day National Chocolate Day on Oct. 28th calls for a serious dose of chocolate. via FOX NEWS https://ift.tt/3nEJxSB

Muni’s Equity Toolkit Helps Essential Employees Get to Work

Muni’s Equity Toolkit Helps Essential Employees Get to Work By Mariana Maguire The latest data from SFMTA’s new  Equity Toolkit  shows that Muni service changes are helping people in neighborhoods identified by our  Muni Service Equity Strategy  access more jobs and support the city’s recovery.   In winter 2020, we launched the  SFMTA Equity Toolkit  to understand how service decisions are affecting neighborhoods where there is likely a high prevalence of essential workers who rely predominantly on Muni to get to their essential jobs. Our goal is to make better service decisions based on the trends and impacts we see in the Equity Toolkit.   Recently, the greatest increases in access to jobs via Muni have been in Hunters Point and Western Addition. The Hunters Point neighborhood saw the largest gains from the addition of the  15 Bayview-Hunters Point Express , as demonstrated in the table below. Thanks to the return of key Muni lines and increased frequencies on connector routes, I

Powered Scooters Charge City’s Transportation Recovery

Powered Scooters Charge City’s Transportation Recovery By Jason Hyde The SFMTA is releasing its next round of Powered Scooter Share permits on July 1. Scooters remain a sustainable mode of travel and a complement to Muni and public transit service as the city recovers from the pandemic and San Franciscans begin to travel more. The SFMTA’s Powered Scooter Share Program is essential in ensuring that shared scooter operations support the city’s economic recovery in a safe, sustainable, and equitable way.  The SFMTA received four submittals for the permit program and will issue permits to two operators : Spin and Lime. Permits will be in effect for a one-year term, with the option to extend for another year at the discretion of the SFMTA based on compliance with various program metrics. While the new permit program does not set a limit on the number of scooters each operator may deploy, it does limit the overall citywide fleet size at 10,000. Starting at a base of 2,000 scooters per

New top story from Time: 3 Killed in Northern California as Wildfires Force Thousands to Evacuate

https://ift.tt/34at2Uy (SAN FRANCISCO) — Northern California’s wine country was on fire again Monday as strong winds fanned flames in the already scorched region, destroying homes and prompting orders for nearly 70,000 people to evacuated. Meanwhile, three people died in a separate fire further north in the state. In Sonoma County, residents of the Oakmont Gardens senior living facility in Santa Rosa boarded brightly lit city buses in the darkness overnight, some wearing bathrobes and using walkers. They wore masks to protect against the coronavirus as orange flames marked the dark sky. The fire threat forced Adventist Health St. Helena hospital to suspend care and transfer all patients elsewhere. The fires that began Sunday in the famed Napa-Sonoma wine country about 45 miles (72 kilometers) north of San Francisco came as the region nears the third anniversary of deadly wildfires that erupted in 2017, including one that killed 22 people. Just a month ago, many of those

Traffic Collisions have Decreased on San Francisco’s Slow Streets

Traffic Collisions have Decreased on San Francisco’s Slow Streets By Julia Malmo   As a whole, Slow Streets are safer than they were before being designated Slow Streets  Streets that are part of the SFMTA’s  Slow Streets Program have become measurably safer since the program began in 2020, with the number of traffic crashes falling by almost half. On average, these corridors have seen a 48% drop in collisions following their designation as Slow Streets, compared with a 14% drop in collisions citywide over the same period. Slow Streets also are more welcoming for people who walk, bike and roll. Fewer than 1,000 vehicles per day use all but four of the current Slow Streets (20th Street, Minnesota Street, Noe Street, and Page Street).  The goal of the program is to create safe, shared streets that are comfortable and enjoyable for people of all ages and abilities, using any mode of transportation. We now can see how it’s doing in a new evaluation report . When the SFMTA Board appr

New top story from Time: How History Is Repeating Itself for Haitian Migrants Trying to Enter the U.S.

https://ift.tt/3upRk9U In the past 11 years alone, Haitians have suffered natural disasters, rising gang violence, outbreaks of cholera and COVID-19, and political instability, including the recent assassination of President Jovenel Moïse . The crises left many in the hemisphere’s poorest nation feeling they had no option but to leave—despite the difficulties they face in fleeing to other countries. In late September, Americans were confronted with the reality of those difficulties too. An estimated 15,000 people arrived in Del Rio, Texas, during the month, below a bridge connecting the city to Mexico’s Ciudad Acuña. A majority were Haitian nationals, migrants and asylum seekers who ended up living in tents or under tarps, in conditions similar to those in other camps that have formed along the U.S.-Mexico border in recent years. [time-brightcove not-tgx=”true”] Read more: Caught Between U.S. Policies and Instability at Home, Haitian Migrants in Tijuana Are in a State of L

https://ift.tt/eA8V8J कोरोना सकंट में TV सीरियल की शूटिंग शूरू, मास्क लगाकर पहुंचे स्टार्स- निया, पार्थ से लेकर रश्मि-PICS

कोरोना वायरस के चलते जारी लॉकडाउन में टीवी व फिल्मों की शूटिंग बंद थी। कोरोना के खतरे को देखते हुए तमाम सीरियल की शूटिंग रोक दी गई तो वहीं फिल्मों को रिलीज अटक गई। एंटरटेंमेंट इंडस्ट्री को कोरोना के चलते करोड़ों from टेलीविजन की खबरें | Television News in Hindi | TV Serials Update in Hindi – FilmiBeat Hindi http:/hindi.filmibeat.com/television/tv-shooting-starts-kasauti-zindagi-kay-naagin-nia-sharma-parth-samthaan-rashmi-desai-pics-090604.html?utm_source=/rss/filmibeat-hindi-television-fb.xml&utm_medium=23.11.231.156&utm_campaign=client-rss