US President Donald Trump said Monday that he had paid “many millions of dollars in taxes” but was entitled to write-offs and tax credits and was under-leveraged as he had more assets than debt.
The Republican president responded to a New York Times report in a series of Twitter posts that he paid just $ 750 in federal income taxes in both 2016 and 2017 after years of reporting heavy losses from his business operations.
“I paid millions of dollars in taxes, but like everyone else, I was entitled to write-offs and tax credits,” he wrote on Twitter. “I’m extremely underfunded – I have very little debt for the value of an asset.”
The Republican president, who will face Democratic rival Joe Biden in his first pre-election debate Tuesday night on Tuesday evening, said he had “extraordinary assets” and “very impressive” financial statements.
However, he has refused to publish his tax returns, as presidents and presidential candidates have done for decades. Trump says it’s because he’s being audited by the Internal Revenue Service, but the agency has said there’s no reason he can’t clear his taxes during the audit.
Trump has hundreds of millions of dollars in debt amid chronic business losses avoiding paying taxes, the Times reported. It is said to have received tax return data for more than two decades for Trump and his companies.
Trump accused the Times of illegally obtaining the tax information, which the newspaper has denied.
He rejected the Times report as inaccurate.
(This story was not edited by GossipMantri staff and is automatically generated from a syndicated feed.)