The Times alleges that the president paid almost no taxes on many of his business revenues because he reported that the businesses made significant losses, it also claimed that the president has been making use of Tax Codes that enables business owners to “carry forward leftover losses to reduce taxes in future years”.
For example, the newspaper claims that in 2018, President Trump’s largest golf resort, Trump National Doral, near Miami, made $162.3m in losses. Similarly, his two golf courses in Scotland and one in Ireland, reported a combined $63.3m in losses, it is alleged.
Trump, who is known to have fiercely guarded his tax filings, is the only president to not make them public.
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The New York Times alleges that Donald Trump paid just $750 (£587) in federal income tax in 2016, the year he won the US presidency.
The president who didn’t hesitate to respond has already debunked the allegations through his twitter handle, called it a “FAKE NEWS!”
FAKE NEWS!— Donald J. Trump (@realDonaldTrump) September 28, 2020
Even though the newspaper had said that all the information it obtained was provided by sources with legal access to it.
Garten who is a lawyer for the Trump Organization told the Times that “most, if not all, of the facts appear to be inaccurate.”
I have heard in some places that the tax code can be very tricky but if you really understand it and can work around it, you will be alright.