In a string of tweets on Monday morning, President Donald Trump further denied allegations made in a New York Times report that he had not paid income taxes 10 of the past 15 years.
Trump insisted on Twitter that he had paid "many millions of dollars in taxes" and that he was "entitled, like everyone else, to depreciation & tax credits."
According to The New York Times, which claimed to have obtained two decades of Trump's returns, the then-real estate mogul leveraged hundreds of millions of dollars that he earned from hosting "The Apprentice" into several expensive projects that have resulted in massive losses. The Times reports that while Trump said in a 2018 public filing that he made $434.9 million in revenue, his tax records indicate he lost $47.4 million that year. Trump then used those losses to avoid paying income taxes, the Times reports.
The Times also reported that Trump paid just $750 in income taxes in 2016 and 2017, and is "personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years."
Trump argues that because of his "extraordinary assets," he, in fact, is "extremely well leveraged."
"I have very little debt compared to the value of assets," Trump tweeted.
Prior to publishing its reports, The New York Times says Trump Organization lawyer Alan Garten claimed that “most, if not all, of the facts appear to be inaccurate.” During a press conference at the White House on Sunday, Trump called the Times report "fake news."
.....Also, if you look at the extraordinary assets owned by me, which the Fake News hasn’t, I am extremely under leveraged - I have very little debt compared to the value of assets. Much of this information is already on file, but I have long said that I may release....
— Donald J. Trump (@realDonaldTrump) September 28, 2020
.....Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!
— Donald J. Trump (@realDonaldTrump) September 28, 2020
Trump has long shielded his taxes from the American public, and is the first modern president to not make his returns public. He's stated in the past that he has been unable to release his returns because the IRS is auditing him — something the IRS has said in the past would not prevent him from making his returns public.
Trump and his lawyers are currently in a legal battle in order to keep his returns private and out of the hands of the House Oversight Committee.