The US President’s tax information was allegedly obtained by the New York Times, who published the data on Sunday. Other findings include Mr Trump paying only $750 dollars in federal income taxes for 2016 and 2017. It comes after the President failed to release the information on multiple occasions, breaking a 40-year tradition for US leaders. The information from the report does not include 2018 and 2019 tax data.
On Sunday, the New York Times published what they claim to be tax information from Mr Trump for the past 15 years.
The report said the President paid low to no income tax “largely because he reported losing much more money than he made”, with Mr Trump claiming millions in losses.
The report added: “Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year.”
Mr Trump also owes more than $300 million dollars over the next four years in personal loans.
READ MORE: Battle for power in US elections as Trump and Biden gear up for presidential debates
The report also revealed Mr Trump may face a bill of “more than $100m” should he lose a “decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9m tax refund that he claimed, and received, after declaring huge losses”.
In a savage attack on the President’s previous claims about his taxes, the paper said: “The tax returns that Mr Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public.”
Bill Pascrell, New Jersey House Democrat, called the report a “blockbuster” and panned the President as “disgusting”.
He added: “I have been leading Congress’s fight to get the Trump tax returns since he took office.
“I’m going to be reading every word of this blockbuster to see how far the crimes go. Wow.”
Mr Trump has responded to the reports and firmly denied their accuracy, claiming the Times report was “totally fake news”.
In a White House press conference, the President said: “Actually, I paid tax. And you’ll see that as soon as my tax returns.
“It’s under audit, they’ve been under audit for a long time, the IRS does not treat me well, they treat me like the Tea Party, like they treated the Tea Party, and they don’t treat me well.”
Mr Trump has long claimed his tax information is under audit, and has repeatedly said he will release them when the process is concluded.
Notably, Mr Trump claimed his tax information was being “worked on” during his 2016 presidential campaign.
Donald Trump warning: Lib Dems plan pro-EU push if Trump wins election [ANALYSIS]
Donald Trump’s ‘wonderful’ response to coronavirus praised [VIDEO]
Donald Trump plans to ‘fast track’ and ‘buy up’ UK’s Oxford Vaccine [INSIGHT]
The President was pressed for more information at the White House briefing, where he was asked to give an idea of how much he paid in federal income tax.
Mr Trump said: “First of all, I’ve paid a lot and I’ve paid a lot of state income taxes, too. … It’ll all be revealed.
“It’s going to come out, but after after the audit. They’re doing their assessment. We’ve been negotiating for a long time.
“Things get settled, like in the IRS. But right now when you’re under audit, you don’t do it.
“You don’t do that. So we’re under audit. But the story is a total fake.”
Alan Garten, a lawyer for the Trump Organisation, added to the Times that “most, if not all, of the facts appear to be inaccurate”.
He said: “Over the past decade, President Trump 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.”
It follows Cyrus Vance Jr, Democrat New York District Attorney, attempting to subpoena Mr Trump tax records in 2019.
This year, the Supreme Court ruled in favour seven to two that Mr Trump is not immune from criminal investigation while sitting as President.
Hillary Clinton, Democrat nominee for President in 2016, also challenged Mr Trump in a debate about his low tax payments.
Mr Trump said at the time not paying federal income tax “makes me smart”.