Trump claims, with out offering proof, that he has little debt and paid tens of millions in taxes in keeping with the NYT report
United States President Donald Trump speaks to reporters during a press conference in the James S. Brady Briefing Room at the White House on September 27, 2020 in Washington, United States.
Ken Cedeno | Reuters
President Donald Trump claimed Monday that he had paid "many millions of dollars in taxes" and "very little debt" after a bombshell report in the New York Times found that he had paid practically no income taxes for several years and with more than $ 400 was faced with millions in threatened loan and debt repayments.
But Trump, in his tweet making this claim, offered no evidence or blatantly said that he had paid millions of dollars in "income taxes," which was the gist of the Times article.
Trump wrote in the same tweet thread that he has "very little debt compared to the value of assets," although the Times report said otherwise.
Trump, who has been in the White House for nearly four years, tweeted that he "may" publish financial statements listing his properties, assets and liabilities. He didn't say why he hasn't done this before.
Trump has consistently refused to publish his income tax return, claiming he cannot do so because he is under scrutiny. However, there is no restriction on a taxpayer to release their tax returns during the audit.
The president is also conducting one final lawsuit in a federal appeals court to prevent Manhattan District Attorney Cyrus Vance Jr. from getting his income tax return and other financial records from Trump's accountants for eight years on a criminal investigation.
The Times reported Sunday that Trump had paid just $ 750 a year in income taxes for the past two consecutive years, 2016 and 2017.
"He had paid no income tax at all in 10 of the last 15 years – mainly because he said he had lost a lot more money than he earned," the Times reported on its website two days before the first presidential debate between Trump and the Democratic candidate Joe on Tuesday Biden, the former vice president.
The article undermined Trump's boast of brilliant business acumen, saying that through consistent business losses, he burned hundreds of millions of dollars received from his father, his work on the reality television show "The Apprentice" and bank loans.
"He also has a decade-long scrutiny battle with the Internal Revenue Service over the legitimacy of a $ 72.9 million tax refund that he applied for and received after declaring huge losses. A negative decision could make him more than $ 100 million US dollars. " the Times reported.
But Trump pushed the report back in a series of tweets on Monday morning.
"The Fake News Media, just like the 2016 election time, brings up my taxes and all sorts of other nonsense with illegally obtained information and only malicious intent. I paid many millions of dollars in taxes but like everyone else was entitled to write-offs & tax credits," wrote Trump in a tweet.
"If you look at the extraordinary assets that are mine that the fake news doesn't have, I'm extremely underfunded – I have very little debt for the value of the assets. Much of this information is already on file, but I have Long said that from the time I announced that I would run for president, I would publish financial reports listing all properties, assets and debts, "added the president.
"It's a very impressive statement and also shows that I am the only president who has given up my annual salary of $ 400,000 plus presidential money!"
Timothy O'Brien, an opinion columnist for Bloomberg News who was charged by Trump with defamation over a book he wrote about the president's finances, wrote Monday that Trump's debt, which O'Brien believes that it is much higher than the Times reports, making it a national security threat.
"Given his debt, reliance on overseas revenue, and refusal to authentically distance himself from his business, Trump poses a profound threat to national security – a threat that will only escalate if he is re-elected," O & wrote # 39; Brien, who won Trump's lawsuit.
Laurence Tribe, a Harvard law professor and Trump critic, tweeted O & # 39; Brien's article, adding that Trump's creditors have a significant impact on the president because of the size of his reported debts.
"That puts them in a position to crush us all while he's president," Tribe wrote.
"Two takeaways: 1. If he stays in office, it will endanger our national security. 2. He really wants to keep his office in order not to go to jail," Tribe wrote.
Rep. Ted Lieu, D-Calif., Reiterated in a tweet, writing, "Any American who files a tax return that looks like #TrumpTaxes will be denied a security clearance."
Lieu added that Trump is "a walking national security obligation. It can be used by foreign powers. Actually pretty sure it has already done so."
Biden's campaign wasted no time using the Times report and running a new ad contrasting the president's tax payments with those of working-class Americans.
"Teachers paid $ 7,239. Firefighters paid $ 5,283. Nurses paid $ 10,216. Donald Trump paid $ 750," tweeted the Biden campaign.