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Top seven revelations from New York Times report on Trump income taxes

The New York Times on Sunday published the first in a series of stories based on President Donald Trump's tax returns, citing tax documents and data spanning two decades.The president dismissed the reports as "fake news" but demurred when asked if he would finally make his returns public. Trump is the first presidential candidate not to share his tax filings in four decades. The bottom line from the Times report: Trump has had small federal tax bills and major financial losses during his business career, and some of his tax maneuvers have come under legal scrutiny.Trump taxes:Trump refuses to discuss returns after report he paid only $750 in income taxes in 2016 and 2017Among The New York Times' findings:Trump paid very little to no federal income taxesIn some years Trump paid no taxes at all, thanks to business losses and write-offs that have come into question.The Times: "Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750. He had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made."Trump paid to other countries than USThe Times: "In 2017, the president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines."Trump faces a crunchThe IRS audit could force Trump to pay a massive tax bill, on top of millions in personally guaranteed loan debts that are coming due soon.The Times: "His finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed.
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