Trump Paid Only $750 Federal Income Taxes in 2016 and 2017 As He Piled Up Losses and Debt
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President Donald Trump’s businesses have hemorrhaged hundreds of millions of dollars over the last two decades, allowing him to minimize his federal income tax bill to $0 or nearly $0 for many of the years in that period, according to a bombshell report published on Sunday by The New York Times.
Trump paid just $750 in federal income taxes in 2016 and another $750 the following year, the newspaper reported, and none at all in 10 of the previous 15 years.
The losses also strained Trump’s finances, according to the paper. He is personally responsible for more than $420 million in debt, most of which is coming due within the next four years, according to the Times.
According to the Times, the tax records do not reveal any previously unknown ties to Russia, which have been the subject of much speculation.
During his first two years in office, Trump took in $73 million from foreign sources, according to the Times.
The newspaper reported that the bulk of that money came from his golf properties in Scotland and Ireland, though he also received $3 million from the Philippines, $2.3 million from India and $1 million from Turkey, according to the paper.