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Political analyst Thom Serafin weighs in on Trump tax revelations
The New York Times reported Sunday that President Trump paid $750 in federal income taxes on 2016 and 2017, and nothing in ten of the previous 15 years. Political analyst Thom Serafin weighs in.
President Donald J. Trump paid $750 in federal income taxes in 2016, and $750 in federal income taxes in 2017, records obtained by the New York Times show.
The Times reported that Trump paid no federal income taxes in ten of the 15 years before 2016, largely because his reported financial losses were more than his income.
On Sunday afternoon, Trump called the story "fake news."
"It's totally fake news, made-up, fake. We went through the same stories, you could have asked me the same questions four years ago, I had to litigate this and talk about it. Actually I paid tax, you'll see that, as soon as my tax returns, it's under audit, they're been under audit for a long time, the IRS don't treat me well, they treat me like the Tea Party, they don't treat me well, they treat me very badly," Trump said.
In his annual financial disclosures required of him as president, the NY Times said that Trump presents a "distorted picture of his financial state, since they simply report revenue, not profit. In 2018, for example, Mr. Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses."