President Trump and a lawyer for the Trump Organization denied claims in The New York Times’ report on his tax returns, which were illegally leaked to the paper, calling them “fake news.”
The paper alleges he paid no federal income taxes for 10 out of the past 15 years due to reporting losses greater than what he made, and that he only paid $750 to the federal government “the year he won the presidency” and “in his first year in the White House.”
During a press briefing on Sunday, Trump, who has refused to release his tax filings, said the claims were “totally made up.”
“Everything was wrong, they are so bad,” he added. “I’ve paid a lot and I’ve paid a lot of state income taxes too.”
Trump said he will be "proud to show you" his returns when they are not "under audit" by the IRS. “It’ll all be revealed. It’s all going to come out.”
Alan Garten, a Trump Organization attorney, also denied the allegations that Trump paid so little in taxes, saying in a statement that he "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.”
“The New York Times’ story is riddled with gross inaccuracies. Over the past decade the President has paid tens of millions of dollars in personal taxes to the federal government," Garten said, reports Fox News. "While we tried to explain this to the Times, they refused to listen and rejected our repeated request that they show us any of the documentation they purport to be relying on to substantiate their claims."
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The paper refuses to show the documents to protect their sources.
"Obviously this is just part of the Times’ ongoing smear campaign in the run up to the election,” Garten added.
Ryan Ellis, tax expert and president of the Center for a Free Economy, gave his take on the story in a Twitter thread, arguing it's "nothing more than the 'Orange Man Bad' version of 'gotcha' pieces liberal journalists routinely run about how big companies don’t pay taxes."
The president has the same right to privacy in his tax returns that you or I have. I’m all for voluntary disclosure by presidents and candidates, but as an Enrolled Agent I can’t emphasize enough what a violation of trust this leak is. 3/https://t.co/1LxVEbJlRG
— Ryan Ellis (@RyanLEllis) September 28, 2020
Consulting fees, legal fees, bad debt deductions, depreciation, charitable contributions, capital losses, passive loss deductions, etc. are part and parcel of what tax returns look like for high income folks. There’s nothing unusual about finding them. 5/https://t.co/1LxVEbJlRG
— Ryan Ellis (@RyanLEllis) September 28, 2020
Here is where the story could do a better job explaining the distinction between tax evasion (which is illegal) and tax avoidance (reducing taxes via legal planning, something we all do). 7/https://t.co/1LxVEbJlRG
— Ryan Ellis (@RyanLEllis) September 28, 2020
The tax code is full of these legal, legitimate tax planning opportunities. In order to use them, you usually have to risk significant capital, be willing to endure years of losses, and generally be in the business of business. 9/https://t.co/1LxVEbJlRG
— Ryan Ellis (@RyanLEllis) September 28, 2020
Just be ready to pay a lot in taxes. You wouldn’t know it by reading this hatchet job of a story, but our tax system is extremely progressive. The more you earn, the more you pay in taxes. Trump did in years where he wasn’t recovering business losses. 11/ https://t.co/1LxVEbJlRG
— Ryan Ellis (@RyanLEllis) September 28, 2020
This story is nothing more than the “Orange Man Bad” version of “gotcha” pieces liberal journalists routinely run about how big companies don’t pay taxes. The stories invariably cherry pick years and items favorable to the story’s bias. 13/ https://t.co/1LxVEbJlRG
— Ryan Ellis (@RyanLEllis) September 28, 2020
Epitaph: https://t.co/b2RWDb2tTb
— Ryan Ellis (@RyanLEllis) September 28, 2020
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