iNDICA NEWS BUREAU-
According to an explosive report revealed by the New York Times recently, in 2017, President Donald Trump paid only $750 in personal taxes to the U.S. Department of Treasury. But the same year, reported to the Internal Revenue Service that “he or his companies” paid $145,400 in taxes in India.
In addition, in the first two years of his presidency, Trump’s companies have received $2.3 million in licensing deals from India.
This report is based on the president’s tax filings extending over more than two decades.
It said Trump paid “$750 in federal income taxes the year he won the presidency” and “another $750” in his first year as the president.
“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,” the paper said.
“Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.”
Since he announced his candidacy in 2015, he has refused to release tax returns to the American public, unlike all other Republican and Democratic candidates since the 1970s.
The Times, which has been aggressively reporting Trump’s taxes, writes: “The picture that perhaps emerges most starkly from the mountain of figures and tax schedules prepared by Mr. Trump’s accountants is of a businessman-president in a tightening financial vise.”
The paper said most of his core businesses, including his golf courses and a hotel in Washington, DC, reported losing millions of dollars “year after year.”
Other revelations contained in the report include:
The revenue from the successful reality show “The Apprentice” is drying up,
A decade-long audit battle with the IRS “over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses” is pending and an “adverse ruling could cost him more than $100 million.”
Within the next four years, “more than $300 million in loans — obligations for which he is personally responsible — will come due.”