First Presidential Debate 2020: Trump says he paid 'millions of dollars' in tax, Biden asks him to release returns
President Donald Trump, during the first presidential debate against Democratic nominee Joe Biden on Tuesday, September 30, claimed that he has paid "millions of dollars" in income tax. The Republican was asked about a report in the New York Times by moderator Chris Wallace, questioning Trump if it was true that he had only paid $750 in income tax in 2017, the year he assumed the White House.
"I paid millions of dollars in taxes. Millions of dollars in income tax," Trump said refusing to confirm or deny Wallace's questioning. When Biden asked him to release his tax returns, Trump insisted — as he did during his 2016 election —that his tax returns were currently under audit. "As soon as it's finished, you'll see it," Trump responded.
Trump's tax information published on Sunday, September 27, has suggested that the Republican is hundreds of millions of dollars in debt. The details in the president's tax returns obtained by The New York Times revealed that the Republican leader personally holds $421M of debt and loans, and most of this amount is due within four years. The exposé comes just two days before Trump and his political rival, Democratic presidential candidate Joe Biden, are set to face off in their first debate on Tuesday, September 29.
The Times reported: "In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show. He appears to be responsible for loans totaling $421M, most of which is coming due within four years."
Most of the president's debt allegedly comes from his properties, with the Doral golf resort in Florida costing him $125M and his Washington hotel another $160M, reports state. He allegedly also has a $100M mortgage on Trump Tower in New York, the payment of which is due in 2022. Meanwhile, his core enterprises, including his golf courses and his Washington hotel, are said to lose "millions, if not tens of millions, of dollars year after year".
The details of Trump's tax returns have been revealed nearly four years after he was elected into the White House. The Republican, during his 2016 presidential bid, defied convention and refused to publicly release his tax returns. Another shocking finding of the details released by The Times is that the president has not paid federal income taxes in 11 of 18 years. Trump reportedly paid just $750 per year in federal income taxes, significantly less than the amount than what many Americans from low-income households pay.
Trump, in an attempt to reduce his tax bills, reportedly took tax deductions on personal expenses such as housing, aircraft, and $70,000 to maintain his hairstyle while he was filming The Apprentice. Another business expense that stood out in the sheets was a nearly $100,000 payment made to eldest daughter Ivanka’s favorite hair and makeup stylist. According to the documents, Ivanka also reportedly received "consulting fees" while working as the Trump Organization's employee. The said fee reportedly assisted in reducing the family's tax bill, the outlet reported.
The Republican leader is currently involved in an audit with the Internal Revenue Service (IRS), which reportedly began in 2011 after Trump claimed and received a $72.9M tax refund. The legitimacy of the refund is currently being reviewed by the IRS. Reports state that a ruling against the president in the case could cost him over $100M. The information revealed in the documents obtained by the outlet consisted of information Trump had "disclosed to the IRS," and not from the findings of an independent financial examination by the agency.