WASHINGTON (Reuters) – U.S. President Donald Trump stated on Monday he paid “many tens of millions of {dollars} in taxes” however was entitled to depreciation and tax credit and likewise stated he was under-leveraged, having extra belongings than debt.
The Republican president responded in a collection of Twitter posts to a New York Instances report that he paid simply $750 in federal revenue taxes in each 2016 and 2017, after years of reporting heavy losses from his enterprise enterprises.
“I paid many tens of millions of {dollars} in taxes however was entitled, like everybody else, to depreciation & tax credit,” he wrote on Twitter. “I’m extraordinarily beneath leveraged – I’ve little or no debt in comparison with the worth of belongings.”
The Republican president, who will face Democratic rival Joe Biden on Tuesday night time for his or her first debate earlier than the Nov. 3 election, stated he had “extraordinary belongings” and boasted a “very IMPRESSIVE” monetary assertion.
Nevertheless, he has refused to launch his tax returns, as presidents and presidential candidates have performed for many years. Trump says it’s as a result of he’s beneath audit by the Inside Income Service however the company has stated there is no such thing as a cause he can not launch his taxes whereas beneath audit.
Trump has tons of of tens of millions of {dollars} in debt amid power enterprise losses that he makes use of to keep away from paying taxes, the Instances reported. It stated it has obtained tax-return information overlaying greater than 20 years for Trump and his companies.
Trump accused the Instances of getting obtained the tax info illegally, which the newspaper has denied.
He has rejected the Instances report as inaccurate.
(This story corrects to delete further phrase ‘Trump’ in first paragraph)
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