Donald Trump accused The Times of illegally obtaining tax information (File)
Washington:
US President Donald Trump said on Monday he had paid “several million dollars in taxes” but was entitled to write-offs and tax credits and also said he was under-indebted, having more than assets than debts.
The Republican President responded in a series of Twitter posts to a New York Times report that he paid just $ 750 in federal income taxes in 2016 and 2017, after years of reporting heavy losses in the share of its companies.
“I paid several million dollars in taxes but I was entitled, like everyone else, to depreciation and tax credits,” he wrote on Twitter. “I am extremely under-leveraged – I have very little debt relative to the value of the assets.”
The Republican president, who will face his Democratic rival Joe Biden on Tuesday night for their first debate ahead of the Nov. 3 election, said he has “extraordinary assets” and boasted of a “very AWESOME” financial condition.
However, he refused to release his tax returns, as presidents and presidential candidates have been doing for decades. Trump says it’s because he’s being audited by the Internal Revenue Service, but the agency said there was no reason he couldn’t clear his taxes during that it was being audited.
Trump has hundreds of millions of dollars in debt amid chronic business losses that he uses to avoid paying taxes, the Times reported. He said he obtained tax return data spanning more than two decades for Trump and his companies.
Trump accused The Times of illegally obtaining tax information, which the newspaper denied.
He dismissed the Times report as inaccurate.
(This story was not edited by GalacticGaming staff and is auto-generated from a syndicated feed.)
