A New York Times investigation has revealed that U.S President Donald Trump paid no income taxes in 10 of the last 15 years despite receiving $427m through from his reality television programme and other endorsement and licensing deals.
The report also alleges that President Trump paid only $750 in federal income taxes in both 2016 and 2017.
For years, Mr Trump refused to make public his tax records, and has fought legal efforts compelling him to do so, saying they are under audit.
According to the New York Times report, he was able to minimise his tax bill by reporting heavy losses across his business empire.
The newspaper reported that the president is facing a “decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9m tax refund that he claimed, and received, after declaring huge losses.
Related posts:
Tax board brainstorms on ways to increase income tax
S’ Africa sets new income tax rate for high earners to boost revenue
FIRS to improve tax income revenue following crash in oil prices
FG to exempt minimum wage earners from Personal Income Tax
Nigeria generates N1.41 trillion from income tax in 2020 – NBS
Fmr U.S President Trump asked to pay NY Times almost $400,000 in legal costs
Over N32.3bn paid to 7,998 retirees in two years- LASG
Sani Abacha: Reflecting on Life and Times of Nigeria’s Former Head of State 25 Years After His Death
