New York: The New York Times has reported that US President Donald Trump paid only $750 in federal income taxes in both 2016 and 2017, citing tax return data.
Trump also paid no income taxes in 10 of the last 15 years, the newspaper reported on Sunday, despite receiving $427.4m through 2018 from his reality television programme and other endorsement and licensing deals.
The US president is worth an estimated $2.1bn – down by $1bn during the coronavirus pandemic, according to the latest estimate by Forbes magazine.
For years, Trump has 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, Trump was able to minimise his tax bill by reporting heavy losses across his business empire.
The Times reported Trump claimed $47.4m in losses in 2018, despite claiming income of at least $434.9m in a financial disclosure that year.
