Political reaction to The New York Times bombshell reporting Sunday that President Donald Trump paid just $750 in federal income taxes in both 2016 and 2017 and paid no federal income taxes in 11 of 18 years that The Times examined has been fast and furious.
While speaking with reporters Sunday evening at a news conference in the White House, President Trump dismissed the NYT report as “totally fake news. Made up. Fake,” adding that the IRS treats him “very badly.”
He followed that up on Twitter Monday by saying the “Fake News Media” is bringing up his taxes and “all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits…..”
“I am extremely under leveraged – I have very little debt compared to the value of assets,” Trump added in a subsequent tweet.
Not surprisingly, Democrats including Democratic presidential nominee Joe Biden and Speaker of the House Nancy Pelosi were quick to jump on the NYT reporting to attack Trump.
Biden, who will debate Trump on Tuesday night, released a video on Twitter late Sunday in response to the NYT report stating how much tax American workers like nurses and teachers pay compared to the $750 Trump reportedly paid in 2016 and 2017.
Teachers paid $7,239
Firefighters paid $5,283
Nurses paid $10,216Donald Trump paid $750 pic.twitter.com/5YE1cbYsBN
— Team Joe (Text JOE to 30330) (@TeamJoe) September 28, 2020
Pelosi released a statement Sunday night on the issue.
“The New York Times reporting provides a window into the extraordinary measures that President Trump has used to game the tax code and avoid paying his fair share of taxes, while hard working Americans are,” Pelosi said in a statement. “It is a sign of President Trump’s disdain for America’s working families that he has spent years abusing the tax code while passing a GOP Tax Scam for the rich that gives 83% of the benefits to the wealthiest 1%.”
Pelosi went on to say the “report provides further evidence of the clear need for the Ways and Means lawsuit spearheaded by Chairman Neal to access Trump’s tax returns and ensure the presidential audit program is functioning effectively, without improper influence.”
Neal (D-MA) said: “It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes.”
More reaction from prominent Democrats and Independents:
- Massachusetts Democrat Sen. Elizabeth Warren: “Donald Trump paid just $750 in income taxes in 2016 and 2017. He knows better than anyone that there’s one set of rules for the wealthy and giant corporations and another for hardworking Americans—and instead of using his power to fix it, he’s taken advantage of it at every turn.”
Donald Trump paid just $750 in income taxes in 2016 and 2017. He knows better than anyone that there’s one set of rules for the wealthy and giant corporations and another for hardworking Americans—and instead of using his power to fix it, he’s taken advantage of it at every turn. https://t.co/b8EsstEf5T
— Elizabeth Warren (@ewarren) September 27, 2020
- Vermont Independent Sen. Bernie Sanders: “Shock of shocks! Donald Trump, the self-proclaimed billionaire, received a $72.9 million tax refund from the IRS while not paying a nickel in federal income taxes in 10 out of 15 years,” tweeted Senator Bernie Sanders.“Yep. Trump l-o-v-e-s corporate socialism for himself, rugged capitalism for everyone else.”
Shock of shocks! Donald Trump, the self-proclaimed billionaire, received a $72.9 million tax refund from the IRS while not paying a nickel in federal income taxes in 10 out of 15 years.
Yep. Trump l-o-v-e-s corporate socialism for himself, rugged capitalism for everyone else.
— Bernie Sanders (@BernieSanders) September 27, 2020
- New York Democrat Rep. Alexandria Ocasio-Cortez: “In 2016 & ‘17, I paid thousands of dollars a year in taxes *as a bartender.* Trump paid $750. He contributed less to funding our communities than waitresses & undocumented immigrants. Donald Trump has never cared for our country more than he cares for himself. A walking scam.”
In 2016 & ‘17, I paid thousands of dollars a year in taxes *as a bartender.*
Trump paid $750.
He contributed less to funding our communities than waitresses & undocumented immigrants.
Donald Trump has never cared for our country more than he cares for himself. A walking scam. https://t.co/VZChbp8htu
— Alexandria Ocasio-Cortez (@AOC) September 28, 2020
More from the NYT reporting
The Times reporting published Sunday night starts off by saying it “obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.”
Within the next four years, more than $300 million in loans — obligations for which Trump is personally responsible — will come due, the newspaper said.
More from the NYT reporting:
- “He had paid no income taxes at all in 10 of the previous 15 years—largely because he reported losing much more money than he made.”
- “His finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed.”
- “Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.”
Other items of note:
- It does not include Trump’s personal returns for 2018 or 2019.
- It does not reveal any previously unreported connections to Russia.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
