Allegations of tax evasion rise against US President Donald Trump after his tax filings were revealed by the New York Times. According to the report byt the New York Times, the billionaire President had not paid any US federal taxes in the from 2005 to 2015. President Trump, who has repeatedly called on to choose US federal tax paying companies over foreign businesses reportedly only paid $750.00 in 2016 and 2017 when he ran for Presidency.
President Trump’s self-portrayal of a patriotic businessmen is further put into question as his financials returns submitted as the President of the United States indicate that he earned a net income of $434.9 million in 2018 yet his tax filings show a loss of $47.4 million. This is further exacerbated the tax paid by President Trump to foreign states for his business operations abroad. In 2017 President Trump paid $145,400.00 in taxes to India and $156,824.00 to Philippines compared to $750.00 paid in taxes to the US government.
President Trump’s loans and debts were also highlighted in the report which indicated that the business magnate was liable for an excess of $421 million in loans due to the failure of his Doral gold resort in Florida and Trump’s Washington hotel. The failure of the two properties meant that president Trump is financially struggling to keep up with the high stake $421 million loan which is due in four years.
The Congress also took an interest in the publishing with the Chair of the House Ways and Means Committee Richard Neal stating “It appears that the President has gamed ha tax code to his advantage and used legal fights to delay or avoid paying what he owes.”. He further commented on how President Trump is now the boss of a state body which he considers as an adversary and commented on the importance of how the Presidential audit program should remain free of any interference from President Trump.