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Trump’s Financial Records Show Years Of Tax Avoidance – Report

American Newspaper, The New York Times, says it has obtained tax-return data for United States President Donald Trump and his companies that covers more than two decades.

Trump has long refused to make this information public, making the documents the most sought-after in recent memory.

According to the extensive report published by The Times on Sunday, the American president paid no federal income taxes in 11 of 18 years examined by the newspaper.

His tax bill was reported to be only $750 in 2017 after he became president. He allegedly reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service (IRS).

Many of his signature businesses, including his golf courses, have reported losing large amounts of money — losses that have helped him to lower his taxes.

The Times also reported that as president, he has received more money from foreign sources and U.S. interest groups than previously known. But the records do not reveal any previously unreported connections to Russia.

US President Donald Trump (Photo Credit: ABC News)

Combined, Trump initially paid almost $95 million in federal income taxes over the 18 years, the report said. But he later managed to recoup most of that money, with interest, by applying for and receiving a $72.9 million tax refund, starting in 2010. The refund reportedly reduced his total federal income tax bill between 2000 and 2017 to an annual average of $1.4 million.

In 2012, he was said to have taken out a $100 million mortgage on the commercial space in Trump Tower. He appears to have paid off none of the principal of the Trump Tower mortgage, and the full $100 million comes due in 2022, the report said.

Losing his dispute with the IRS over the 2010 refund could see Trump owe the government more than $100 million (including interest on the original amount).

According to the report, the American president is personally responsible for loans and other debts totalling $421 million, with most of it coming due within four years.

Reacting to the report at a White House news conference on Sunday, Trump dismissed the content, describing it as “total fake news.”

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