Donald Trump: Did the US President take "extraordinary steps to avoid paying taxes"?

According to a report in the New York Times, Donald Trump paid only  750 dollar income tax a year before he became president (2016) and during his first year in office (2017).

The paper says it has a two-decade tax record on President Trump and his companies. His report claims that Trump has not paid any income tax in 10 of the last 15 years.

 "According to records, there was a huge loss (in business) and tax evasion for many years," it said.

 President Trump: This is fake news

 "I actually paid taxes," President Donald Trump told reporters Sunday. And you can see that in my tax records. It is currently being audited. My tax records have been audited for a long time.

The IRS (Internal Revenue Service) does not treat me well ... They treat me badly. The IRS will also have their people. They treat me very badly. '

 Trump has also faced legal difficulties for not disclosing documents relating to his wealth and business. He has not disclosed his tax record to the US president since the 1970s, but is not required by law to do so.

 According to the New York Times, he was "provided with the information by sources who had legal access to the record."

The report comes just days after President Trump took part in a debate with his Democratic rival Joe Biden ahead of the US presidential election. This election is going to be held on November 3.

 What are the major allegations in the report?

 The New York Times reports that it has reviewed President Trump, the Trump organization's companies in the 1990s, as well as his personal tax payments in 2016 and 2017.

 It said Trump paid only 7 750 in taxes in 2016 and 2017, while he paid no taxes for 10 of the last 15 years. "The main reason is that they said they had suffered a lot (in business)."

Even before he became president, Trump was a prominent businessman and property tycoon in the United States.

 But the newspaper quoted Trump as saying in the IRS that "he is a businessman who earns millions, millions of dollars a year, but also aggressively loses a lot of money to avoid taxes."

 In public documents, President Trump said he earned at least 434. 9 million in 2018. Rejecting the statement, the newspaper said that President Trump's business had lost 47.4 million.

Both The Trump Organization and Trump have rejected the report.  Alan Garton, the company's chief legal officer, told the newspaper:

 "Over the past decade, President Trump has paid millions of dollars in personal taxes to the federal government," he said.  That includes millions of dollars in personal taxes since becoming a presidential candidate in 2015.

 What else is stated in the report?

 The paper also claims that Trump's "often" large businesses, such as golf courses or hotels, are reported to have lost millions, if not millions, of dollars each year.

"Using their popularity, they buy risky businesses and avoid taxes by reporting losses."

It also states that President Trump personally owes 300 million to pay over the next four years.

 The newspaper claims that some of Trump's businesses have received money from people who 'lobby (for their own interests), are part of foreign authorities or want to meet (the president) to get some favors from them. To be able to

 The newspaper says it has also tried to find out from tax records how much Trump earns from companies abroad. The newspaper alleges that he earned  73 million from overseas companies during his first two years in the White House.

 According to the New York Times, most of the money came from their golf courses in Ireland and Scotland, but the Trump organization "also received money from licensing agreements in countries with authoritarian leaders or difficult political conditions." 

It is also claimed that  3lac dollar was received from the Philippines,  2.3 million from India and  1 million from Turkey in terms of licensing agreements.

 The newspaper claims that President Trump earned  427.4 million from the American show "The Apprentice" in 2018 and made deals in which companies paid to use his name. It alleges that he made 176.5 million that year by investing in two office buildings.

 However, the newspaper alleges that Trump paid almost no tax on this income because he had informed the authorities that there was a huge loss in business.

According to the news, President Trump is using the principle of tax in which "business owners can carry past losses with them so that they can get tax relief in future years".

 For example, according to the newspaper, in 2018, President Trump's largest golf course resort (Trump National Door) near Miami suffered a loss of 162.3 million. Similarly, two golf courses in Scotland and one in Ireland lost a total of 36 63.6 million.

 What happened in response to the news?

 Trump's political rivals are expressing concern over reports about his tax record and Trump is facing criticism.

 House Speaker Nancy Pelosi is the most powerful Democrat in Washington. According to him, the report states that Trump took extraordinary steps to avoid paying his share of taxes.

 On Twitter, Senate Minority Leader Chuck Schumer asked Americans to raise their hands if they paid more income tax than Trump.

 Democratic presidential candidate Joe Biden has not yet spoken, but his campaign says teachers, firefighters and nurses have all paid more than 750 dollar in taxes.