Recently, a report from the New York Times went on to reveal that President Donald Trump has been avoiding paying taxes. He has not paid taxes for the past two decades and has been very secretive regarding his income and tax statements. Trump has always reported that his losses have been more than his gains. This report will surely affect the results of the upcoming election. On Sunday, the report stated that the president has paid only $750 in 2016 and 2017. Prior to that, he has never paid any taxes.
Statistics state that half of America’s population does not pay tax as they have low incomes. Internal Revenue Services has started its investigation and has stated that an average citizen pays around 16 times more than what the president pays. Many consultancies are saying that Trump might lose all his finances and will be losing more than hundreds of millions. He is also having an ongoing battle with the Internal Revenue Service where he has claimed a refund of $72.9 million.
How has President Donald Trump justified the hiding of taxes?
Trump has always tried his best to keep his finances private. He has always shown his business not doing well and going in loss. He has also told the citizens that he employs more people which is why he pays a lesser amount. His data shows all his strategies and decisions as a president were to get his business blooming. Now, this is a direct conflict of interest as a Businessman and President. No reports state the actual amount of wealth owned by the president. Also, his connections with Russia have not been justified. Alan Garten, Trump’s lawyer has come out publicly to say that most of the facts mentioned in the report are not accurate. Times have rejected to protect their source not giving out the documents. Garten said that Trump has paid more than millions of dollars to the Federal government calling it as personal taxes.
What did Nancy Pelosi say about the tax controversy?
Nancy Pelosi, the top-ranked Democratic and the Speaker of the House of Representatives called Trump’s action a national security concern. She is questioning the $400 million debt that Trump owns is to whom. She has been saying that other countries might have leverage over the US which is the reason for such a huge debt. No information regarding the lenders to whom the president of the country owes debt is quite terrifying. Questions have also been raised that Vladimir Putin, the President of Russia has some kind of personal or financial leverage against Trump. To this, Trump replied saying that the media house has been spreading fake accusations by obtaining all kinds of information illegally. This is done only to bring down his campaign. Since the 1990s, this is the first time a president has not made his tax returns public which surely is dishonest and something to be questioned.