Eastern Times, International Desk:President Donald Trump now finds himself under increasing financial duress and his re-election prospects are under threat as he is fighting tooth and nail to prevent the release of his tax returns ever since his presidentship began in 2015.
The New York Times investigative reporting team has disclosed that in 2016 and 2017, he paid a meagre $750 each year and paid nothing at all in 10 of the last 15 years before his election.
Trump has dismissed such revelations made by the team as “fake news” claiming that he would release his tax returns to the public once he is no longer under Internal Revenue Service (IRS) audit.
“It’s totally fake news. Made up”, he said at a news conference on Sunday night and offering no evidence, Trump said falsely that he had paid tax.
With his financial challenges mounting, the records show that he increasingly depends on making money from businesses that may put him in direct conflict of interest with his job as president.
The files obtained by the team include documentation of Trump’s personal tax filings, as well as those of the hundreds of companies that make up his business empire.
His staggeringly low tax payments were based on the enormous losses made by his businesses over the years in addition to his accountants’ claim of tax write-offs by showing next to no net income.
Some analysts have argued that his huge debts could now pose a threat to the national security adding that nearly $421 million in overall debt will be pending in the next four years and that he himself is responsible for $300 million concerning his loans.
As per an NYT report, he continues to fight a decade-long legal battle with the IRS, which has challenged the legitimacy of $72.9 million tax refund that he claimed, and received, after declaring huge losses. If he loses the battle, he could be stuck with a bill for more than $100 million.
In fact, in the past two decades, Trump has leaned heavily on revenue from endorsements and investments in other people’s businesses while making huge losses in the businesses he runs.
The public has now called for his resignation and taken hashtags of #LockHimUp #FakePresident and #TrumpIsBroke to social media platform after the NYT has brought his false financial allegations into light.