A New York Times report that President Donald Trump paid just $750 in federal income tax the year he entered the White House — and, thanks to colossal losses, no income tax at all in 11 of the 18 years that the Times reviewed — served to raise doubts about Trump’s self-image as a shrewd and successful businessman.
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden. The Times report suggests why that might have been so. It reported that many of Trump’s top businesses are losing money, even as those losses have helped him shrink his federal tax bill to essentially nothing.
We take a deeper dive on the President’s tax returns.
With files from the Associated Press.
Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center, a think tank based in Washington D.C.; he was a Treasury Department official under President Reagan
Theodore Seto, law professor at Loyola Marymount University; his specialties include income taxation, corporate taxation and tax policy