The President’s two golf courses in Scotland and one in Ireland have made huge losses in the past two decades, according to bombshell tax documents Trump says were “illegally obtained”
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Donald Trump reportedly paid just Â£587 in income tax in his first year as President â thanks to deductions including Â£55,000 on a hairdresser.
He allegedly paid no income tax in 11 of the 18 years covered in documents leaked to the New York Times.
According to the claims, his golf courses, including two in Scotland and one in Ireland, have made losses of Â£244million since 2000.
His daughter Ivanka, a Trump Organisation employee, appears to have received âconsulting feesâ that also helped reduce his tax bill.
He tweeted: âThe fake news media, just like election time 2016, is bringing up my taxes and all sorts of nonsense with illegally obtained information and only bad intent.
âI paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation and tax credits.”
He added: âAlso, if you look at the extraordinary assets owned by me, which the fake news hasnât, I am extremely under-leveraged. I have very little debt compared to the value of assets.
âMuch of this information is already on file, but I have long said that I may release financial statements, from the time I announced I was going to run for President, showing all properties, assets and debts.â
Ever since announcing his run for leader, he has repeatedly promised to release his records but wrongly said he was unable to because the Inter-nal Revenue Service is auditing him.
The report emerged before tonightâs first presidential TV debate between Trump and Joe Biden. Former Vice President Biden provides his tax returns.
It is claimed he reduced his bill with âquestionable measuresâ, including a Â£57.11m tax refund â which is currently the subject of an audit by the IRS. The report said: âMany of his signature businesses, including his golf courses, report losing large amounts â losses that have helped him to lower his taxes.â
The report said Trump managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, such as the hairdresser for TV appearances.
Trump lawyer Alan Garten said âmost, if notÂ all, of the facts appear to be inaccurateâ.
âOver the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government,â Garten said.
The paper noted the term âpersonal taxes,â appeared to be Garten conflating income tax with federal taxes Trump has paid like social security and Medicare.
News – Donald Trump’s Scottish and Irish golf courses ‘lost Â£244m’, tax documents show