Trump's Tax Returns Are Out -With All the Sobering Details

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The New York Times said it will not make Trump's tax-return data public so as not to jeopardize its sources "who have taken enormous personal risks to help inform the public".

"He had paid no income taxes at all in 10 of the previous 15 years - largely because he reported losing much more money than he made". The Times reported Trump claimed $47.4 million (A$67.3m) in losses in 2018, despite claiming income of at least $434.9 million (A$617.7) in a financial disclosure that year.

Trump says he's now under audit by the IRS - which the Times confirms, and explains it could cost the Prez a whopping $100M if they find that a $72 mil tax credit he once claimed is illegitimate. The Times said an "adverse ruling [in that audit case] could cost him more than $100 million".

At a press conference on Sunday, Trump denied the report.

President Donald Trump on Sunday dismissed a New York Times story claiming they had obtained copies of his tax returns.

The disclosure, which the Times said comes from tax return data it obtained extending over two decades, comes at a pivotal moment ahead of the first presidential debate on Tuesday (local time), and weeks before a divisive election.

That information will be released in due time, said Trump, adding that it will only be done when the audit is finished.

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Mr Trump has fought hard to keep his tax affairs private and, only last week, his legal team were in federal court trying to prevent Manhattan District Attorney Cyrus Vance Jr getting his hands on the records.

Trump has previously bragged about not paying taxes. They comprise information that Trump has disclosed to the IRS, not the findings of an independent financial examination.

The Times report found a large amount of Mr Trump's profits came from selling himself.

Observers noted that even the supposedly gotcha allegations of Trump's business losses and tax avoidance were typical fare that go unreported on other major corporations. "New York state charges a lot".

The report also detailed that has Trump avoided paying taxes for the past two decades, having paid "about $400 million less in combined federal income taxes than a very wealthy person who paid the average for that group each year".

At Doral - Trump's golf resort in Miami - the Times said that a roofing manufacturer spent $1.5 million during a time when the roofing industry was asking to relax federal regulations on their business.

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