Trump tax scandal on eve of election


A generic election ballot in Instabul. Wiki Commons.

Mina Kohara, News

With election day coming up on Nov. 3, both of the major parties have been campaigning for votes. 

President Donald Trump, as president of the United States for the last 4 years, has always set himself up as a successful businessman. Over the years there have been many questions about his tax returns, and new information unveiled by the New York Times could put the president’s taxes under question.

On Sunday, Sept. 27 the New York Times published an article about President Trump’s tax returns over the past two decades. The New York Times has not released the tax returns themselves to protect their sources but has released the information that the tax return contains.

In the year he won the presidency Trump paid $750 in federal income taxes and in the first year of his presidency, he paid the same $750, according to the Times’ report; Trump paid no federal income taxes in 11 of the last 18 years that were under investigation. 

A CNBC article explains how President Trump has been able to pay only $750 in federal income. Over the past two decades, President Trump has recorded millions of dollars in losses to reduce his tax burden. 

One of the reductions has resulted in a decade-long audit battle with the Internal Revenue Service over a $72.9 million tax refund. 

According to the New York Times, a ruling against Trump could cost him more than $100 million. 

The New York Times also claims that within the next four years, more than $300 million in Pres. Trump’s loans will be due for payment.

On Thursday, Sept. 27 during a White House briefing, President Trump addressed the topic. 

“It’s fake news,” he said. “It’s totally fake news. Made up. Fake. We went through the same story. You could’ve asked me the same questions four years ago. I had to litigate this and talk about it. Totally fake news, no. Actually, I paid tax and you’ll see that as soon as my tax returns–it’s under audit. They’ve been under audit for a long time. The IRS does not treat me well. They treat me like the Tea Party, like they treated the Tea Party. They don’t treat me well. They treat me very badly. You have people in the IRS that treat me very, very badly. But they’re under audit and when they’re not, I will be proud to show you. But that’s just fake news.”

As the nation is currently on the path to the 2020 election, voting is more important than ever. Even young people who are unable to vote, staying informed during this time is crucial.

The first debate between the two front runners of this election Donald Trump and Joe Biden will take place on Tuesday, Sept. 29.