President Donald Trump‘s tax returns shows he paid just $750 in federal income taxes the year he won presidency, and $750 in first year in office.
Documents show the president paid no income tax in 10 out of the previous 15 years, according to a report by The New York Times.
He is said to have reported losing more money than he made.
Trump has previously blasted the long-running quest for his financial records as a ‘continuation of the most disgusting witch hunt in the history of our country’.
The businessman is the only modern president who has refused to release his tax returns. Before he was elected, he had promised to do so.
A federal appeals court tested the waters on a potential compromise, but didn’t immediately rule Friday after arguments in Trump’s long-running fight to prevent a top New York prosecutor from getting his tax returns.
Trump’s lawyer, William Consovoy, signaled they will be satisfied only if Manhattan District Attorney Cyrus Vance Jr. is barred from getting all of the requested records.
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His lawyers maintain that the subpoena seeking eight years of the president’s corporate and personal tax returns amounts to a ‘fishing expedition’ and that Trump should be afforded the same protections as ordinary citizens in the same situation.
They argued that aside from acknowledging an inquiry into money paid to two women who alleged affairs with Trump, Vance’s office hasn’t specified why it needs such a vast collection of his financial records.
Vance, a Democrat, began seeking the Republican president’s tax returns from his longtime accounting firm over a year ago, after Trump’s former personal lawyer Michael Cohen told Congress that the president had misled tax officials, insurers and business associates about the value of his assets.
