Here’s a breakdown of the President’s tax returns obtained by the New York Times and #WhyItMatters.
The @nytimes obtained 18 years of President Trump’s tax returns. Sources gave access to three NYT reporters to examine his tax records which have not been made public.
KEY POINTs
📉He paid $750/yr in federal income tax in 2016 (year he became president) and in 2017 (his first year in office).
📉11 out of 18 yrs the Times reviewed, Mr. Trump reported he lost more than he made, so he paid no income tax.
📉Over 18 years of returns the Times reviewed, he paid $95 Million in taxes BUT got $72.9 Million of that back in federal tax refunds.
📉He has $421 Million in loans and debt that will have to be paid back in coming years.
Why now?
One month ago, a federal judge dismissed Mr. Trump’s bid to block the release of his returns. A subpoena was issued by Manhattan DA Cyrus Vance Jr. 1 yr+ ago after Michael Cohen told Congress Mr. Trump misled tax officials about his assets. bit.ly/3cC1JXi
President Trump’s says the report is fake news.
Important to note: Presidents are not required to release their tax returns but it’s been standard practice to release returns during yrs in office. Every president since 1974 has done so except Gerald Ford. bit.ly/2HEFNPU
#WhyItMatters
It reveals Mr. Trump’s financial history and shows he paid little to no tax in recent years. It also contradicts Mr. Trump’s repeated assertion that he’s a successful businessman due to a history of significant business losses & debts. bit.ly/2EHmGn3
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.