The New York Times’s blockbuster story on President Trump’s taxes has boosted the push to give the IRS more funding to scrutinize wealthy taxpayers.
The Times article published Sunday reported that Trump paid little to no federal income taxes in many recent years, and the article described some of the ways Trump minimized his tax bills. The news outlet also reported that, starting in 2010, Trump claimed and received a $72.9 million refund that has been at the center of a years-long audit.
Trump said in a tweet on Monday that he “paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.” It remains to be seen what the ultimate results of the audit will be. Continue reading.