Following an in-depth report on his finances published by the New York Times on Sunday, President Donald Trump has responded in his usual manner: angry tweets.
According to the New York Times report, the first of many in an ongoing investigation into Trump’s financial records, the president paid only $750 in federal taxes in 2016 and 2017, which is a seriously low amount for a supposedly successful businessman. The Times also found that Trump has a significant amount of debt and will owe anywhere from $400 to $600 million in 2022 when several loans that he personally guaranteed come due. In short, the report painted a bleak and troubling view of the president’s finances. As usual, the president lashed out on Twitter with his customary accusation of “Fake News,” which caused the hashing #TrumpMeltdown to trend on Monday.
“I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits,” Trump tweeted. “Also, if you look at the extraordinary assets owned by me, which the Fake News hasn’t, I am extremely under leveraged – I have very little debt compared to the value of assets.”
Trump then repeated his claim that he’s the “only President on record” to give up his $400,000 presidential salary, which has nothing to do with his purported debt and low income tax rate. You can see his full meltdown below:
The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits…..
— Donald J. Trump (@realDonaldTrump) September 28, 2020
…..Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!
— Donald J. Trump (@realDonaldTrump) September 28, 2020
Of course, as always, the most damning evidence against Trump is his own tweets. Diligent Twitter users were quick to discover that the president loved to boast about how much he pays in taxes, even going so far as to criticize then-President Obama for only paying 20% of his income.
@BarackObama who wants to raise all our taxes, only pays 20.5% on $790k salary. http://t.co/bqF26mQf Do as I say not as I do.
— Donald J. Trump (@realDonaldTrump) April 13, 2012
"@conservativeJT: @bluejoni @realDonaldTrump Trump is an American that will pay more taxes in one year than you pay in your entire life.
— Donald J. Trump (@realDonaldTrump) March 28, 2013
As for the allegations of Trump’s mounting debt, once again, there’s always a tweet.
I am "the king of debt."That has been great for me as a businessman, but is bad for the country. I made a fortune off of debt, will fix U.S.
— Donald J. Trump (@realDonaldTrump) June 21, 2016
To be clear, that’s Donald Trump referring to himself as the “King of Debt.” You can’t make this stuff up if you tried.
(Via Donald Trump on Twitter)
