The U.S. President claimed $47.4 million in losses in 2018, despite claiming income of at least $434.9 million in a financial disclosure that year.
President Donald Trump paid extremely little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data.
The Times reported that Mr. Trump, who is seeking re-election in November, paid just $750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.
Mr. Trump was able to minimise his tax bill by reporting heavy losses across his business empire. The Times reported Mr. Trump claimed $47.4 million in losses in 2018, despite claiming income of…