WASHINGTON — On Monday morning, President Donald Trump took to Twitter to dispute the bombshell Sunday New York Times article revealing several years of his tax returns — one of which, from 2016, indicating he only paid $750 in federal income taxes the year he ran for office.
The returns, obtained by the Times, also showed that he only paid $750 in 2017 — his first year as president — and paid no federal income taxes in 10 of the previous 15 years. The New York Times reports this was because on his returns, Trump reported losing more money than he made.
On Twitter Monday morning, Trump jumped to disparage the federal documents, saying, in part: “I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.”
Trump also tweeted defense of his debt number, saying he has “very little” compared to the worth of his assets. The returns indicated he declared $1.4 billion in losses in 2008 and 2009 alone.
The news of Trump’s tax returns reverberated across social media, the news and several top Washington lawmakers were quick to release their reactions.
“The New York Times reporting provides a window into the extraordinary measures that President Trump has used to game the tax code and avoid paying his fair share of taxes, while hard working Americans are,” House Speaker Nancy Pelosi, said in a statement.
Pelosi added that it is “a sign of President Trump’s disdain for America’s working families” the he has spent years “abusing the tax code.”
“[Raise your hand emoji] if you paid more in federal income tax than President Trump,” Senate Minority Leader Chuck Schumer tweeted.
U.S. Rep. Alexandria Ocasio-Cortez blasted Trump’s returns, saying he “contributed less to funding our communities than waitresses & undocumented immigrants.”
Former presidential candidate and Senator Elizabeth Warren flat-out derided Trump, calling him a “a liar, a cheater, and a crooked businessman.”
Current Democratic Presidential nominee Joe Biden has not yet reacted to the Trump tax returns, but the issue will likely be a talking point when the two come face to face at the first 2020 Presidential Debate on Tuesday.