There has been a lot of talk surrounding President Donald Trump‘s tax returns this week. While Trump has yet to publicly release his returns to date, The New York Times claims to have received his returns and started leaking pertinent information from them. Specifically, they revealed that in 2016 and 2017 he only spent $750 a year in federal income taxes. They also revealed that in 10 out of 15 previous years Trump had paid $0 in federal income tax.
In response to the reports, Trump said at a press conference that it was “fake news.” He also lamented about the IRS not treating him well.
Seeing as we are mere hours away from the first Presidential debate between Trump and Democratic Presidential nominee Joe Biden, Biden decided to release his tax returns today.
According to the information Biden released- which included his 2019 federal tax returns- Biden and his wife, Jill, made $944,737 last year in income that would be classified as taxable. Out of this, they paid a 31% rate- or $299,346- in federal income taxes.
In addition to Biden, his running mate Kamala Harris released her tax returns as well. Harris- and her husband, Doug Emhoff– reported their income in 2019 to be $3,095,590 and paid $1,185,628.
What remains unclear is the following: if the report by The New York Times is indeed “fake news” as Trump has purported it is, he could very easily disprove the reports by showing his tax returns from 2016 and 2017. Trump has claimed he will not release the returns due to the fact that they are “under audit”; however, Trump technically could still release them while under audit- even though it is not something the law requires him to do just because he is the President.