Refuting the reports that he paid just $750 as federal income tax in the past, US President Donald Trump has said that he has paid a lot in taxes. A startling report by The New York Times has claimed that Trump reported financial losses for nearly 11 years and evaded paying income taxes.

In a hurriedly organized press conference within an hour of the news report, the US President called it fake news. Claiming that 'there is nothing to learn from his tax returns' Trump had announced to keep his tax returns private in 2015. The report claimed that even though Trump earned at least $434.9 million in 2018, his tax filings reported a $47.4 million loss.

Donald Trump
U.S. President Donald Trump said he had approved the ByteDance-Oracle-Walmart deal in concept Wikimedia Commons

Trump's Found Out Ways to Reduce Tax Liability- Report

In its report, the The New York Times claimed that it has accessed Trump's tax information records pertaining to the last 18 years. It was found that for 11 of the 18 years, Trump paid no federal income taxes at all, in part because he reported overall financial losses.

Stating that the tax filings of the US President gave a 'distorted picture' the outlet said that in 2018, Trump claimed to have made $434.9million even as his tax records showed $47.4million in losses.

The report further found that Trump devised a number of methods to reduce his tax bills including tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed The Apprentice.'

Trump also sought an extension to file his taxes prior to the submission of $9.7million worth of business investment credits, leading to reduction of his income and paying $750 each in 2016 and 2017, reported the outlet.

Trump Calls the Reports Made Up, Shares Picture of Filing Tax Returns

Revealing the income generated from the foreign operations, The Times stated that during his first two years as president, Trump received $73million from foreign operations, which in addition to his golf properties in Scotland and Ireland included $3million from the Philippines, $2.3million from India and $1million from Turkey.

Claiming the report to be fake, the US President claimed that he has paid a lot. "It's fake news. It's totally fake news. Made up. Fake," Trump said during a White House press briefing.

New York Post quoted Trump saying that he is unable to furnish his financial records as they are being audited by the Internal Revenue Services. "It's under audit. They've been under audit for a long time. The IRS does not treat me well. When they're not [under audit], I would be proud to show [them]," he said.

Adding that he will be revealing his financial details once the audit is complete, Trump said: "First of all, I paid a lot. I paid a lot of state income taxes too. New York State charges a lot. It'll all be revealed. I look forward to releasing many things. I'm going to release many things and people will be really shocked." Trump later shared an old picture on Twitter with the caption, "Signing my return."