Donald Trump tweets he has 'paid many millions in taxes', in response to New York Times story

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US President Donald Trump responds on Twitter to a New York Times report about his taxes, saying he has "paid many millions of dollars in taxes" and has a "very impressive" financial statement.
US President Donald Trump has responded on Twitter to a New York Times report about his taxes, saying he has "paid many millions of dollars in taxes" but is entitled to depreciation and tax credits.

Key points: The report says Mr Trump had hundreds of millions of dollars in debt amid chronic business losses

The report says Mr Trump had hundreds of millions of dollars in debt amid chronic business losses He has reportedly used those losses to avoid paying tax

He has reportedly used those losses to avoid paying tax Mr Trump's lawyer says "most, if not all, of the facts appear to be inaccurate"

The report said the Republican President paid just $US750 ($1,064) in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises.

"I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits," he wrote on Twitter.

"I am extremely under leveraged — I have very little debt compared to the value of assets."

The Republican President, who will face Democratic rival Joe Biden on Tuesday night (local time) for their the first presidential debate before the November 3 election, said he had "extraordinary assets" and boasted a "very impressive" financial statement.

However, he has refused to release his tax returns, as other presidents and presidential candidates have done for decades.

Mr Trump says it is because he is under audit by the Internal Revenue Service, but the agency has said there is no reason he cannot release his taxes while under audit.

The Times reported that Mr Trump had hundreds of millions of dollars in debt amid chronic business losses, that he used to avoid paying taxes.

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The newspaper said it had obtained tax-return data covering more than two decades for Mr Trump and his businesses.

He accused the Times of having obtained the tax information illegally, which the newspaper…
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