Trump criticised Obama for only paying 20.5% tax in 2012 — a new NYT report shows Trump paid no income tax that year
Category: News & Politics
Via: sandy-2021492 • 4 years ago • 6 commentsBy: tporter@businessinsider.com (Tom Porter) 1 hr ago (MSN)
S E E D E D C O N T E N T
© JIM WATSON/AFP via Getty Images President Barack Obama meets with President-elect Donald Trump to update him on transition planning in the Oval Office at the White House on November 10, 2016 in Washington,DC. JIM WATSON/AFP via Getty Images
- President Donald Trump in a 2012 tweet criticised Barack Obama for only paying 20.5% in federal income tax.
- But a New York Times report said that in 2012 Trump paid no income tax, because his businesses were losing so much money.
- Trump has long shielded his tax affairs from public view. He described the new report as "fake news" without explaining why it is false.
- Obama was criticised when his tax returns were released in 2012 at they revealed that he paid a lower rate of tax than his secretary.
- Visit Business Insider's homepage for more stories.
A tweet from 2012 in which President Donald Trump attacked Barack Obama for paying 20.5% income tax is getting renewed attention in light of a New York Times report showing that Trump has paid next to nothing for years.
In the tweet, Trump cited information in a tax return released by Obama that year, showing that in 2011 he paid $162,074 in federal taxes on a gross income of $789,674.
"@BarackObama who wants to raise all our taxes, only pays 20.5% on $790k salary. http://1.usa.gov/HFZJKH Do as I say not as I do," wrote Trump. The link no longer works.
—Donald J. Trump (@realDonaldTrump) April 13, 2012
At the time Trump was burnishing his own presidential credentials, based largely on his image as a billionaire businessman who owned businesses across the world.
But according to a bombshell report by the The New York Times, citing information from tax records Trump has long shielded from public view, Trump has for more than a decade contributed hardly any federal income tax.
Due to massive losses in his sprawling network of businesses, the Times said Trump paid nothing in federal income tax in 11 of the 18 years which the it examined.
They include the four years before Trump launched his presidential bid in 2015, according to the Times, so cover 2012, when he sent the tweet trolling Obama.
In 2015 and in 2016 Trump paid a total $750 — far less than the averaged salaried US worker — while boasting on the campaign trail that his business acumen uniquely qualified him for the presidency.
Trump broke with decades of precedent in refusing to release his tax returns.
Obama's 2012 tax returns at the time caused controversy, since the documents showed that the president's tax rate was lower than that of his secretary at the time. Obama was then campaigning for reelection, and attacking Republicans for what he claimed were unfair tax policies.
After the release of his returns, the White House told news outlets that Obama believed he should be paying more tax.
It was Obama's charitable donations, which consisted of $172,130 to 39 charities, that had reduced his effective tax rate, reported the New York Times.
Read the original article on Business Insider
Video: Trump's health care plan has been 'two weeks away' for months (MSNBC)
Trump's health care plan has been 'two weeks away' for months MSNBC See more videos SHARESHARETWEETSHAREEMAIL What to watch next
-
Trump nominates Amy Coney Barrett to Supreme Court as stimulus talks continues
CNBC -
Dr. Rebecca Grant says 'America First' Trump agenda grounded in domestic economic prosperity
FOX News -
President Trump, Biden trade insults ahead of first debate
FOX News -
Wildfire evacuations in California's wine country
Reuters -
Former Trump campaign manager hospitalized: ABC News
Reuters -
Breaking down absentee ballots and when they are counted
CNN -
Healing wheels: 63-year-old skates her way to cancer recovery
AFP -
Biden Says Trump Is Trying to Throw Out Affordable Care Act
Bloomberg -
What to expect from debate moderator Chris Wallace
CNN -
How to win the presidential debate
CNN -
Tapper to Jill Biden: Is Joe ready to debate Trump?
CNN -
Delhi coronavirus testing centre busy as India cases pass 6 million
AFP -
Trump's returns show years of tax avoidance: NYT
Reuters -
Timelapse of smoke shows wildfire spread in California's wine country
Reuters -
Why Mexico City is struggling to enforce hand washing
CNN -
Trump campaign senior advisor on debate approach, preparations
FOX News
Click to expand Replay Video
-
Trump nominates Amy Coney Barrett to Supreme Court as stimulus talks continuesPresident Trump announced his pick for the Supreme Court on Saturday. CNBC's Eamon Javers joins "Squawk Box" with the latest details on the confirmation process for Amy Coney Barrett as well as the latest on coronavirus stimulus talks. CNBC
-
Dr. Rebecca Grant says 'America First' Trump agenda grounded in domestic economic prosperityU.S. Secretary of State Mike Pompeo believes Trump administration foreign policy has made the world safer. Analysis from international relations expert Dr. Rebecca Grant. FOX News
-
President Trump, Biden trade insults ahead of first debateWhich 2020 presidential candidate has the upper hand? Reaction from John Thomas, president of John Thomas Strategies. FOX News
UP NEXT Continue ReadingShow full articles without "Continue Reading" button for {0} hours.
Tags
Who is online
417 visitors
Like so many of Trump's tweets criticizing Obama, this one didn't age well at all.
trump criticizing obama for playing golf is another ...
LOL. Hypocrisy thy name is Trump.
LMAO, Trump better have his abacus readjusted cuz it seems to have a problem with percentages.
No applicable income owed = no taxes due. It's really very simple except for the math challenged.
The IRS has all of Trumps up to date tax returns....and the public has no right to see them
They had all of Obama's, too. That doesn't seem to have been enough for Trump at the time, though.