House Speaker Nancy Pelosi has slammed President Donald Trump's "disdain for working families," amid the new report of his tax returns. The New York Times has reported that, in 2016, Trump paid $750 in income tax, and then in 2017 — his first year in the White House — he paid the same amount. However, Trump reportedly did not pay income tax in 10 of the previous 15 years due to reporting that he lost more money than he made.
The tax records also revealed that Trump is battling the IRS over a $72.9 million tax refund that he claimed, despite the enormous losses he reported. In a tweet, Pelosi shared a link to her statement on the matter, blasting Trump "abusing the tax code" while also passing GOP laws that favor the "wealthiest 1 percent" over the needs of the working class. "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," Pelosi's statement began.
It is a sign of President Trump’s disdain for America’s working families that he has spent years abusing the tax code while passing a GOP Tax Scam for the rich that gives 83 percent of the benefits to the wealthiest 1 percent. https://t.co/FXfxlc7wfY— Nancy Pelosi (@SpeakerPelosi) September 28, 2020
"This report provides further evidence of the clear need for the Ways and Means lawsuit spearheaded by Chairman Neal to access Trump's tax returns and ensure the presidential audit program is functioning effectively, without improper influence," Pelosi continued. "With the leadership of Representatives Anna Eshoo, Bill Pascrell, Lloyd Doggett and John Sarbanes, the House passed a requirement that presidents disclose their personal and business tax returns as part of our H.R. 1, the For The People Act." She then went onto reiterate the comments shared in her Twitter post.
Trump has since claimed that the NYT report is "Fake News," tweeting, "I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits." He added, "Also, if you look at the extraordinary assets owned by me, which the Fake News hasn't, I am extremely under leveraged - I have very little debt compared to the value of assets. Much of this information is already on file, but I have long said that I may release financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts."
Trump went on to write, "It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!" Notably, he has not released any documents to support his claims. In 2016, he became the first presidential nominee to not release their tax returns since 1976.