President Donald Trump’s net worth is estimated at approximately $2.5 billion.
Despite being among the wealthiest people in the world, Trump paid little or, in some years, nothing in federal income taxes, according to tax filings covering most years from 2000 to 2017, obtained by The New York Times. Trump paid only $750 in federal income taxes in 2016, the year in which he was elected President, and 2017, the year in which he was inaugurated as President. Although The New York Times was the first media outlet to report on the revelations, CNN has an extensive, non-paywalled report here.
Trump’s record of tax avoidance includes claiming tax deductions on expenditures like housing, aircraft, and a whopping $70,000 worth of hair care:
It’s important to note that most people deemed essential workers during the COVID-19 pandemic pay, on average, more in federal taxes each year than Trump did in the year he was elected to our nation’s highest office:
Already, the Joe Biden campaign is making Trump’s tax avoidance a major issue, with the first of three general election debates for the major-party presidential nominees being scheduled for Tuesday night. This is the Biden campaign’s response on Twitter:
Donald Trump is a total fraud. He claimed to be a successful businessman, when his tax returns showed that he was losing money and was using, if not violating, federal tax laws for his own personal and financial gain.