The president revealed he paid a lot more individual tax than sensational news reports have claimed.
President Donald Trump has confirmed he will disclose his private financial information to end relentless media speculation about whether he met all of his tax obligations.
“I paid millions of dollars in taxes, millions of dollars of income tax and, let me just tell you, there was a story in one of the papers I paid $38 million one year [and] I paid $27 million one [different] year,” he told the first presidential debate.
Democratic presidential candidate Joe Biden repeatedly demanded to see the president’s personal details, even though the documents are still being audited and cannot be officially released yet.
“Show us your tax returns, show us your tax returns,” he said. “Release your tax returns.”
The president refused to release his tax returns immediately and suggested a lot of his private information is already available from the Board of Elections.
“You will see it as soon as it is finished, you will see it,” he said. “If you wanted to you could go to the Board of Elections, there is an 118 page or so report that says everything I have, every bank I have. I am totally under leveraged because the assets are extremely good, I have built a great company.”
He believes his financial affairs fully comply with concessions guaranteed under the tax code, which the previous Barack Obama administration championed.
“Let me just tell you, it was the tax laws,” he said. “[Obama] passed the tax bill that gave us all of these privileges for depreciation and tax credits. We build a building and get tax credits like the hotel on Pennsylvania Avenue. You get a massive [one] which, by the way, was given to me by the Obama administration if you can believe that. The man got fired right after that happened.”
Biden admitted he was partly responsible for the incumbent’s tax concessions and promised to end them if he is elected to be the next president.
“The tax code put him in a position where he paid less tax than the money a school teacher makes,” he said. “He does take advantage of the tax code that is why I am going to eliminate the Trump tax cuts, and we are going to eliminate the tax cuts, and make sure that we invest in the people who in fact need help.”
When the president questioned why it took 25 years to finally reach this decision, the Democrat angrily fired back.
“Because you are the president [who is] screwing things up,” Biden said.
However, President Trump revealed he had achieved much more during his first term as president than Biden had accomplished in his entire political career that spans more than four decades.
“Let me just say Joe, I have done more in 47 months than you have done in 47 years,” the president said. “We have done things that you have never thought of doing, including fixing the broken military that you gave me. You do not even take care of your veterans.”