KEY POINTS

  • Report showed that Trump did not pay taxes in 11 of the 18 years that were investigated
  • In 2016 and 2017, he only paid $750 of personal taxes
  • Pelosi questioned whether Trump's tax records could give foreign nations "leverage" over him

Democratic House Speaker Nancy Pelosi slammed President Donald Trump after reports showed he has over $400 million in loans due in the next few years. 

On Sunday, The New York Times released an extensive investigative report that showed Trump’s personal and corporate tax records spanning two decades. The reporting, which included Trump tax returns before he was elected the president and the beginning of his tenure in the White House, found that he had not paid taxes in 11 of the 18 years reviewed by the newspaper. In 2016 and 2017, he only paid $750 of personal taxes. 

According to the report, the president’s real estate businesses has lost hundreds of millions of dollars over the last two decades, allowing him to lower his federal tax obligations. The Trump Organization was also able to minimize tax payments by claiming that a substantial amount of personal expenses should offset the income. 

House Speaker Pelosi appeared on NBC News for an interview with Andrea Mitchell on Monday, calling the report on Trump’s tax records a “national security issue” and questioned whether it could give foreign nations “leverage” over the president. She also expressed concern about its potential impact on policy and relations with other countries.

“This president appears to have over $400 million in debt. To whom? Different countries? What is the leverage they have? So for me, this is a national security question,” Pelosi said “We take an oath to protect and defend. This president is commander in chief. He has exposure to the tune of hundreds of millions of dollars, to whom? The public has a right to know.”

The report also sparked outrage across social media platforms, with accountants suggesting the Trump Organization may be conducting very aggressive tax planning to reduce his tax bill, CNBC reported. 

“Ultimately it’s possible we find more information and it might be he’s doing more than dubious things,” said Jeffrey Levine, a director of advanced planning at Buckingham Wealth Partners. “But it’s possible that this is the end result of some good attorneys, smart CPAs, and a messy tax code.”

US President Donald Trump paid just $750 in federal income taxes in 2016, the year he won the election, The New York Times reports US President Donald Trump paid just $750 in federal income taxes in 2016, the year he won the election, The New York Times reports Photo: AFP / Brendan Smialowski