- Trump owes some foreign entities some $300 million.
- Trump paid only $750 in taxes in 2016 and 2017.
- The president could face jail time if found to have committed tax fraud once he leaves office.
Sen. Kamala Harris (D-CA), the Democratic Vice Presidential candidate, has said that it is unfair for US President Donald Trump, a billionaire, to pay only three figure taxes, at most, while hardworking citizens earning way less pay more. This is following a New York Times expose that has disclosed the president’s tax records.
President Trump apparently paid just $750 in taxes in years 2016 and 2017, and zero taxes between 2000 and 2015. The low taxes are the result of his reported debt to foreign companies. He allegedly has debts running into hundreds of millions of dollars.
According to Sen. Harris, it is important for the country to know about the entities behind the loans because they could have leverage in him. She said:
“Do you owe anybody money who is impacted by any decision you make as President of the United States? We need to know that. The American people have the right to know that when the President of the United States acts, he acts with their priorities in mind, not with his priorities in mind.”
The Biden team has wasted no time trying to push the latest narrative into a scandalous spiral. It has already produced a clip aimed at comparing the president’s taxes to those of the average American. His team has even developed a tax calculator to help voters calculate just how much more taxes they pay compared to Trump.
Nick Akerman, a former federal prosecutor who was involved in the Watergate scandal, has said that the president could face time in jail for tax fraud if found guilty, once he leaves office. He said this during an appearance on CNN on Tuesday. He also added that his daughter, Ivanka Trump, could face time as well.
“And his daughter could go to jail, too. Tax evasion is a five-year felony. It’s a pretty serious crime, and the more money that’s stolen, the longer you go to jail for. It looks like Trump has done a whole series of activities that could qualify as tax fraud, not tax avoidance.”
Trump Supporters Not Likely to Change their Mindset
On his part, Trump has dismissed the whole fiasco as a sham. The fact that the finding was released close to the November elections might make his followers less trusting of any negative coverage coming in at this time.
The president has been the subject of many scandals. Many of them have yet to make an impact on his base. Just prior to the 2016 election, over a dozen women made claims against him of inappropriate behavior, but the allegations of sexual harassment never stuck.
He has also undergone impeachment over allegations of putting pressure on the Ukrainian leadership to find scandalous information on his political rival, Joe Biden. He was, however, acquitted by the Senate of these accusations. As such, the latest saga will most likely be another inconspicuous bump in the road for the president.