Donald Trump claims he paid MILLIONS in federal income tax in 2016 and 2017 - the years his tax returns show he paid just $750 as Joe Biden says: 'Show us your tax returns'
Donald Trump asserted during the first presidential debate Tuesday that he paid millions of dollars in federal income tax as he defended himself against reports that he only paid $750 in federal income taxes in both 2016 and 2017.
'I paid millions of dollars in taxes. Millions of dollars of income tax,' Trump told debate moderator Chris Wallace.
'And, let me just tell you, there was a story in one of the papers –' Trump continued.
He was cut off with Democratic candidate Joe Biden shouting, 'Show us your tax returns.'
'I paid $38 million one year, I paid $27 million one year. I went –' the president said, but was interrupted again by Biden.
'Show us your tax returns,' the former vice president insisted.
'You'll see it as soon as it's finished. You'll see it,' Trump said.
'Oh,' Biden sarcastically conceded.
The two candidates immediately clashed as they met on stage in Cleveland, Ohio Tuesday night for the first of three presidential debates.
Donald Trump insisted Tuesday during the first presidential debate that he has paid millions in federal income taxes
Democratic nominee Joe Biden challenged Trump to prove it by releasing his tax returns
The first debate moderator, Fox News' Chris Wallace, was forced to ask Trump about his taxes after The New York Times released a report Sunday indicating Trump only paid $750 in both 2016 and 2017
Fox News' Chris Wallace had to bring up questions over Trump's taxes after a New York Times released a report this week with sources claiming the president only paid $750 in federal income taxes the year he ran for president and first year he served in office.
Biden claimed Trump was able to pay so little because he 'took advantage' of the tax code.
'The tax code that made him – put him in a position that he pays less tax than a school teacher makes – on the money a school teacher makes is because of him taking – he says he's smart because he can take advantage of the tax code. And he does take advantage of the tax code,' Biden said.
'That's why I'm going to eliminate the tax cuts,' he continued.
'Good. That's OK,' Trump said.
Wallace questioned Trump: 'Will you tell us how much you paid in federal income taxes in 2016 and 2017?'
'Millions of dollars,' Trump said.
'You paid millions of dollars? So not $750?' Wallace clarified.
'And you'll get to see it,' the president affirmed.
'When?' Biden interjected.
Trump said Sunday, the same day the Times report was released, that he will release his tax returns after an audit is completed.
Tax returns were also an issue in 2016, when Trump refused to release them – a precedent set by previous presidential candidates but not required by law for an individual to run for office.
Just hours before taking the stage in the battleground rust belt state Tuesday, Biden and his vice presidential candidate Kamala Harris released their tax returns.
The Democratic candidate's taxes showed that he and his wife Dr. Jill Biden paid more than $346,204 in federal taxes and other payments for 2019 on an income of $944,737. The couple sought a refund of nearly $47,000, which brought their total tax bill for the year to $299,346.
Taxes for Biden's running mate and her husband, Doug Emhoff, a lawyer who has taken leave from his position as a partner with the firm DLA Piper, were also released Tuesday.
On an income of $3,018,127, they paid $1.2 million in taxes, which is three times the presidential salary.
Joe Biden released his and running mate Kamala Harris' latest tax returns ahead of debate Tuesday with records showing he and wife Jill paid more than $346,000 in 2019 on an income of nearly $985,000 and sought a refund of nearly $47,000
Trump suggested while facing off with Biden – and at times sparring with Wallace over speaking time – that he was able to lessen his tax burden by using legal measures he claims were passed by the Obama administration.
'Let me just tell you, it was the tax laws,' Trump said, admitting: 'I don't want to pay tax.'
'Before I came here I was a private developer, I was a private businesspeople,' he continued. 'Like every other private person, unless their stupid, they go through the laws and that's what it is.'
Then pointing to Biden on the opposite side of the stage, Trump added, 'He passed a tax bill that gave us all these privileges for depreciation and for a tax credits – we built a building and we get tax credits.'
The Times report, based on information from anonymous sources, claims documents prove Trump did not pay income tax in 11 of the 18 years studied.
He was able to minimize his tax bill by reporting heavy losses across his business empire, including at his golf courses, according to the sources.
The president could face mounting financial pressure in the years ahead as tax records show he's carrying a total of $421 million in loans and debt that are primarily due within four years.
Trump has released any documentation to back up his claims that he has paid millions in taxes.
After the report dropped the Biden campaign was quick to rush out an ad showing the average American pays $12,199 in yearly taxes.
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