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Donald Trump only paid ‘£600 in tax in two years and has whopping £234m debt’

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Billionaire US President Donald Trump paid less than £600 in income tax and has racked up a whopping personal debt of £234m, reports have claimed.

He has refused to publish his own tax returns – breaking a 40 year tradition for US leaders.

But The New York Times released data on Sunday stating Mr Trump only paid the equivalent of £586 in both 2016 and 2017.

It claimed the President paid low to no income tax “largely because he reported losing much more money than he made” – claiming millions in losses.

The report added: “Most of Mr Trump’s core enterprises – from his constellation of golf courses to his conservative-magnet hotel in Washington – report losing millions, if not tens of millions, of dollars year after year.

“The tax returns that Mr Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public.”

The article featured 15 years’ of reports and claims he will have to pay $100m – or £78m – if he loses a “decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9m tax refund that he claimed, and received, after declaring huge losses”.

It also claims he has racked up a eye-watering bill of around $300m – £234m – in personal loans which are due to be repaid in the next four years.

But the president lashed out with his trademark response, branding the report “totally fake news”.

He said at a White House press conference: “Actually, I paid tax. And you’ll see that as soon as my tax returns.

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“It’s under audit, they’ve been under audit for a long time, the IRS does not treat me well, they treat me like the Tea Party, like they treated the Tea Party, and they don’t treat me well.

“First of all, I’ve paid a lot and I’ve paid a lot of state income taxes, too. It’ll all be revealed.

“It’s going to come out, but after after the audit. They’re doing their assessment. We’ve been negotiating for a long time.

“Things get settled, like in the IRS. But right now when you’re under audit, you don’t do it.

“You don’t do that. So we’re under audit. But the story is a total fake.”

Mr Trump's former rival Hillary Clinton, who went head to head against the 2016 Presidential election, called him out over his meagre tax payments.

The President boasted at the time not paying federal income tax “makes me smart”.

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