US President Donald Trump


US President Donald Trump

MANDEL NGAN/AFP via Getty Images

US President Donald Trump said on Monday he paid “many millions of dollars in taxes” but was entitled to depreciation and tax credits and also said he was under-leveraged, having more assets than debt.

The Republican president was responding to a New York Times report that he paid just $750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises.

“I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits,” he wrote on Twitter.

“I am extremely under leveraged – I have very little debt compared to the value of assets.”

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