Biden to Trump: ‘Show us your tax returns’
During the presidential debate on Tuesday, Joe Biden urged President Trump to share his tax returns with the country.
Video Transcript
CHRIS WALLACE: As you well know, there's a new report that in 2016-- the year you were elected president, and in 2017-- your first year as president, that you paid $750 a year in federal income tax each of those years. I know that you pay a lot of other taxes. But I'm asking you the specific question, is it true that you paid $750 in federal income taxes each of those two years?
DONALD TRUMP: I paid millions of dollars in taxes-- millions of dollars of income tax. And let me just tell you, there was a story in one of the papers I paid $38 million one year, I paid $27 million one year.
JOE BIDEN: Show us your tax returns.
DONALD TRUMP: I went-- you'll see it as soon as it's finished. You'll see it. You know, if you want to do-- go to the board of elections. There's an 118 page or so report that says everything I have, every bank I have. I'm totally under leverage because the assets are extremely good. And we a very-- I built our great company.
CHRIS WALLACE: Sir, I'm asking you a specific question, which is--
DONALD TRUMP: But let me tell you.
CHRIS WALLACE: I understand all of that. I understand all of that, but no, Mr. President, I'm asking you a question. Will you tell us how much you paid in federal income taxes in 2016 and 2017?
DONALD TRUMP: Millions of dollars.
CHRIS WALLACE: You paid millions of dollars?
DONALD TRUMP: Millions of dollars.
CHRIS WALLACE: Not $750?
DONALD TRUMP: Millions of dollars. And you'll get to see it. And you'll get to see it.
JOE BIDEN: When?
DONALD TRUMP: Let me just tell you-- Chris let me just tell you, some think that it was the tax laws. I don't want to pay tax. Before I came here, I was a private developer. I was a private business people. Like every other private person-- unless they're stupid-- they go through the laws and that's what it is.
He passed a tax bill that gave us all these privileges for depreciation and for tax credits. We build a building and we get tax credits. Like the hotel on Pennsylvania Avenue, you get a massive-- which, by the way, was given to me by the Obama administration, if you can believe that. Now, the man got fired I didn't know right after that happened, but--
CHRIS WALLACE: Vice President Biden, you want to respond?
JOE BIDEN: Yeah, I do want to respond. Look, the tax code that made him-- that put him in a position that he pays less tax than a school teacher make-- 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.
That's why I'm going to eliminate the Trump tax cuts. And we're going to eliminate those taxes and make sure that we invest in the people who, in fact, need the help.
