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Dems release six years of Trump tax returns

Just days before the US House of Representatives flips to Republican control, House Dems have released former President Donald Trump’s tax returns from 2015-2020, which he has gone to painstaking lengths in recent years to keep from going public. While details remain scarce as reporters wade through thousands of pages of documents, reports recently released by the US House Ways and Means Committee showed that Trump was not audited by the Internal Revenue Service in 2016. He had claimed the audit was why he was forced to buck the trend of presidents releasing their tax returns. That report also showed that in 2016 and 2017 the former president paid just $750 in federal income tax, declaring losses topping more than $12 million. It also revealed that he paid a total of $1.1 million in federal income tax in the first three years of his presidency but zilch in 2020. After examining these findings, the non-partisan Joint Committee on Taxation recently urged the IRS to look into whether money the former president loaned to his children – which he claimed were gifts – should have been taxable. Looking ahead, tax analysts will be focusing on whether any of Trump’s tax policies from his time in office aimed to benefit his own financial arrangements.

Former U.S. President Donald Trump at a rally in Conroe, Texas.


What We're Watching: Trump's tax returns set to go public, Japan stuns markets, Biden braces for migrant surge, India raises China alarm

Trump's tax returns set to be released

The House Ways and Means Committee voted yesterday to release Donald Trump's tax returns from 2015-2020 — a move the former president’s team has characterized as a politically motivated attack by Democrats in the House, who are set to lose their majority when the new Congress is sworn in on Jan. 3. It may be days before all the filings go public, but committee members revealed late Tuesday that the IRS failed to audit Trump during his first two years as president. A report issued late Tuesday also highlighted some information from the filings, including that Trump had positive taxable income in 2018 — for the first time in more than 10 years — and paid nearly $1 million in federal income taxes that year. But as of 2020? Trump had reverted to reporting negative income … and paid no federal income tax as a result. Democrats on the committee explained that they carefully followed the law with this vote, invoking a century-old statute, but some Republicans say this could lead to increased use of exposing private tax info for political means.

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