Congressional committee: Trump paid no income taxes in his last year in office

Donald Trump he paid no income taxes during his final year as US president as he reported losses from his businesses, according to tax records released by a congressional committee.

The tax returns, released late Tuesday night by the Democratic-controlled House Media and Resources Committee, show that Trump’s income and taxes owed fluctuated wildly during his four-year tenure. to White House.

These statements tarnish the image of the successful businessman that Trump has long cultivated, at a time when he has already announced that he will run again for the presidency.

According to the documents, Trump and his wife Inks they paid some taxes this four-year period, but managed to minimize their income tax for many years after Trump’s business income was offset by tax breaks and losses.

The Commission questioned the legality of some of those tax breaks, such as one worth $916 million.

Members said on Tuesday that the tax returns did not contain many details.

The Commission is expected to release censored versions of these documents within the next few days.

Trump refused to release his tax returns both times he ran for the US presidency, breaking a decades-old tradition of all US presidential candidates.

The commission received the documents on Tuesday, after a lengthy legal battle, and voted to release them.

A Trump spokesman said the release was politically motivated. “If this injustice can happen to President Trump, it can happen to all Americans without reasonTrump Organization spokesman Steven Cheung said.

Democrats on the committee argue that the IRS failed to properly audit Trump’s complicated tax returns to ensure they were accurate. Although the Internal Revenue Service (IRS) is supposed to review the president’s tax returns every year, it did not until Democrats pushed in 2019. The IRS assigned a single employee to do the financial audit and did not investigate some of the tax breaks claimed by Trump, according to the Commission.

Before he was elected president, Trump had been reporting large losses from his businesses for years, according to US media sources and witness statements in a trial about his finances. During his tenure, he and his wife paid a total of $3 million in taxes.

In 2017, Trump and the former first lady reported losses of $12.9 million, bringing their net income that year to $750. Their adjusted gross income in 2018 was 24.3 million – and they paid 1 million in tax – while in 2019 they reported revenue of 4.4 million and paid 134,000 in taxes.

In 2020 they declared a loss of 4.8 million and paid no income tax.

RES-EMP

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