News

Donald Trump’s tax returns confirm he paid very little federal income tax during the first and final years of his presidency





CNN

six years Donald Trump’s federal tax returns released on Friday showed the former president paid very little federal income tax in the first and final years of his presidency, claiming massive losses helped limit his tax bill. .

Profits, long concealed in secrecy, were announced to public on Friday by the House Ways and Means Committee, the culmination of a their reveal battle which went to the Supreme Court. They confirm a report released by the Joint Committee on Taxation that Trump claimed large losses before and during his presidency that he made to reduce or practically eliminate his tax burden. me. For example, his tax return shows that he carried forward a loss of $105 million in 2015 and $73 million in 2016.

The profits – which run from 2015 to 2020 – were obtained by the Democratic-run committee just weeks ago after a protracted legal battle. The committee voted last week to release the tax returns, but their release has been delayed to handle sensitive personal information like Social Security numbers.

CNN is currently reviewing the tax returns, which total thousands of pages.

The release of tax returns after a long year of pursuing documents Usually disclosed voluntarily of previous US presidents. Trump and his legal team have repeatedly sought to keep their tax returns secret, arguing that Congress has never used its legislative power to request the president’s tax returns, which Trump that could have far-reaching effects.

“Democrats should never have done it, the Supreme Court should never have ratified it, and it’s going to lead to terrible things for a lot of people,” Trump said in a statement after the case. published work.

“Trump’s tax returns show once again how proudly successful I am and how I can use depreciation and many other tax deductions as an incentive to generate thousands of dollars. jobs as well as magnificent buildings and businesses.”

Other Republicans also criticized Democrats’ efforts to pursue tax returns as political, with Texas Representative Kevin Brady – the committee’s top conservative – saying the The announcement would lead to “a dangerous new political weapon that goes beyond the former president and overturns decades of privacy protections for ordinary Americans that have existed since the Watergate reform. ”

The commission, which oversees the IRS and drafts tax policy, requested the returns under the authority of section 6103 of the US tax code. Their report mainly focused on whether Trump’s tax returns during his time in office were properly audited under the IRS’s mandatory audit program for US presidents.

The committee found that the IRS only opened one “mandatory” audit during Trump’s term – of his 2016 tax returns. And that didn’t happen until the fall of 2019, after President Richard Neal, a Massachusetts Democrat, first sent a letter asking the IRS for information on Trump’s taxes and returns. The report describes the president’s audit program as “inactive”.

Last week, the House of Representatives passed a bill to reform the presidential audit process in a largely symbolic vote before Republicans won a majority in the new Congress. The bill is not expected to be passed by the Senate before the new Congress is sworn in.

Accompanying the commission’s report was an analysis of the numbers from each of the six Trump tax returns produced by the Joint Committee on Nonpartisan Taxation. Among the JCT’s findings, the then president paid very little federal income tax in 2017 – just $750 – and nothing in 2020. The report also shows Trump paid a total of $1,500. $1 million in federal income taxes in 2018 and 2019, a stark contrast to the $750 he paid in 2017 and $0 in 2020.

For years, before running for president, a New York Times investigation found that Trump had declared huge net operating losses that he was allowed to carry over and apply to future tax years. , which greatly reduces or simply wipes out his annual income taxes. legal responsibility.

Eg, Note JCT report that Trump carried forward a loss of $105 million on his 2015 tax return, $73 million in 2016, $45 million in 2017, and $23 million in 2018.

The JCT report also raises questions about the accuracy of some of the massive charitable deductions Trump claims on some of Trump’s tax returns. Deductions can reduce the amount of income tax owed.

While the newly released tax returns will not show Trump’s net worth or all of his financial transactions, they can provide a window into profits and losses. his business, whether he has a foreign bank account and whether he pays taxes abroad. governments.

This is a breaking story and will be updated.

news7d

News 7D: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button