DONALD TRUMP PAID NO TAXES IN 2020 AND REPORTED NO INCOME FOR FOUR YEARS.
A new report has revealed that Donald Trump and his wife, Melania, paid no tax over 2020; and report having no income over a four-year period. And that fact, is something for Trump to brag about – as he famously told Hillary Clinton at a debate in 2016.
“That makes me smart”,
referring to the fact that he had paid no federal income taxes.
According to tax records released by a congressional subcommittee, Trump paid no income tax during the final full year of his presidency. The reason behind this? He declared a loss due to his vast business holdings.
The documents, published late Tuesday by the Democratic-led House Ways and Means Committee after a years-long battle, indicate that Trump’s income and tax burden changed drastically throughout his four years as President.
The committee has challenged the validity of several of those deductions, including one for $916 million. Members claim that the tax returns are lacking in detail. In the following days, the panel is scheduled to issue redacted copies of his entire returns.
What Next?
The documents cast doubt on the Republican ex-long-cultivated president’s image as a successful businessman as he makes another presidential candidature.
According to the records, Donald Trump and Melania paid some sort of tax during all four years – but were able to reduce their income taxes in some years because revenue from Mr Trump’s enterprises was more than offset by deductions and losses.
The bottom line: There is much on Trump's taxes—possibly improper declarations of expenses and losses, questionable loans to his kids, undocumented charitable donations, weird loan forgiveness & more—that warrant review. No wonder he wouldn't release them.https://t.co/ggTIeBu6as
— David Corn (@DavidCornDC) December 21, 2022
Trump refused to release his tax returns throughout his two presidential runs and campaign for office, despite the fact that every other major-party presidential candidate has done so for decades. After a years-long battle, the committee got the data and agreed on Tuesday to make them public.
According to a Trump spokesperson, the papers’ publication was politically motivated.
“If this injustice can happen to President Trump, it can happen to all Americans without cause,”
says Trump Organization spokesman Steven Cheung.
Despite the fact that the US Internal Revenue Service has an obligation to audit presidents’ tax returns every year, it did not until Democrats called for action in 2019.
The IRS allocated only one agent to the audit much of the time, according to the panel. They did not investigate several of Mr Trump’s deductions.
The IRS has not responded.
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