Former US president Donald Trump responded to the release of his tax returns that Shed light on his business losses, complicated tax set-ups and tax payments during his White House years.
“The Democrats should have never done it, the supreme court should have never approved it, and it’s going to lead to horrible things for so many people,” Trump said in a statement released by his campaign.
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“The great USA divide will now grow far worse. The radical, left Democrats have weaponized everything, but remember, that is a dangerous two-way street!” he added.
“The ‘Trump’ tax returns once again show how proudly successful I have been and how I have been able to use depreciation and various other tax deductions as an incentive for creating thousands of jobs and magnificent structures and enterprises.”
According to the documents, Trump paid very little in federal income taxes the first and last year of his presidency. As a reason for the same, Trump said that he suffered huge losses that helped limit his tax bill.
A long legal battle led to the release of the records by the House Ways and Means Committee.
The documents include tax returns and related documents for Donald Trump, the Donald J Trump Revocable Trust and seven corporate entities, representing a fraction of the former President’s vast business interests.
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The records reveal that the Internal Revenue Service – the US federal entity responsible for collecting taxes – did not audit Trump during the first years of his presidency.
“Our findings turned out to be simple,” Richard Neal, the Chairman of the Ways and Means Committee, was quoted as saying by the New York Times. “[The] IRS did not begin their mandatory audit of the former president until I made my initial request.”