Democrats in Congress released six years of Donald Trump’s
tax records to the public on Friday. The former president had long sought to keep these documents a secret.
Trump’s federal tax returns show that he wasn’t being
regularly audited by the Internal Revenue Service (IRS), paid little in federal
income taxes the first and last year of his presidency, and claimed huge
business losses that helped limit his tax bill, among other revelations.
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The 6000 pages of documents from the former president’s
personal and business federal tax returns from 2015 to 2020 – provide complex
raw data about Trump’s finances, raising several questions about his fortune
and income that could be pursued both by auditors and Trump’s political rivals.
The summary revealed that the 76-year-old billionaire
claimed large annual deficits. He paid $1.1 million in federal taxes in 2018
and 2019, after making around $30 million selling assets. In 2020, he paid
nothing at all as his losses mounted.
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The report added that Trump had carried forward $105
million in net operating losses on his 2015 return, $73 million in 2017, and
$23 million in 2018 to limit his tax liability.
The records also show that the Internal Revenue Service –
the US Federal agency responsible for collecting taxes – did not audit Trump
during the first years of his presidency, only beginning in 2019 after
Democrats sought to gain access to his tax records.
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“Our findings turned out to be simple — IRS did not
begin their mandatory audit of the former president until I made my initial
request,” House Ways and Means Committee Chairman Richard Neal said in a
In a statement, Trump said: “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.”
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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!” added.
In 2020, The New York Times alleged that Trump has paid no
income tax in 10 of the past 15 years after reporting massive losses. A
separate congressional report of the IRS’s mandatory presidential audit program
showed it was not doing its job during most of Trump’s time in office.