Trump tax return: Committee releases detailed report

InternationalBusiness
By Adepeju
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Members of the US House Ways and Means Committee disclosed that the Internal Revenue Service (IRS) broke its own rules by failing to audit former President Donald Trump during his first two years in office.

In a new report issued on Tuesday night, the amount of income, deductions, and taxes paid by or reimbursed to former President Trump while in the White House were specified.

According to the article obtained by The Herald, Trump recorded having no income on his federal tax returns for the years 2015, 2016, 2017, and 2020. He also paid $1,500 in income taxes for the years 2016 and 2017.

According to the Joint Committee on Taxation’s staff report, Trump and his wife Melania claimed a $5.47 million refund on their 2020 income tax returns despite not paying any federal income taxes.

The study was made available online shortly after the Ways and Means Committee decided to release redacted versions of Trump’s complete 2015–2020 tax returns as well as those of eight linked business organizations.

The highlights of Trump and Melania’s combined tax filings during the two years he first ran for president and during his tenure in office are broken down in the 39-page study by the Joint Committee on Taxation staff.

The report cites other areas that the staff believed needed more investigation, such as proof of the approximately $506,000 in charitable gifts the Trumps claimed to have made in 2019.

The report’s highlights include:

  • Trump and his wife reported $31.7 million in negative income on their 2015 federal tax return, with no taxable income. $641,931 in federal income taxes were paid by the couple.
  • The 2016 tax return reported $31.2 million in negative income with no taxable income. The Trumps made a $750 tax payment.
  • $12.8 million in negative income was reported on the 2017 tax return, and there was no taxable income. The couple paid taxes totaling $750.
  • Total income of $24.4 million was reported on the 2018 tax return, of which $22.9 million was taxable income. The Trumps paid federal income taxes totaling $999,466.
  • The Trumps reported $2.97 million in taxable income and a total income of $4.44 million in 2019. They paid taxes totaling $133,445.
  • The 2020 tax return shows $4.69 million in negative income with no taxable income. The Trumps paid no tax and requested a refund of $5.47 million.Trump tax return

Committee’s votes

The committee voted to release six years’ worth of Trump’s tax returns.

The decision by the US Supreme Court last month ends a nearly four-year legal campaign by Democrats to access the documents.

Even though US presidents are not obligated by law to submit their tax returns, they have been doing so voluntarily for decades.

The former president has made a significant effort to conceal his tax records.

On Tuesday night, the US House Ways and Means Committee voted 24–16 to disclose the records, with all Democrats in favor and all Republicans against.

Brendan Boyle, a Democrat from Pennsylvania who served on the committee, said following the vote: “This is one of the most    significant votes I will ever cast as a member of Congress, and I stand by it 100%.”

Despite a policy that mandates the auditing of sitting presidents, the Internal Revenue Service (IRS) did not audit former President Donald J. Trump during his first two years in office, a House committee discovered on Tuesday after an unusual decision to release six years of his tax returns.

Twitter response – Trump tax returns

#Trumptaxreturns has been trending on Twitter, here are some of the response.

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Adepeju
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