First reports published
Trump only paid taxes in two years of his tenure
For years, Trump has resisted handing over tax records to the Treasury Department — and now he’s losing the fight. The first reports give explosive insight into the former president’s income.
Congress (still dominated by Democrats) has decided that Donald Trump must release part of his taxes.
Former US President Donald Trump, 76, must reveal his tax records – at least in part. The Congress decided on Tuesday. Trump has legally resisted releasing the documents for years. The first results of the investigation indicate that Trump manipulated his taxes.
In fact, it’s common for politicians to disclose some of their finances and have the Internal Revenue Service (IRS) review their taxes. Trump is the first president since Richard Nixon (1913-1994) to break this tradition. again”Spiegel» writes, the House of Representatives committee responsible for tax policy (Ways and Means Committee) has tried to get tax returns from previous years starting in 2019.
Congress, now dominated by Democrats, has now asked Trump to release his taxes. The tide will turn from January: Republicans will then form a majority in Congress.
Trump avoided paying taxes
Initial reports suggest the IRS did not properly screen Trump. And: “Multiple reports have revealed that the former president pursued aggressive tax strategies and decades of tax avoidance strategies through complex arrangements of his personal and business finances,” the report continues.
as “The New York Times» Trump, according to his own reports, has suffered heavy losses early in his presidency. By marking the minus, the former president is said to have deliberately paid less income tax.
This is clear from the data: Donald Trump has paid taxes in only two years of his presidency. In addition, reports from tax authorities show that Trump made millions of dollars a year but deliberately used large losses to save on taxes. In his first year as president, he paid just $750 in income taxes and posted a $12.82 million loss — a loss Trump has declared a deliberate and evasive tax evasion.
In 2018, Trump was at a higher level
Particularly striking: In 2018, his second year as president, Trump made a sudden $24.4 million profit. According to the IRS, this increase in income is only possible by selling real estate or property and receiving $22 million. In 2020, Trump again reported losses — and again paid no taxes.
“Millions of dollars in these tax returns have been claimed without proper supporting documentation,” Lloyd Doggett, a member of the Ways and Means Committee, told CNN. Trump has yet to comment publicly. (jwg)
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