Trump paid $0 in income tax in his last full year as US president. The year before, he owed $134,000 to the taxman. In 2018 it was $1 million and the year before it was $750.
Trump has consistently refused to release his tax returns, a practice that has been common practice for decades for presidents and presidential candidates. He declined to disclose details of his assets and his business activities. Critics speculate that he has something to hide. After years of legal battles, a House committee obtained six years of Trump’s tax returns from the Treasury Department in late November. On Tuesday, the committee decided to release the documents.
Not consistent with the desired image
Returns from 2017 to 2020 appear to paint a picture that is not entirely consistent with the image of the super successful businessman Trump claims to be. By reporting $4.8 million in losses from his companies to the IRS in 2020, the final decision for Trump and his wife, Melania, came in at $0. In 2017, the couple reported a negative income of $12.9 million and the final U.S. Internal Revenue Service (IRS) filing was $750. They made $24.3 million the following year, according to their statement, and $4.4 million in 2019.
The House committee is questioning some deductions made by the Trumps, including one of $916 million. Commissioners also said on Tuesday that tax returns lack detail.
Democratic committee members believe the IRS hasn’t scrutinized closely enough to see if the returns are fair. The IRS only started the audits after Democrats urged them in 2019, and usually only a tax inspector was responsible. Some of the deductions claimed by the president have not been reviewed, the committee said. The IRS declined to comment at this time.