Trump paid $0 in federal tax in 2020 and his taxes weren’t audited by IRS until 2019 despite former president saying he couldn’t release returns due to audit
Former President Trump paid around $1 million in taxes throughout his time as president and paid $0 in 2020, according to a report on his tax returns released by the House Ways and Means Committee.
The report also revealed the IRS had started an audit on just one of Trump’s tax returns – despite having a longstanding policy of auditing presidents every year. That audit did not begin until 2019, when the committee began poking around for Trump’s taxes.
But Trump famously refused to turn over his tax returns in 2016 because he claimed to be under continuous audits (even if he was, it wouldn’t preclude him from releasing his tax returns by law).
Democrats obtained Trump’s tax returns from 2015 to 2020 weeks ago by court order and voted to release the documents on Tuesday night, marking the pinnacle of a years-long back-and-forth as Trump sought to conceal the mysterious documents.
The former president made tens of millions annually during that period, but was able to chip away at his tax bill by claiming steep business losses.
In 2015, Trump reported making more than $50 million through income in capital gains, interest, dividends and other earnings. But he reported some $85 million in losses, leaving him at a negative income of $31 million.
He was hit with an alternative minimum tax that year – a tax code provision designed to prevent the wealthy from zeroing their tax bills.
House Ways and Means Committee Chairman Rep. Richard Neal (D-MA) and Ranking Member Rep. Kevin Brady (R-TX) talk after the committee voted to submit their report, including the tax records
Trump reported negative income for the next two years before his fortunes turned around in 2018, when he reported paying nearly a million in federal tax.
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