Trump did not pay income tax-records
2022.12.21 12:16
[ad_1]
Trump did not pay income tax-records
Budrigannews.com – According to tax figures released by a congressional panel, Donald Trump did not pay any income taxes in the final full year of his presidency because he reported a loss from his numerous business interests.
After a long fight, the Democratic-led House of Representatives Ways and Means Committee released the records late on Tuesday. They show that Trump’s income and tax liability changed a lot during his four years in office.
As the Republican ex-president launches a new bid for the White House, the records cast doubt on his long-cultivated image as a successful businessman.
According to the documents, Trump and his wife Melania paid some form of tax over the course of all four years. However, since income from Trump’s businesses was more than offset by deductions and losses, the couple was able to minimize their income taxes over the course of several years.
The council scrutinized the authenticity of a portion of those derivations, including one for $916 million, and individuals said on Tuesday the government forms were lacking in subtleties. In the coming days, the panel is expected to release redacted versions of his complete returns.
Despite the fact that all other major-party presidential candidates have done so for decades, Trump refused to make his tax returns public during his two presidential campaigns and his campaign for office.
After fighting for years, the committee got the records and voted on Tuesday to make them public.
A Trump representative said the arrival of the reports was politically inspired.
Steven Cheung, a spokesman for the Trump Organization, stated on Wednesday, “If this injustice can happen to President Trump, it can happen to all Americans without cause.”
The Democrats on the panel said that their review showed that tax authorities didn’t look at Trump’s complicated tax returns properly to make sure they were accurate.
Despite the fact that the Internal Revenue Service of the United States is required to conduct an annual audit of presidents’ tax returns, it did not do so until Democrats called for action in 2019.
The panel discovered that the IRS only assigned one agent to the audit the majority of the time and did not examine some of Trump’s claimed deductions.
The IRS didn’t say anything.
More U.S. will pay for visas to Afghans
According to media reports and testimony about his finances at his trial, prior to taking office, Trump reported substantial losses from his business for a number of years to offset hundreds of millions of dollars in income.
The committee’s documents showed that this pattern continued while he was in the White House.
Self-employment and household employment taxes were due from Trump and his wife at that time. Over the course of those four years, they owe a total of $3 million in taxes.
However, they were able to reduce their income tax burden over a number of years thanks to deductions.
According to the records, Trump and his wife reported an adjusted gross income of negative $12.9 million in 2017, which resulted in a net income tax of $750.
In 2018, they reported $24.3 million in adjusted gross income and paid $1 million in net taxes; in 2019, they reported $4.4 million in income and paid $134,000 in taxes.
They reported a $4.8 million loss in 2020 and did not pay any net income tax.
