The House Ways & Means Committee on Friday released six years of former President Donald Trump’s tax returns, the culmination of a years-long legal battle in which Mr Trump has tried to thwart efforts to reveal his taxes.
Throughout his run for the presidency in the 2016 campaign, Mr Trump said he would not release his tax returns because he was being audited. That led the committee, which writes major tax laws and is chaired by Chairman Richard Neal, to engage in a legal battle starting in 2019, when Democrats won a majority in the House of Representatives.
Last month, the Supreme Court rejected the former president’s attempt to shield his congressional tax returns. Last week, the Joint Committee on Taxation released a report detailing how much tax the former president paid for the six years of filings. Below is a breakdown of how much he paid.
Mr. Trump has announced that he will seek the 2016 Republican nomination for president in 2015. While many presidential candidates since Richard Nixon have released their tax returns, Mr. Trump has not.
That year, the future president suffered a net loss of $31,736,841 and claimed a total of $1,485,739 in tax credits. As a result, he only paid $641,931 in federal income tax. The 2015 form did not undergo the mandatory audit that the president’s tax returns typically must undergo. In addition, the committee’s Joint Taxation Committee report noted that 13 of the 27 businesses for which Mr. Trump was considered a sole proprietor reported only expenses and no income.
“As another example, a Schedule C for Donald J. Trump (speaking) reported gross income of $50,000, which was almost entirely offset by $46,162 in travel expenses. Audits of closely held entities often reveal that personal expenses are incorrectly deducted as business expenses,” the report states.
2016 and 2017
Numerous news outlets have reported how Mr. Trump paid $750 in 2016 and 2017, the latter being his first year as president.
In 2016 he lost $32,190,169 in income and in 2017 he suffered a total loss of income of $12,819,400. The New York Times first reported the numbers in 2020, when they discovered that in 2016 his US tax bill was significantly lower than the $15,598 he and his companies paid in Panama. The joint committee report indicates that the 2016 statement is the only one subject to mandatory verification.
In 2018, Mr. Trump earned a total of $24,395,093, unlike previous years when he reportedly lost income. As a result, he paid net federal income tax of $999,466, or about 4% of his income that year.
That year, of the three Schedule C companies, only expenses were reported and no income. Mr. Trump’s management services only reported tax and licensing expenses of $38,764. Similarly, DT Endeavor I, an airline, reported a net loss of $274,381.
In 2019, Mr. Trump had a total income of $4,443,503 and he paid $133,445 in federal income tax, just 3% of his total income. In April of this year, the IRS informed Mr. Trump and Mrs. Trump that their 2019 form had been selected for review, alongside those of DJT Holdings LLC.
The committee’s report says Mr. Trump declared $504,700 in charitable contributions, but he “would ask if the large cash contributions were supported by the required justifications.” Interestingly, in that report, Ms. Trump’s Schedule C expense and income figures for her modeling were identical at $3,848 each.
In Mr. Trump’s last year in office, he again lost money, losing $4,694,058 in total income. That same year, he also received a refund of $5,468,593. Additionally, Mr. Trump did not report any charitable contributions, although he said he would donate his presidential salary to charity each year.