Here’s everything you need to know about Trump’s tax returns

The House Ways and Means Committee has officially released six years of former President Donald Trump’s tax returns.

The committee voted last week to make Trump’s returns public with redactions of some sensitive information. The panel has tried to obtain Trump’s records since 2019, but Trump has repeatedly fought to block his request in court.

Here’s everything we learned about Trump’s finances before and during his presidency.

Tax returns show that Trump’s businesses reported exponential losses and that he paid little or no tax on those businesses for several years. The biggest losses occurred when Trump launched his 2016 presidential campaign.

US President Donald Trump paid just $750 in federal income tax in 2016, the year he won the election, reports The New York Times
US President Donald Trump paid just $750 in federal income tax in 2016, the year he won the election, reports The New York Times
AFP / Brendan Smialowski

On Melania and Donald Trump’s 2016 joint tax return, the first couple reported negative income of $32.2 million, recorded $0 taxable income, and paid just $750 in total taxes.

The couple filed a similar return in 2017, reporting negative income of $12.8 million, $0 taxable income, and again only paid $750 in taxes.

In 2018, they did not report negative income, but reported earning $22.9 million in taxable income and paying $999,466 in federal income tax.

The Trumps reported $2.97 million in taxable income in 2019 and paid $133,445 in taxes.

Finally, in 2020, the Trumps again reported negative income of $4.69 million, paid no income tax but received a refund of $5.47 million.

More than 150 of its business entities reported negative revenue or significant losses. The IRS defines negative business income as “the net amount of qualifying items of income, gain, deduction, and loss from any qualifying trade or business.”

His Trump Turnberry Scotland golf course recorded a loss of $12 million every year until the last year of his presidency. His Washington DC hotel lost over $70 million while in operation.

Trump Turnberry Golf Course
Trump Turnberry Hotel and Golf Resort in Turnberry, Scotland on June 24, 2016.
Oli Scarff/AFP/Getty Images

In a statement released Friday, Trump criticized the House panel for releasing the returns, but said the returns demonstrate his entrepreneurial success and “show once again how proudly I have achieved and how I I was able to use depreciation and various other tax deductions as an incentive to create thousands of jobs and beautiful structures and businesses.”

All of Trump’s personal and business tax returns can be viewed here.

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