- Trump’s tax returns were released by the House Ways and Means Committee after years of legal battles.
- Among the documents were the former president’s personal and professional statements from 2015 to 2020.
- They reveal details of the years he paid more foreign taxes than U.S. income tax.
Donald Trump’s tax returns, released today by the House Ways and Means Committee, revealed for several years that the former president had paid more foreign taxes than U.S. income taxes.
After years of ongoing legal battles in which Trump broke decades of precedent and fought to keep his financial information private, the hundreds of pages of newly released documents have shed light on his international business dealings and ties. financial.
Trump’s documents showed he maintained financial accounts in China, Ireland and the United Kingdom from 2015 to 2017, even after he took office, AP reported. In 2018, it only reported the UK account.
The former president also declared income in more than a dozen countries, including Azerbaijan, China, India, Panama, Turkey and the United Arab Emirates. Over several years, according to AP, he paid more in foreign taxes related to his international business dealings than he paid in US income tax.
AP reported that Trump paid $641,931 in federal income taxes in 2015 as he began his presidential campaign, but only paid $750 in 2016 and 2017. In 2018, he paid nearly $1 million, he paid $133,445 in 2019 and nothing in 2020, according to statements released last year.
Although the recently released tax documents reveal previously unknown information about the former president’s finances, they do not constitute evidence of wrongdoing. Still, an expert told AP that some details, such as claims for foreign tax credits and large write-offs, are worth closer scrutiny by auditors.
“The comeback doesn’t say, ‘Guess what? I’m committing fraud,'” New York University tax professor Daniel Shaviro told AP, “but there are red flags.”
A summary returns report, released by the House Ways and Means Committee last week, found the IRS failed to audit former President Trump during his first two years in office, despite a policy which mandates the review of presidential finances.
The audits only began after the committee’s chairman, Democratic Rep. Richard Neal, requested a copy of the former president’s taxes.
“This is a major failure of the IRS under the previous administration, and certainly not what we were hoping to find,” Neal said in a statement carrying Trump’s statements. “But the evidence is clear. Congress needs to step in. I have proposed legislation to put the program above reproach. Make sure the IRS conducts annual and timely reviews while also publicly disclosing certain information.”
He added: “Our job has always been to ensure that our tax laws are administered fairly and without preference, because sometimes even the power of a president can weigh too heavily.”
Representatives for Trump and the House Ways and Means Committee did not immediately respond to Insider’s requests for comment.