The House Ways & Means Committee on Friday released former President Donald Trump’s 2015-2020 tax returns. The release is the culmination of a year-long legal battle between the former president and the committee, where the Democrats currently control the majority.
Democrats released Mr Trump’s statements, which he refused to release during his two presidential campaigns and during his tenure in the White House, just days before Republicans took a majority in the House of Representatives after the November elections.
The committee released a report on the former president’s taxes last week before combing through its forms. This report revealed that the Internal Revenue Service initiated a mandatory audit for just one of the former president’s tax returns during his administration in 2016. The report also stated that he sent large sums of money to his children which might in fact be gifts but were referred to as loans to avoid a gift tax.
The tax returns are not just about Mr. Trump’s personal finances with his wife Melania, but also those of his businesses. As a result, it will take time for the media, including The Independent, to go through them with a fine-toothed comb. But here’s a drop-down list of the most interesting revelations from his tax returns.
Trump made no charitable contributions in his final year as president
The former president’s lack of charitable donations of his own money became a source of scrutiny during his 2016 presidential campaign, thanks in part to reporting by The Washington Post. At the same time, when Mr. Trump ran for president, he said he would donate his presidential salary to charity. And his White House press secretary, Kayleigh McEnany, said he would donate $100,000 to the Department of Health and Human Services in a tweet sent in March 2020.
But in 2020, the former president did not donate any money to charity in 2020, according to his joint tax return with Mrs. Trump, according to line 10b of his 1040 tax return. the former president came as he reported a loss of $4.7 million during the Covid-19 pandemic.
Fred Trump’s legacy weighed heavy
The former president has often claimed to be a self-made man, but in reality his father’s presence is ubiquitous on Mr Trump’s tax returns, even years after his death.
Mr. Trump’s 2018 returns show a net loss on sales of real estate purchased or built during Mr. Trump’s tenure as head of the Trump Organization. But in the same year, he declared a net income in this category thanks to large profits from the sale of properties passed on through his inheritance, totaling more than $24 million.
This could be a sign of how properties associated with Donald Trump himself have fared thanks to his controversial entry into politics.
Trump has claimed taxable income or losses in China, Israel, Canada and other foreign countries
A major concern throughout Trump’s presidency and campaign was that he would be beholden to foreign governments due to his multiple trade entanglements.
His tax returns included taxable income and losses from Azerbaijan, Panama, Qatar, India, Canada, People’s Republic of China, St. Ireland, United Arab Emirates, American Commonwealth of Puerto Rico, Indonesia, Israel, Turkey, Uruguay and Dominican Republic. He also indicated “other country”.
Foreign bank accounts
Mr Trump had foreign bank accounts in China, the UK, Ireland and St Maarten during his time in the White House. During his first year in office, he paid more taxes abroad than in the United States.
Melania’s modeling money
Before marrying Mr. Trump, the former first lady had a career in modeling. Turns out she also made money from the business while she was in the White House. In 2020, Mrs. Trump listed “modeling” as her primary business and earned $3,848 in gross income from it.