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House Ways and Means Committee on Friday released 6 years An examination of former President Trump’s tax returns revealed a complex network of businesses and other sources of income.
Important reasons: The release comes after years of efforts by the commission to obtain Trump’s tax returns as part of the IRS’ mandatory presidential audit program investigation. He is again in contention for his second term in the White House while also facing other investigations and legal defeats.
- The commission formally voted to release the former president’s report earlier this month.
as outlined According to a report released by the commission earlier this month, the former president’s tax returns from 2015 to 2020 show how much his finances and the amount of taxes he and Melania Trump owed during his presidency. It shows that it has changed significantly.
- He and the former first lady reported negative income of $4.7 million in 2020, with $0 in taxable income and $0 in net taxes. That same year, the couple also claimed a $5.4 million tax refund.
What they say: “Presidents are not ordinary taxpayers,” House Ways and Means Committee Chairman Richard Neal said in a statement on Friday. “They have power and influence unlike any other American. And “With great power comes great responsibility.”
- “We expected the IRS to expand its mandatory audit program to account for the complex nature of the former president’s financial situation, but we found no evidence of that. This was a major failure of the IRS under the previous administration. Yes, it certainly wasn’t what we were hoping to find.”
- of The Commission has released a compressed file Contains copies of Trump’s personal and business returns.
News promotion: The commission’s release includes thousands of pages from Trump’s recent tax returns.
- While some sensitive information, such as Social Security numbers, has been redacted, the documents reveal previously undisclosed details about the finances of the former president, who served in the White House.
- Trump reportedly has several foreign financial interests, including accounts in the UK, Ireland, China and Saint Martins.
- Trump, whose name appears in hotels around the world, also reported other financial activity in more than a dozen countries, including South Korea, Azerbaijan, Turkey and Panama.
Big picture: Newly released records help corroborate the testimony of a former Trump tax filer who reported heavy losses on his tax returns for the decade ending in 2018.
- For example, in 2017 (Trump’s first year as president), he and Melania had gross earnings of minus $12.9 million in personal returns.
- His primary holding company, DJT Holdings LLC, also reported losses of more than $300 million over six years.
- Tax returns related to the Trump family business have come under intense scrutiny in recent years, with a jury convicting the Trump Organization of tax evasion earlier this month.
Background: The House Ways and Means Committee originally requested Trump’s return to the IRS in 2019 as part of an investigation into the IRS’ presidential audit program.
- After the Treasury Department denied the commission’s request, the chairman of the commission, Rep. Richard Neal, Democratic Massachusetts, filed a lawsuit to conduct an investigation.
- The case eventually went to the Supreme Court in November, which ruled against Trump, paving the way for the commission to gain access to the filing.
- Another report from the commission released earlier this month said that despite the IRS being required to conduct mandatory reviews of the president’s tax returns, during the first two years of Trump’s presidency, the IRS I hadn’t audited his taxes.
- The Democratic-led committee was nearing a deadline to complete its audit program and an investigation into Trump’s return, as the incoming Republican House majority will likely suspend the commission’s investigation in the new Congress.
Opposite side: “The Democrats should never have done that and the Supreme Court should never have approved it,” Trump said in a statement Friday. Democrats are armed with everything, but remember, it’s a dangerous two-way street!”
- The newly released document states, “How I’ve been proud and successful, and how I’ve been able to use depreciation and various other tax credits as an incentive to create thousands of jobs and grand structures and enterprises. I’m showing you again,” Trump said.
- Republicans on the House Ways and Means Committee on Friday issued a minority report against the release of tax records, saying, “Dangerous Democratic precedents compel Americans to demand the release of other people’s tax returns. will be,’ he said.
What we see: In the final hybrid meeting ahead of next year’s new Congress, House Republicans said multiple sources on the call said in light of the disclosures how President Biden’s return should be weaponized or how We discussed whether to
Further details: Jan. 6 Panel to refer Trump on criminal charges
Editor’s Note: This story has been updated throughout.
