Trump's income taxes were often paltry, newly released documents show
S E E D E D C O N T E N T
F ormer President Donald Trump repeatedly paid little or nothing in federal income taxes between 2015 and 2020 despite reporting millions in earnings.
Documents released Tuesday night by House Democrats said Trump frequently made tens of millions of dollars annually during that period. But he was able to whittle away his tax bill by claiming steep business losses that offset that income.
In 2016, he paid $750. The following year he again paid just $750. In 2020, he paid nothing.
And though the IRS has a longstanding policy of automatically auditing every president, Democrats say the agency did not begin vetting Trump’s filings until they began asking about them in 2019.
Trump frequently claimed he was under continuous audits by the IRS to justify his refusal to voluntarily disclose his taxes, which snapped a longstanding tradition of presidents and White House contenders volunteering their returns.
It also puts a spotlight on the IRS as well, including its recently departed commissioner, Chuck Rettig, and its promise to impartially administer the tax code.
At the same time, it is a last-minute victory for Democrats, particularly Ways and Means Committee Chairman Richard Neal, who waged a three-and-a-half year court battle for the returns but whose enthusiasm for the fight was often questioned by his party’s liberal wing.
Neal obtained the returns just last month, after the Supreme Court declined to block their release to him, and Democrats raced to get the information out before they slip into the minority in the House on Jan. 3.
Democrats said it would take some time to scrub the filings of Trump’s personal information, such as his Social Security number and addresses, but that the returns would be released in the coming days.
But Democrats asked the Joint Committee on Taxation, a nonpartisan office of tax lawyers and economists that advises lawmakers on tax issues, to examine Trump’s filings and lawmakers released the agency’s findings along with their own report on the IRS audit system.
Though Trump has cultivated an image of a wildly successful businessman, and bragged about paying little in taxes, he appears to do that mostly by reporting big losses.
In 2015, JCT said, Trump reported making more than $50 million, through a combination of capital gains, interest, dividends and other earnings. That was offset though by more than $85 million in reported losses.
He was hit by the alternative minimum tax that year, a levy designed to make it harder for the rich to zero out their tax bills. It generated a $641,931 tax bill.
The following year he reported making $30 million but also claimed $60 million in losses. He was dinged again by the AMT that year, though he still ended up owing just $750.
In other years, Trump paid more. In 2018, he had far fewer losses to report and ended up paying $999,466.
JCT did not itself audit Trump’s returns and did not attempt to verify the numbers he reported. It criticized the IRS though for not more vigorously examining the filings.
The IRS has a policy dating to the Nixon administration of automatically vetting every president’s returns — something designed to both assure the public that the tax system is being administered equitably and also to spare the IRS from having to make politically fraught decisions over which presidents to audit.
Little is known publicly about how that process work. A 1998 law makes White House meddling in audits a felony.
Neal told reporters though he had not come across evidence that Trump had tried to influence the agency when it came to examining his taxes.
The super-rich are typically subject to relatively high audit rates. The IRS says it examined 8.7 percent of those who made more than $10 million in 2019.
People in the top 0.01 percent of incomes, making more than $7.4 million in 2020, paid an average tax rate of 25.1 percent. The average rate that year for everyone was 13.6 percent.
Earlier this year, President Joe Biden reported paying 24.6 percent.
It is highly unusual for lawmakers to forcibly release private tax information, and Trump was not legally required to disclose his taxes.
But he defied a decades-old tradition of presidents volunteering their filings, incensing congressional Democrats who seized his returns under a century-old law allowing the chairs of Congress’s tax committees to examine anyone’s private tax information.
Many Democrats said the public not only had a right to know about Trump’s finances, they also said they wanted to know how vigorously the IRS was questioning the president’s returns.
Republicans scoffed, saying Democrats were simply looking for ways to embarrass Trump and warned Neal’s move would create a precedent that could be used against other people.
Democrats got his personal returns as well as a handful of business filings from 2015 to 2020 — mostly coinciding with Trump’s time in office.
Some said Democrats did not demand to see enough of Trump’s records, arguing they should have asked for more from previous years, before he was running for president, that could have still been under audit when he came to the White House.
Democrats’ impending release of the returns will create an opportunity for a crowdsourced audit, with outside tax experts eager to weigh in, something Trump confidante Michael Cohen told Congress in 2019 that Trump feared if they ever became public.
“What he didn’t want was to have an entire group of think tanks that are tax experts run through his tax returns and start ripping it to pieces, and then he’ll end up in an audit and he’ll ultimately have taxable consequences, penalties and so on,” Cohen said.
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No surprises. He lied , from the White House podium, about being under audit. But everyone knows he is a pathological liar.
This is really more about the large scale gaming of the tax system by people that can afford smart enough tax lawyers. The government should end all tax breaks for everyone.
But no harm in reminding folks multiple times each day.
Totally.
But I assume the news that he lied about his taxes while standing at a White House podium also reminds you. One would think.
A lie is a lie regardless of where one is standing.
But he did say that we would all be able to see his taxes after the audit ended. So he did, accidentally, tell the truth that time. And he should thank the democratically controlled House for keeping his word.
Serious question. Do you feel like this changes anything? If so, what? How are things different now that people know?
"The government should end all tax breaks for everyone."
This is a really dumb idea. What is your reasoning? Does that include the middle class and working people, or just the rich?
It appears that the Trump organization paid all the taxes that were legally due, since the IRS didn't seem to be in any hurry to audit him
In case you didn't read it, he said ALL tax cuts.
No Ozzy, he talked about tax breaks and exemptions!
Who didn't again?
You even quoted what he said in your comment!!!!!
And he said all tax BREAKS not cuts like you stated.
Too afraid to address Trumps taxes that you and the others keep harping on something other members said?
We should have a sliding tax scale based on income that rises gradually from nothing to the highest rate that can be passed into law. You pay taxes based on income. No dodges. If you get caught misrepresenting your income to avoid income tax you go to jail.
Trump can pay nothing on millions of income because we dont have anything like that.
That's bullshit. I didn't pay any taxes for three years as 25% owner in an LLC that lost money for the first three. We took draws not technically income and therefore got to avoid it. And the books were done by our CPA and well within the law.
It's the "he's rich and should pay his fair share" idiots. You know, the bobble headed morons like AOC.
That just can't seem to define "fair share".
They can't define a lot of things.
Never ceases to amaze me that people feel they are entitled to steal more money from the people who are more successful than them. Here is an idea, try to pay your fair share and then they won't have to steal more of the riches money.
So when Mitt Romney talked about the 47% who were takers in 2012 he was referring to people like Donald Trump. lol.
Keep throwing slop at the wall.
There's a word for that kind of behavior. What was it now.....OH that's right:
Including self proclaimed billionaire Donald Trump in 2020.
Trump paid no income tax in 2020, reported losses in office
In 2018 alone he $999,466. That's more than double what the average person pays in their lifetime.
Context matters.
so what? the more money you make the more taxes you pay. Did he pay the 30% he is supposed to?
It works on percentage, not dollar amount.
What was the percentage?
I don’t know, did he?
Don't understand your question, but the national average for Federal Income Tax is 28.4% .
Hopefully that answers your question.
Do you understand the difference between Trump, the American citizen, and Trump the corporation? Tax forms turned over to the House were for Trump the citizen.
Oh he/she understands. He/she is just following the script.
I like how you automatically assume I was talking about you. Especially after you tell TessyLo that you didn't understand how her post reflected yours. So you are taking offense to something you claim doesn't pertain to you. LOL!!!
You wrote, “It works on percentage, not dollar amount.”
So I asked you what’s Trump’s percentage?
You obviously have a least basic knowledge on how to use a computer. Guess what, there is a calculator built into your computer, so you can figure it out yourself.
I see that you don’t know.
Claims the person who doesn't know, and doesn't want to.
And this is an easy thing to do — legally. Especially if the Trump business was not going well.
Problem is, there is a point where continued legal losses will drive a business into bankruptcy. So offsetting gains with losses will eventually end. Of course, based on what we have already seen, Trump is not shy about playing with the books to achieve a dishonest result. He also has plenty of games to play such as securing loans, defaulting and abusing the legal system to prevail.
No surprise here.
My concern with Trump are his acts while PotUS and the bad precedent he set and will set if not held accountable.
"Trump is not shy about playing with the books to achieve a dishonest result."
Are you implying that Trump's lawyers and accountants committed fraud and otherwise broke the law?
Yes
And as for other games played to which I alluded:
This is well known. Why do you (and your friend) continue to defend Trump? There is a point where one simply cuts their losses. Yeah, supporting Trump was a mistake. Doubling-down with now ridiculous defense of Trump is worse than simply acknowledging a mistake and moving on. Or, for that matter, not even acknowledge the mistake and just cease the absurd attempts to defend the indefensible.
If you read closely and have paid attention lately, I am not defending him.
I simply said eliminating take breaks for everyone is dumb idea.
Apparently the IRS is happy with the taxes Trump has paid.
The problem is you aren't in lockstep with them. You're not running in circles with your hair on fire freaking out about everything Trump.
For that, in their minds, you are defending him despite many times you explain your stance, it won't be heard.
Then you do not realize the defense you are providing. Virtually every time Trump is criticized or an allegation made, if you comment it is in defense of Trump or an attempt to defuse or deflect.
Your situation is worse. You will not even acknowledge wrongdoing by Trump. You will not even acknowledge that Trump blatantly lied to the world that our system was rigged (and is still doing so).
You will not prove it.
Oh, and I forgot they will troll you with ridiculous bs in feeble attempts to brow beat you into submission. 3.1.5 is a perfect example.
That is what is so pathetic about your position. The proof is beyond obvious.
For you to not see wrongdoing by Trump you would have to believe that he did not lie about the 2020 election being rigged and influence his supporters into thinking their votes were disenfranchised and that Biden was not legitimately elected.
So is that your belief, Jeremy, that the 2020 election was rigged and that Trump is actually the legitimate PotUS?
Apparently it's not if you can't provide any of it.
And where did I mention any of that? Should I wait for that proof like everything else you've given me?
Anyone who cannot see the proof that Trump blatantly lied about the 2020 election is truly blinded by partisanship.
Still going on what you heard in your head instead of what was actually said.
You demand proof that Trump lied about the 2020 election being rigged. Anyone who needs proof of that is living in a partisan fantasy.
Oh FFS. Do you not pay attention? NOWHERE have I made that claim. On this article or any article. Go back up to 3.1.9. I challenged you to find where I made that stupid ass claim. HINT - IF NEVER FUCKING DID. The whole part about the election rigging COME FROM YOU.
You demand proof that Trump engaged in wrongdoing. If you acknowledge his wrongdoing (influencing his supporters with lies about a rigged 2020 election) then you already have your proof.
The fact that you demand proof means that you do not acknowledge Trump's wrongdoing.
Do you think you are fooling anyone with your endless denials?
You changed gears pretty quick. It's still irrelevant as you haven't proven your case aside from trying to talk down to me.
The ability to laugh at the stupidity like this keeps the sanity in good shape.
Was it wrong for Trump to lie that the 2020 election was rigged and that Trump is actually the legitimate PotUS?
About the same as when the Democrats lied in 2016 that Clinton won. But, I know, I'm not supposed to talk about that because....talking points.
It is. Notice how fast this one changed gears and moved on to something else they have been throwing a hissy fit over.
It must really burn their ass when people won't fall in step with their claims all because they say something happened.
My question was not about Clinton.
It was wrong for select Ds to lie that Clinton had won in 2016.
Given my question: Was it wrong for Trump to lie that the 2020 election was rigged and that Trump is actually the legitimate PotUS?
If you believe it was wrong for select Ds to lie that Clinton had won in 2016 then you necessarily acknowledge wrongdoing by Trump when he lied to the world (and still does) that the election was rigged and that he was the legitimate PotUS.
So, was it wrong for Trump to lie that the 2020 election was rigged and that Trump is actually the legitimate PotUS?
Sorry, I can't find where I said I cared.
Then why haven't you set your hair on fire about that as you have about the 2020 election? Oh, that's right...."but Trruuummmmppppp!"
Given I never said I believed it was wrong either way, I'm not quite sure what or why you are arguing. But it is kind of fun to watch you lose your mind over what I'm NOT saying.
What is funny (in a pathetic sense) is your fear of even making the most obvious of stands against Trump by acknowledging that he was wrong to lie to the world that the 2020 election was rigged and that he was the legitimate PotUS.
Give everyone a Christmas present and stop your fucking trolling.
So, a nothing burger
As per usual.
Depends on what you call "nothing".
You know - Nothing. Like every "smoking gun" and "we've got him now" article seen from the left in the past few years.
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As long as Biden is appointing incompetent department heads, trump is safe.
That could be the ONLY good thing coming out of the Check the Block Administration.
What authority does Congress have to make confidential taxpayer information public?
Didn't they tell the supreme court that they wouldn't release his taxes? They were for review of the presidential audit program. Just another lie by democrats in the house.
Yeah, there's no reason to release them other than as part of their vendetta.
Didn't they tell the supreme court that they wouldn't release his taxes?
Didn't he tell the country that he would release his taxes?
Is there a requirement to release them?
Is there a requirement for all Presidents and VPs to be audited during their terms? What’s your big defense for that one?
Don't know. But if there isn't a requirement for an audit then there should be.
There is no requirement to release them.
It's the IRS that does that audit, you would need to ask them why it wasn't done. I'm fairly sure that Jeremy doesn't work for the IRS.
But are you a Jewish mother? Asking a question instead of answering the asked question... oy
Our government was designed to have checks and balances. Perhaps you should consider relocating to someplace like Iran if all you can do is defend the Trump nonstop challenge to the way the system here works.
That's what you get from my comment, that I'm defending Trump? If it wasn't so lame it might be laughable. For the record yes there is a requirement that all presidential tax returns be audited and that audit is done by the IRS. And in the seed article it even shows the requirement and it states that there was no evidence found that the Trump White House interfered with the IRS.
Perhaps you can go back thru my comment that you replied to and show me how it in any fucking way, shape or form was a defense of Trump.
Or, alternatively, you could go and jam your obnoxious, prickly, eagerness towards any opportunity to own the libs up your ass, sideways. Your support for Donald Trump and his ways has always been evident under that thin veil of supposed objectivity.
I've been seeing this a lot from the anti-Trump crowd. Their so called answers to questions are nothing more than personal assaults like in 5.1.10 and 4.2.2
Or you can continue to be rude and argumentative while ignoring any sense of objectivity. Of course if you don't want to answer questions then perhaps you shouldn't ask them either.
And circular arguments. They seem to love those for some reason.
Well, the it seems like the IRS forget about auditing him while he was in office.
They cant help themselves. Its pretty pitiful.
I was wondering the same damned thing. It's bullshit. SCotUS said Congress could have them but the public? And to what end anyway? The IRS has had them for years and now a bunch of overpaid Congressional witch hunters are going to determine that something is wrong or illegal and release them to the court of public opinion (which more that likely 90% of won't know what the hell they are looking at)
Yeah, everything I've seen said Congress has the right to inspect them, but they can only be made public with the consent of the taxpayer.
And if there were even a minute issue, it would have been called out.
To save money, they should just talk with the Jan 6th Committee and add this as an addendum to their report. Save money on printing costs, etc.
Good question.
Did he avoid the audit because he said he was under an audit...which apparently was a big fat lie
According to the seeded article, the IRS didn't perform the audit until the House asked about it. Possibly due to the backlog the IRS is suffering from due to staffing issues as well as an antiquated computer system. But the seed also states that there was no indication that the Trump White House interfered with the IRS.
Shouldn't they have done it anyway without being asked? All the other presidents were audited.
As for the White House not interfering...ok...I'll buy that but I think trmp had an insider at the IRS
Yes they should have. There is an IRS rule from the Nixon era that mandates that all presidents tax returns are audited. The IRS failed in this regard. But there is no evidence that Trump interfered in any way.
Maybe somebody should audit the IRS
I'm working up conspiracy theories.
Or maybe not.
I think it is a mistake for the Ds to make a big deal out of Trump's tax returns. If they believe he engaged in wrongdoing then hand the case over to the IRS and let them deal with it according to their procedures. By publicizing his records they a) set a very bad precedent and b) distract from the serious issues at hand regarding Trump's abuse of his office and dereliction of duty regarding the Big Lie campaign and his illegal taking and keeping of TS/SCI documents.
Trump's actions as PotUS (especially after he lost) need accountability. This kind of behavior cannot be tolerated since it will further degrade the sad state of US politics and make it that much easier for people to lie and cheat the people of this nation.
In short, Trump's tax problems (if any) are centered on the private citizen. His behavior as PotUS, in contrast, has a worldwide scope and the ability to negatively shape US politics.
Was it a mistake to focus on Al Capone’s taxes since the scope of his crimes were far more serious than tax evasion? I’m so fucking sick of Donald Trump not being treated like you and I would be treated for the same things that every goddamn transgression he commits should be run up the flagpole until our government gets off it’s ass and proves that it is worthy of being considered a functioning government.
Taxes were the only thing the Feds could nail Capone on. So it made sense to do so to get him behind bars.
In Trump's case there are much more important factors at play — in particular the precedent he set as PotUS for abusing the authority of office. It would be bad for the nation as a whole if a PotUS (or lesser) has greater flexibility (by precedent) to lie, coerce, motivate an insurrection, etc. in an attempt to overturn a lost election. To avoid lowering the bar, Trump needs to be held accountable. Nailing him on his taxes does not accomplish this.