Trump’s tax returns released by House Ways and Means Committee

The House Ways and Means Committee released former President Donald Trump’s six-year tax returns on Friday, providing the most detailed account yet of his finances while in the White House.

The panel voted last week to redact classified information and publish returns after a lengthy legal battle. The Ways and Means Commission obtained Trump’s 2015-2020 federal income tax returns and tax records for some of his entities last month. and he tried to prevent his release in court.

You can find individual and business tax returns released by the Commission Here.

The commission released a report earlier this month outlining the former president’s interests. Trump reported negative income in 2015, 2016, 2017 and 2020, according to a summary prepared by the Joint Taxation Commission. He paid a total of $1,500 in income taxes in his 2016 and he in 2017.

Trump’s financial record (some of which was recently revealed in a New York Times report) shows that the former president, who ran for president because of his business acumen, regularly suffered heavy losses. declare and show that you have paid little or no taxes for several years. Tax returns suggest that many of Trump’s businesses suffered heavy losses from the year he ran for president to his first term as commander-in-chief. Trump has repeatedly said it is wise to use deductions and losses to minimize the tax burden.

Financial records show:

• Trump and his wife, Melania, declared negative income of $31.7 million and $0 taxable income upon their return home in 2015. They paid his $641,931 in federal income tax.
• Upon his return in 2016, Trump declared negative income of $32.2 million and again recorded $0 taxable income.They paid $750 in taxes.
• Trump and his wife declared negative income of $12.8 million on their 2017 tax returns and had $0 taxable income. They paid $750 in taxes again.
• 2018 returns have made Trump’s financials more optimistic. They declared $24.4 million in gross income and $22.9 million in taxable income. They paid $999,466 in federal income tax.
• Trump and his wife declared gross earnings of $4.44 million and taxable income of $2.97 million upon their return in 2019. They paid him $133,445 in taxes.
• The 2020 returns declared negative income of $4.69 million and no taxable income. They didn’t pay taxes and claimed a $5.47 million refund.
• The returns show heavy losses for many of Trump’s assets over a six-year period.For example, his 2015 tax return for “DJT” [Donald J. Trump] Holdings LLC showed a loss of $12 million for Trump Turnberry Scotland. Turnberry Golf Course reportedly lost up to millions of dollars each year until Trump’s last year as president. An independent report at the time.
• Trump’s hotel in the former Post Office Building in Washington, D.C. is losing millions of dollars each year in his first term in office, tax returns show. The hotel has been the center of activity for Trump supporters and those seeking to win over the former president, and Republican political committees have spent tens of millions of dollars there.Trump company handle We purchased the building in 2013, signed a 60-year lease, and invested approximately $200 million in developing it into a hotel. NBC News report Assets lost over $70 million during Trump’s tenure. The Trump Organization announced earlier this year that it had completed the $375 million sale of the former Post Office property.
• Trump reported foreign bank accounts in the UK, Ireland and China in his tax returns from 2015 to 2017. From 2018 her 2020 return only lists UK accounts.

A Democratic-led panel announced its earnings just days before Republicans took control of the House. A majority of Republicans in the House are backing Trump as he re-enters the race for the 2024 Republican presidential nomination.

In a statement by the Trump campaign on Friday, the former president criticized the House panel for releasing the report and the Supreme Court’s granting the committee access to the report.

Trump said the document “represents once again how proudly I have been successful and how I could use depreciation and various other tax cuts as an incentive to create thousands of jobs and magnificent structures and businesses.” claimed.

The former president broke decades of precedent by refusing to release his tax returns as a candidate in the 2016 election. The 2024 race will be President Trump’s third run for office, but it will be the first time the public will have a clearer picture of his finances and business record.

The Democratic Ways and Means Commission said it is seeking Trump’s tax returns as part of an investigation into how the IRS audits the president’s returns. Agencies are required to audit the reports of incumbent presidents annually.

House Republicans have suggested the new majority will take a softer tone toward Trump and push for an investigation into the Biden administration.

In a statement Friday, Rep. Kevin Brady, a Republican of Texas, a ranking member of the Ways and Means Commission, argued that Democrats had unleashed a “dangerous new political weapon” by disclosing earnings.

— CNBC’s Dan Mangan contributed to this report.