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Congress releases Trump's tax returns, after years of court battles

2022-12-30T14:27:28.132Z


The House Ways and Means Committee released, as expected this Friday, six years of tax returns from the former president.


A House committee on Friday released six years of Donald Trump's tax returns releasing financial records the former president fought for years to keep secret.

The Democratic-controlled House Ways and Means Committee voted last week to release the statements, with some redaction of sensitive information such as Social Security numbers and contact information.

Its release comes in the final days of Democratic control of the House and as Trump's fellow Republicans prepare to retake power in the House.

[They reveal how much taxes Trump paid and how much money was returned to him by the IRS]

The commission obtained six years of Trump's personal and business tax records, from 2015 to 2020, while investigating what a Dec. 20 report said was the failure of the IRS to carry out mandated audits of Trump in a timely manner during his presidency, as required by IRS protocol.

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The post raises the possibility of new revelations about Trump's finances, which have been shrouded in mystery and intrigue since his days as an up-and-coming Manhattan real estate developer in the 1980s. launched a third campaign for the White House.

Trump's tax returns are likely to offer the clearest picture yet of his finances during his tenure.

Known for building skyscrapers and hosting a reality show before winning the White House, Trump broke political rules by refusing to make his statements public when he was running for president, though he did give some limited details about his property and income in the declaration forms. mandatory.

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Instead, Trump has flaunted his wealth in the annual financial statements he submits to banks to obtain loans and to financial magazines to justify his place in the rankings of the world's billionaires.

Trump's accounting firm has since denied the statements, and New York Attorney General Letitia James has filed a lawsuit alleging that Trump and his organization inflated the values ​​of the assets in the statements as part of a fraud that lasted for years.

The former president and his company have denied any wrongdoing.

It won't be the first time Trump's tax returns have come under scrutiny.

In October 2018, The New York Times published a Pulitzer Prize-winning series based on leaked tax records showing that Trump received a modern equivalent of at least

$413 million from his father's real estate holdings

, with much of it

that money came from what the Times called “tax dodges” in the 1990s.

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A second series in 2020 showed that Trump paid just $750 in federal income taxes in 2017 and 2018, as well as

no income tax in 10

of the past 15 years because he generally lost more money than he earned.

In its report last week, the Ways and Means Committee suggested that the Trump administration may have ignored a post-Watergate requirement for audits of a president's tax returns.

The IRS only began auditing Trump's 2016 tax returns on April 3, 2019 - more than two years into his presidency - when Ways and Means Chairman Rep. Richard Neal, D-Mass., asked the agency information related to tax returns.

By comparison, there were audits of the president, Joe Biden, for fiscal years 2020 and 2021, said Andrew Bates, a White House spokesman.

A spokesman for former President Barack Obama said he was audited in each of his eight years in office.

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An accompanying report from the nonpartisan Congressional Joint Committee on Taxation raised multiple red flags about aspects of Trump's tax returns, including his carryover losses, deductions tied to conservation and charitable donations, and loans to his children that they could be taxable gifts.

In response, the House of Representatives passed a bill that would require audits of any president's tax returns.

Republicans strongly opposed the law, fearing that a law requiring audits would infringe on taxpayer privacy and could lead to audits being weaponized for political gain.

Source: telemundo

All news articles on 2022-12-30

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