Donald Trump's Tax Records Released - No Income Tax Paid in 2020
Created: 12/30/2022, 5:30 p.m
By: Caspar Felix Hoffmann, Katja Thorwarth
Former US President Trump's tax returns are released under pressure from Democrats.
Trump hasn't paid a lot of taxes in recent years.
+++ 4.35 p.m .:
After a long legal dispute, the tax returns of former US President Donald Trump were published on Friday.
The publication is a setback for Trump, who was the first president since Richard Nixon not to make the documents accessible and who resisted publication.
Shortly before Christmas, a report by a US congressional committee revealed that Trump had not paid any federal income tax in 2020.
The committee responsible for tax policy had previously voted to publish the documents.
Donald Trump Tax Records: No Income Tax Paid in 2020
Update from December 30, 3:49 p.m .:
This Friday, the Democrats in the House of Representatives published former US President Donald Trump’s six-year tax documents.
The closely guarded documents have thus become public after years of legal disputes and speculation about Trump's wealth and financial entanglements.
It had previously become known that the tax authorities had not checked Trump in the first two years of his presidency.
They only began doing so in 2019, after House Democrats initiated an oversight process to gain access to his tax records.
As the
New York Times
recently reported, Trump paid no income taxes in 2020 because his income had shrunk and losses had increased.
In his first year as president, Trump reportedly paid $750 in federal income taxes and reported $12.9 million in losses.
Donald Trump must disclose his tax records.
© Andrew Harnik/dpa
House of Representatives plans to release Trump's tax return on Friday
INITIAL NOTIFICATION OF DECEMBER 28:
WASHINGTON DC – Former US President Donald Trump's tax returns are expected to be released Friday (December 30) by the House Ways and Means Committee, a congressional staffer confirmed Tuesday (December 27).
That's the next time the House of Representatives, which is on hiatus over the holiday, will meet for a routine pro forma session.
The new Congress, in which Republicans control the House of Representatives, begins on January 3rd.
Donald Trump is back - but the competition is fierce
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Trump's tax return: the tax authority IRS had missed the required checks
The Democrat-controlled committee last week voted to release Trump's tax returns, redacting some sensitive information like social security numbers and contact information.
The declassification risks further revelations about the finances of the longtime businessman, who broke political norms by refusing to release his tax returns when he ran for the presidency.
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The vote came the same day the panel released a report finding that the IRS had failed to timely conduct required audits of Trump during his presidency.
The report suggests the Trump administration may have flouted a 1977 IRS rule requiring an audit of a president's tax returns.
Trump's tax return: years of dispute between Trump and the Democrats
The IRS did not begin reviewing Trump's 2016 tax returns until April 3, 2019, more than two years after Trump's presidency and just months after Democrats took control of the House of Representatives.
This date coincided with committee chairman Richard Neal (Massachusetts) requesting information from the IRS on Trump's tax returns.
The vote was the culmination of a years-long dispute between Trump and the Democrats that spanned from the campaign trail to Congress to the Supreme Court.
(cas)
