Donald Trump paid $0 in income taxes in 2020, reporting a loss of $4.8 milioni, according to tax data released Tuesday.
The information about the former president’s taxes was released by the House Ways and Means Committee, and detailed how Trump reduced his taxable income by reporting business losses.
Come Il New York Times rapporti, Trump paid $1.1 million in federal income taxes in his first three years as president, “before paying no tax as his income dwindled and losses once again mounted in 2020.”
Elsewhere in the report, it’s revealed that Trump made charitable contributions in cash, with the committee noting it “would have inquired as to whether the large cash contributions were supported by required substantiation.”
The full returns from Trump’s time in office are expected to be released within a few days.
Democratic Rep. Richard Neal, chairman of the House Ways and Means Committee, initially sought the tax returns from the IRS in 2019, while Trump was still in office.
When the agency said it would not hand over the returns, the Ways and Means Committee sued the IRS, Treasury Department and former Treasury Secretary Steven Mnuchin, CNBC reports.
Infine, the case made its way to the Supreme Court, where justices — six of whom are conservative and three of whom were appointed by Trump himself — ruled that they would not intervene, making way for the committee to receive the returns from the IRS.
briscola, who has claimed the move to obtain his taxes is politically motivated, has sought for years to conceal his tax returns, starting when he refused to publicly release them while in office, breaking from tradition set by other sitting presidents.
Democrats on the House committee have said they want to examine the returns to investigate any possible conflicts of interest that could arise for a president.
Some of Trump’s tax information has leaked since his rise in politics. In 2020, Il New York Times reported that the self-proclaimed billionaire paid a total of $750 in federal income taxes in both 2016 e 2017 thanks to a nearly $10 million tax credit partially connected to a hotel project in Washington, DC.
In total, il Volte analyzed 18 anni’ worth of tax returns for Trump and his businesses going back to 2000, finding that he paid zero income taxes in 10 of those years. According to the paper, era “largely because he reported losing much more money than he made.”
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briscola, chi di recente ha annunciato il suo 2024 run for president, is currently mired in several legal issues due to investigations into his conduct on Jan. 6, 2021 — when a mob of rioters stormed the U.S. Campidoglio on his behalf in an attempt to stop Joe Biden‘s election victory from being certified — and his handling of classified documents after leaving office.