Trump paid $1 million in taxes while in office, but nothing in 2020

Trump paid $1 million in taxes while in office, but nothing in 2020

Donald Trump paid $1.1 million in federal taxes over two of his four years in office, according to a report lawmakers reviewed Wednesday, but almost nothing for the rest of his time in the White House.

• Also read: House committee votes to release Trump’s tax returns

• Also read: Criminal charges have been recommended against Trump

• Also read: Trump’s decision to ban immigrants at the US border, which was upheld by the Supreme Court

The Republican paid $750 in 2017, $1 million in 2018 and 2019, and nothing in 2020, the year in which his losses widened and he lost the presidential election to Democrat Joe Biden.

Those figures, made public late Tuesday in a parliamentary committee report, show the 76-year-old billionaire ran a huge deficit from 2015 to 2020.

But his earnings have skyrocketed in 2018 and 2019, fueling more speculation about the extent of his wealth as Congress prepares to release his tax returns.

The former reality TV star recorded capital gains from asset sales of $22 million in 2018 and $9 million the following year.

But he lost nearly $65 million during his campaign in 2015 and 2016 and about $13 million during his first year in office.

In 2020, his earnings are in the red of $5 million.

The report also showed Mr. Trump carried forward $105 million in net operating losses on his 2015 return, $73 million in 2016, $45 million in 2017 and $23 million in 2018 to reduce accounts payable.

Elected officials voted Tuesday to release the former president’s tax returns, who led a multi-year legal battle to keep them private.

See also  tax investigation | New York judge orders Trump to testify

“Trump has reported tens of millions of dollars in losses and credits without the justifications the average taxpayer is likely to provide,” Democratic Representative Lloyd Doggett said in a statement.

A separate parliamentary report on the US tax authorities showed that the tax authorities failed to do what they were supposed to do throughout Donald Trump’s term in office.

According to the text, “the IRS has opened only one mandatory review from 2017 to 2020 of returns filed while the former president was in office.”

The IRS began auditing Mr Trump the same day Democrats on the committee asked for information about his 2019 taxes.

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About the Author: Hermínio Guimarães

"Introvertido premiado. Viciado em mídia social sutilmente charmoso. Praticante de zumbis. Aficionado por música irritantemente humilde."

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