WASHINGTON: Donald Trump paid $1.1 million in federal taxes in the middle two years of his presidency, according to a report reviewed by lawmakers on Wednesday — but next to nothing for the rest of his time in the White House.
The seven-figure sum the former Republican president shelled out in 2018 and 2019 eclipses his $750 bill in 2017 – and he paid nothing at all as his losses mounted in 2020, the year of his failed bid to re-election.
The figures, published Tuesday evening in a report from the United States Congress Joint Commission on Taxation, showed that the 76-year-old billionaire overwhelmingly demanded huge deficits from 2015 to 2020.
But his reported earnings soared in 2018 and 2019, intensifying feverish speculation around his finances as Congress prepares to release his tax returns in the coming days.
The former reality star recorded capital gains on the sale of assets of $22 million in 2018 and $9 million the following year, on aggregate taxable income of $28 million.
But he lost nearly $65 million while campaigning for president in 2015 and 2016 and about $13 million in his first year in office.
And Asset was back to its losses in 2020, as its earnings fell from $5 million into the red.
The report also showed that 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 his taxes to to pay.
The House Ways and Means Committee voted on Tuesday to release all of Trump’s 2015-2020 comebacks, ending a four-year battle between Democrats and the former president that finally reached the Supreme Court.
But it could take days before they are made available to the public, as the documents must be stripped of social security numbers and other sensitive information.
The New York Times alleged in 2020 that Trump paid no income tax in 10 of the previous 15 years after reporting massive losses.
“Trump claimed tens of millions of dollars in losses and credits without the type of justification that an ordinary taxpayer would likely provide,” Lloyd Doggett, a Democratic member of the committee, said in a statement.
“Donald Trump had big deductions, big credits and big losses – but rarely a big tax bill. Many questions about foreign entanglements and conflicts remain unanswered and unknown.”
A separate congressional report on the Internal Revenue Service’s mandatory presidential audit program showed it was not doing its job for most of Trump’s term.
“The IRS opened only one mandatory review from 2017 to 2020 for returns filed while the former president was in office,” the report said.
The IRS began auditing Trump the same day the Ways and Means Democrats requested his tax information in 2019.
The seven-figure sum the former Republican president shelled out in 2018 and 2019 eclipses his $750 bill in 2017 – and he paid nothing at all as his losses mounted in 2020, the year of his failed bid to re-election.
The figures, published Tuesday evening in a report from the United States Congress Joint Commission on Taxation, showed that the 76-year-old billionaire overwhelmingly demanded huge deficits from 2015 to 2020.
But his reported earnings soared in 2018 and 2019, intensifying feverish speculation around his finances as Congress prepares to release his tax returns in the coming days.
The former reality star recorded capital gains on the sale of assets of $22 million in 2018 and $9 million the following year, on aggregate taxable income of $28 million.
But he lost nearly $65 million while campaigning for president in 2015 and 2016 and about $13 million in his first year in office.
And Asset was back to its losses in 2020, as its earnings fell from $5 million into the red.
The report also showed that 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 his taxes to to pay.
The House Ways and Means Committee voted on Tuesday to release all of Trump’s 2015-2020 comebacks, ending a four-year battle between Democrats and the former president that finally reached the Supreme Court.
But it could take days before they are made available to the public, as the documents must be stripped of social security numbers and other sensitive information.
The New York Times alleged in 2020 that Trump paid no income tax in 10 of the previous 15 years after reporting massive losses.
“Trump claimed tens of millions of dollars in losses and credits without the type of justification that an ordinary taxpayer would likely provide,” Lloyd Doggett, a Democratic member of the committee, said in a statement.
“Donald Trump had big deductions, big credits and big losses – but rarely a big tax bill. Many questions about foreign entanglements and conflicts remain unanswered and unknown.”
A separate congressional report on the Internal Revenue Service’s mandatory presidential audit program showed it was not doing its job for most of Trump’s term.
“The IRS opened only one mandatory review from 2017 to 2020 for returns filed while the former president was in office,” the report said.
The IRS began auditing Trump the same day the Ways and Means Democrats requested his tax information in 2019.
