Some of Trump’s tax returns have been made public after a vote taken by the House Ways and Means committee.
Finally Getting Some Transparency
The returns will reportedly cover 2015-2020. After the committee finishes redacting personal information, the documents will be released.
During Trump’s 2016 election year, he allegedly only paid $750 in taxes. During his first year in office, he reported the same amount of money paid in taxes.
In 2018, since Trump and Melania’s income increased, so they reported $999,456 in taxes that year. In 2020, however, they reported that they lost $4.8 million and paid $0 in taxes.
Despite the fact that sitting presidents and vice presidents are subject to IRS audits, there was never an ongoing audit of Trump’s tax returns during his presidency until the committee requested them.
The audits were requested in 2019 but were never completed.
A Long Time Coming
The House Ways and Means Committee requested six years’ worth of Trump’s tax returns as part of their investigation into the IRS audit practices when it comes to presidents and vice presidents.
Trump accused the committee of requesting his tax returns under false pretenses. He continues to claim that the whole situation is a politically motivated witch hunt.
Representative Kevin Brady is wary of the committee’s actions, though.
“Ways and Means Democrats are unleashing a dangerous new political weapon that reaches far beyond President Trump, and jeopardizes the privacy of every American. Going forward, partisans in Congress have nearly unlimited power to target political enemies by obtaining and making public their private tax returns to embarrass and destroy them. This is not limited to public officials, but can target private citizens, business and labor leaders, and Supreme Court justices.”
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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.