As promised, the House Ways and Means Committee released Trump’s tax returns after years of waiting.
The returns confirmed the preview that was released earlier and what we suspected all along- that Trump had less than he said he did.
Out in the Open
The committee put the decision to a vote. Twenty-four people voted to release the returns, and 16 voted against it. Before the documents were released, any personal information, such as Social Security numbers, was redacted before the documents were released.
The committee originally requested Trump’s tax returns as part of an ongoing investigation into the IRS and its auditing practices for presidents and vice presidents.
Fishing Expedition
Trump was not pleased with the probe into his taxes and claimed that the committee was seeking the returns under false pretenses and accused them of using the probe to mask a politically motivated “fishing expedition.”
The Chairman of the committee, Richard Neal, claimed that the committee discovered that there had been no audit of Trump’s tax returns when he was President and that no audit began until the committee requested the returns.
The Audit Was Never Completed
He also claimed that although the returns were requested in 2019, the audit was never completed.
“The tax forms were really never audited and only my sending a letter at one point prompted a rearview mirror response,” he said.
Evasion or Business Savvy
According to the preliminary findings published last week, Trump and his wife reported $31.7 million in losses and reported paying $641,931 in taxes in 2015. In the 2016 election year, Trump reported a $32.4 million loss and $750 in taxes.
In 2020, Trump reportedly didn’t pay any taxes and lost $4.8 million.
Representative Kevin Brady, a Republican from Texas, claims that it was a mistake to publicize Trump’s tax returns. “”Ways and Means Democrats are unleashing a dangerous new political weapon that reaches far beyond President Trump, and jeopardizes the privacy of every American,” he said.
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A Dime Saved
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.