The House Ways and Means Committee has been working hard to gain access to release Trump’s tax returns from 2015-2020.
They obtained the permission they needed recently and have been working tirelessly to deliver the returns to the public after the new year. Thousands of pages have now been released detailing the returns of Trump, his wife, Melania, and his various businesses.
Foreign Bank Accounts
Trump’s returns revealed that he had bank accounts in China, the UK, and Ireland from 2015 to 2017 and continued to have his UK account into 2018. He was able to claim a foreign tax credit on the taxes paid on international business dealings.
He was also able to use this loophole by attaching his name to development projects and golf courses in Scotland and Ireland. He has spent far more money on foreign taxes than he has on U.S. federal income taxes. He also reported income in countries like India, Panama, the Philippines, Azerbaijan, and India.
How He Got Away With Paying So Little
Trump was able to get away with paying little to no federal income taxes by utilizing every write-off and reporting significant losses in his companies. He also claimed to have spent $1.8 million on charity in 2017 and $1.1 million in 2016.
He vowed that he would also give his presidential salary to charity, but we now know he only donated his salary until 2020. There are small discrepancies in his taxes that people are saying allowed him to cheat his way into paying $0 in taxes in 2020.
Trump has remained on the defensive throughout the release of his returns. He claims that the Democrats have opened a dangerous can of worms and that this is a “two-way street.” “It’s going to lead to horrible things for so many people. The radical, left Democrats have weaponized everything, but remember, that is a dangerous two-way street!” 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.