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  • According to a report, Trump paid $1.1 million in taxes while he was president but nothing in 2020
  • December 21, 2022

Donald Trump: Data revealed by a House inquiry shows that the former president initially recorded a boom of money after taking office, but by the conclusion of his administration, his tax returns had reverted to significant losses.

According to tax records

According to tax records made public by a House committee on Tuesday, Donald J. Trump paid $1.1 million in federal income taxes in his first three years as president before ceasing to pay taxes as his income declined and losses increased again in 2020.

The committee requested the IRS to look into some of Mr. Trump’s business practices further after Tuesday’s report highlighted concerns about some of them. His charitable contributions are one among them.

The information, which includes information from Mr. Trump’s federal tax returns from 2015 through his entire time in the White House, reveals that he started out as president with the significant economic losses that defined his career and almost no revenue was reported.

But in 2018, he reported an adjusted gross income of $24.3 million and paid roughly $1 million in federal taxes, which caused his fortunes to alter.

According to Mr. Trump’s tax records

According to Mr. Trump’s tax records, he reported $4.4 million in income and paid $133,445 in taxes the following year, putting him back in the black. But as the nation struggled to deal with the coronavirus epidemic in 2020, its financial situation changed: Mr. Trump recorded a $4.8 million deficit and no income tax.

The House Ways and Means Committee, which has fought a court struggle to obtain records from the Internal Revenue Service that went all the way to the Supreme Court, released two reports late on Tuesday that contained the most recent information on Mr. Trump’s taxes. The committee’s findings are outlined in the report, but the unprocessed tax returns are not.

The information, which contains specifics of Mr. Trump’s federal tax returns from 2015 through his entire tenure in office, reveals that he started out his presidency with the kind of significant economic losses that had characterized much of his career while paying essentially no income tax.

However, things changed for him in 2018, when he revealed an adjusted gross income of $24.3 million and paid roughly $1 million in federal tax.

The newly revealed details contain material that has been well known about Mr. Trump’s tax history, which he has worked hard to conceal for years.

The New York published a detailed analysis of Mr. Trump’s tax returns from the past two decades in addition to those of the hundreds of entities that make up his corporate empire two years ago. When compared to the narrative he presented to the American public, those records revealed a quite different story.

His I.R.S. records painted a picture of a businessman who earned hundreds of millions of dollars a year while also accruing recurring losses that he actively used to avoid paying taxes. However, the information made public on Tuesday covers his entire presidency, although the personal income tax data examined by The Times only covered his first year in office, 2017,

But by 2020, Mr. Trump had switched back to disclosing deficits. In fact, his principal businesses primarily real estate, golf courses, and hotels continued to post losses every year, amounting to $60 million throughout his presidency, despite capital gains that bolstered his bottom line in 2018. Because he paid millions of dollars in estimated tax payments that he didn’t owe, he was able to recoup $5.47 million.

The committee requested the IRS to look into some of Mr. Trump’s business practices further after Tuesday’s report highlighted concerns about some of them. His charitable contributions are one among them.

According to the study, “We would have investigated whether the substantial cash contribution was supported by the required corroboration.”

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