Friday, January 27, 2023

Trump’s tax returns confirm he paid little in federal income taxes in his first and last years in office

(CNN) — Former President Donald Trump’s six years of federal tax returns, long shrouded in secrecy, were released to the public on Friday by the US House Ways and Means Committee, in the culmination of a battle for its disclosure that has reached the Supreme Court. Reached

The results, which span 2015 to 2020, were obtained by the Democratic-led commission a few weeks ago after a protracted legal battle. The commission voted last week to release the statement once sensitive personal information is properly removed.

A CNN team is reviewing the documents, which run into hundreds of pages. The process will take time, but an analysis by the nonpartisan Joint Commission on Taxation released last week showed Trump owed $1.1 million more in combined federal income taxes in 2018 and 2019 than he paid in 2017. $750 in 2020 as opposed to $0 in 2020.

The tax returns have been released after a years-long search for documents usually made public voluntarily by past US presidents. Trump and his legal team have consistently sought to keep his statements secret, arguing that Congress has never exercised its legislative powers to compel the President’s tax returns, which Trump said it has. There can be far reaching effects.

Trump posted a campaign video Friday in response to the decision to release his tax returns, calling the move an “outrageous abuse of power” and “wholly unconstitutional.”

“There is no legitimate legislative purpose for their action. And if you look at what they have done, it is very sad for our country.” “This is just another deranged political witch hunt that has been going on since day one When I went down an escalator in Trump Tower.”

Jan 6 Commission recommends criminal charges against Trump 4:13

Other Republicans also criticized Democrats’ efforts to search tax returns as politically motivated, with Texas Rep. Kevin Brady, the committee’s top conservative, said a release would amount to “a dangerous new political weapon that goes beyond the former president and nullifies decades of … privacy protections for average Americans since the Watergate reform.”

The commission, which is responsible for overseeing the IRS and writing tax policy, requested the return under the authority of section 6103 of the US Tax Code. Its report focused primarily on whether Trump’s tax returns were properly audited during his time in office. IRS mandated audit program for US presidents.

The commission found that the IRS opened only one “mandatory” audit during Trump’s tenure: that of his 2016 tax returns. And it wasn’t until the fall of 2019, after commission chairman Richard Neal, a Democrat from Massachusetts, would send a letter requesting the IRS for Trump’s tax returns and information for the first time. The report describes the president’s audit program as “passive.”

Last week, the House passed a bill that would reform the presidential audit process in a largely token vote before Republicans win a majority in the new Congress. The legislation is not expected to be taken up by the Senate before the new Congress is sworn in.

The commission’s report included an analysis of the numbers on each of Trump’s six tax returns by the non-partisan Joint Commission on Taxation (JCT). In the JCT’s findings, it was found that the then-president paid very little federal income tax in 2017, only $750, and nothing in 2020. 2019, as opposed to the amount in 2017 and the $0 he paid in 2020.

Several years before he ran for the presidency, a New York Times investigation revealed that Trump had said he faced huge net operating losses that he was allowed to carry forward and apply to future fiscal years. Granted, thereby greatly reducing or eliminating your annual income tax.

For example, the JCT report states that Trump claimed $105 million in losses on his 2015 tax return, $73 million in 2016, $45 million in 2017 and $23 million in 2018.

The JCT report also raises questions about the accuracy of some large charitable deductions that Trump claimed on multiple tax returns. Contributions to charity can reduce the amount of income tax payable.

While the newly released tax returns won’t indicate Trump’s net worth or the full extent of his financial dealings, they may offer a window into his business profits and losses, whether he has offshore bank accounts and where. He has paid taxes. foreign governments.

Nation World News Desk
Nation World News Desk
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