The Democrat-led House Ways and Means Committee has released six years of former President Donald Trump’s tax returns. Mr. Trump has disagreed with Democrats on the issue for years, but has exhausted his legal arsenal to block the disclosure.
The tax returns released include details about Trump personally and his business from 2015 to 2020. It is the first time that nearly complete tax records have been disclosed for his tenure as president and the period in which he announced his candidacy. Democrats will no longer hold a majority of seats in the House of Representatives at the start of the year. Tax returns were released at that time.
Now that Trump’s sources of income and tax status have been revealed, it’s also learned that he didn’t pay federal income taxes in 2020. He took advantage of tax credits to minimize the amount of taxes he paid and it recorded losses on numerous properties and businesses. Bipartisan tax experts in Congress have previously said that some of the deductions used warrant scrutiny.
Recording business losses to minimize the amount of tax owed is legal, provided there is no understatement of gains or overstatement of deductions. Whether the size of the deduction is appropriate, etc., can only be determined after a comprehensive audit.
Original title:Trump’s tax returns take a look at the data he tried to hide (1)(extract)
(Add details and update)
