Former US President Donald Trump has been confirmed to have paid no taxes in 2020, the last year of his term. Also, while in office, he said he would not transact overseas to avoid conflicts of interest, but it turned out he had bank accounts in China and other places.
After a lengthy lawsuit, the US House Ways and Means Committee released the tax details of former President Trump for six years (2015-2020) on the 30th of last month (local time). Unlike previous US presidents who voluntarily disclosed tax data, former President Trump kept his tax data private during his tenure and lost his case, and the US House of Representatives has released former President Trump’s tax details the same day.
According to a report from the US House of Representatives, former President Trump has paid few taxes compared to his total income of tens of millions of dollars received over a total of six years, including four years in office. For example, in 2017, his first year in office, he paid just $750 in income tax, and in 2020, his senior year, he paid no income tax. He paid a total of $1.1 million in income taxes in 2018 and 2019.
Notably, former President Trump paid little income taxes to his government in 2017, but paid $1 million in taxes to foreign governments. In addition to the United States, he reported financial income, taxes and expenses in 22 countries, including Korea, Panama, Qatar, India, China, United Arab Emirates, Philippines, Georgia, Israel, Mexico and Indonesia. He also held bank accounts in China, the UK and Ireland from 2015 to 2017, including his tenure.
Also, unlike former President Trump’s pledge to donate all of his $400,000 annual salary during the 2015 presidential campaign, he reported no donations in 2020. The Washington Post (WP) pointed out that “former President Trump, who has already been subjected to several federal and state investigations, may face another headwind ahead of the 2024 presidential election following the release of this fiscal data.” That means controversies about his income omission and tax evasion could flare up.
Former President Trump said he suffered a large business loss and received tax credits for it. He also criticized Democratic lawmakers for disclosing his tax information. “The Democrats shouldn’t have released the tax data and the Supreme Court shouldn’t have allowed it,” he said.
The New York Times (NYT) explained: “Former President Trump appears to have reported huge losses from his ventures while continuing to cash in on his inherited assets.”
[워싱턴/강계만 특파원]
