The figures were presented by a joint tax committee in Congress and show that the 76-year-old billionaire consistently claimed huge trading losses over the period 2015 to 2020, hence the low tax rate.
In 2018 and 2019, the two intervening years of the presidential term, the amount of taxes was just over $1 million, while the previous year it had risen to just $750. In his last year in the White House, the year he lost re-election, he paid no taxes.
A US House of Representatives budget committee voted on Tuesday to release the former president’s tax returns public in the next few days.
The decision was made by 24 to 16 votes, and the votes were split along political lines: Democratic committee members voted for publication, while Republicans voted against.
Tuesday’s decision marks the end of a year-long political and legal standoff over Trump’s access to finances. The former president fought to keep the information provided to the taxman private.
By refusing to release his tax figures, Trump broke with a tradition for US presidents.
