Source headline: Trump’s tax return report released: during his presidency, he lost money and paid zero taxes in 2020
China News Service December 22, a comprehensive report, tax data released by the Ways and Means Committee of the United States House of Representatives showed that in the first three years of his presidency, Trump paid $1.1 million in federal taxes income tax, but in 2020, as his income decreases, losses increase again and taxes are zero.
According to reports, the U.S. House of Representatives’ Ways and Means Committee decided on Dec. 20 to release Trump’s tax report, which includes details of Trump’s federal tax returns from 2015 to the completion of his presidency. The documents were obtained by the Ways and Means Committee after a lengthy court battle because Trump insisted on keeping the information private.
The report shows that in the first year of his presidency, Trump paid just $750 in federal income tax due to huge losses at many companies. Things escalated in 2018, with Trump reporting adjusted gross income of $24.3 million and paying nearly $1 million in federal taxes. In 2019, Trump also ran a surplus, reporting income of $4.4 million and paying about $133,400 in taxes.
But in 2020, when the US economy was hit by the new corona outbreak, Trump’s financial situation reversed, posting a $4.8 million loss and paying zero income taxes.
The “New York Times” pointed out that in 2018 Trump’s income suddenly increased, mainly because he sold real estate or investments and earned 22 million dollars. For years, Trump has reduced taxable income by spreading corporate losses over future years, but even those losses appear to have petered out.
In 2020, however, Trump started reporting losses again. Indeed, while capital gains boosted his profits in 2018, his entire core business — real estate, golf courses and hotels — lost money every year, totaling $60 million during his presidency.
The US China website said the report also raised questions about some of Trump’s business practices, and the House Ways and Means committee has asked the IRS to conduct further investigations into some of these behaviors, including his gift giving. charity. While in the White House, Trump made charitable contributions in the form of cash, new tax data shows. The House committee believes this warrants further investigation.
Additionally, the IRS is also investigating whether Trump manipulated property values to get huge tax breaks. The report mentioned that Trump owns an estate in Westchester County, New York. For many years it was classified as a personal residence, but in 2014 the property was reclassified as investment property. He has since written off $2.2 million in property taxes as business expenses, even though the law only allows people to write off $10,000 in property taxes a year.
