Donald Trump.Photo: Evan Vucci/AP/Shutterstock
Donald Trumppaid $0 in income taxes in 2020, reporting a loss of $4.8 million, according to tax data released Tuesday.
AsThe New York Timesreports, Trump paid $1.1 million in federal income taxes in his first three years as president, “before paying no tax as his income dwindled and losses once again mounted in 2020.”
The full returns from Trump’s time in office are expected to be released within a few days.
Democratic Rep. Richard Neal, chairman of the House Ways and Means Committee, initially sought the tax returns from the IRS in 2019, while Trump was still in office.
When the agency said it would not hand over the returns, the Ways and Means Committee sued the IRS, Treasury Department and former Treasury Secretary Steven Mnuchin,CNBC reports.
Donald Trump.MANDEL NGAN/AFP via Getty
Democrats on the House committee have said they want to examine the returns to investigate any possible conflicts of interest that could arise for a president.
Some of Trump’s tax information has leaked since his rise in politics. In 2020,The New York Timesreported that the self-proclaimed billionaire paid a total of $750 in federal income taxes in both 2016 and 2017 thanks to a nearly $10 million tax credit partially connected to a hotel project in Washington, D.C.
In total, theTimesanalyzed 18 years' worth of tax returns for Trump and his businesses going back to 2000, finding that he paid zero income taxes in 10 of those years. According to the paper, it was “largely because he reported losing much more money than he made.”
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Trump, who recentlyannounced his 2024 run for president, is currently mired in several legal issues due toinvestigations into his conduct on Jan. 6, 2021— when a mob of riotersstormed the U.S. Capitolon his behalf in an attempt to stopJoe Biden’s election victory from being certified — and hishandling of classified documentsafter leaving office.
source: people.com
