There will be a new version of Dec 21, 2022, 10:34amEST.
A report released Wednesday by the House Committee showed that President Donald Trump paid no taxes during his presidency, but paid more than one million dollars in taxes during his time in office.
A new report states that Donald Trump paid no federal taxes in 2020.
According to documents released by the House Ways and Means Committee, Trump paid more than $1 million in federal income taxes.
He paid $750 in net federal taxes each year when he was president.
He made $24.3 million in gross income last year, nearly double what he made the year before.
He paid over a million dollars in both of the last two years.
The documents show that Trump lost $4.8 million in 2020 as the economy was crippled by the Covid-19 epidemic.
The documents include tax returns from Trump and eight other entities.
As more information is released, Forbes will keep updating this post.
The House Ways and Means Committee requested six years of the former president's tax returns from the IRS as part of its inquiry into how the IRS audits presidential tax returns. Before Republicans take control of the chamber and its committees in January, the Democrat-led committee was supposed to turn over the documents to the public. The Supreme Court denied a request from Trump's attorneys to prevent the returns from being made public. Trump argued that the documents would undermine the separation of powers and that House members intended to make them public rather than use them for an internal audit. The New York Times obtained a copy of his tax returns in 2020 and they showed that he paid no income taxes in 10 of the previous 15 years.
The release of Trump's tax returns came as the House Ways and Means Committee issued a report claiming the IRS did not properly audit Trump during his first two years in office. The committee chair called the audit programdormant and said the IRS had only started an audit two years into Trump's presidency.
It is possible that Trump's tax returns could finally be made public.
The panel voted to release the tax returns.
The House committee has received six years of Trump tax returns.
All Rights Reserved © 2024
