Former President Donald Trump Tax Returns Released By House Committee!

Trump Tax Returns Released By House Committee: After years of court battles and rumors about Mr. Trump’s wealth and financial entanglements, House Democrats made six years’ worth of former President Donald J. Trump’s tax papers public on Friday.

The information was made public ten days after House Ways and Means Committee Democrats published two reports on Mr. Trump’s taxes as part of a probe into the IRS’s practice of auditing presidents’ taxes regularly while they are in office.

The IRS failed to audit Mr. Trump during his first two years in office, according to the allegations and did not start the review process until 2019—after House Democrats started oversight procedures to get access to his tax information.

I.R.S. did not start its statutory audit of the former president until I made my initial request, according to our straightforward findings, said Massachusetts Representative Richard E. Neal, who chairs the Ways and Means Committee.

The complete records from 2015 through 2020 are anticipated to offer a unique window into the complexity of Mr. Trump’s finances. Whether he may have benefited from tax laws, he signed them into law while serving as president.

Trump Tax Returns Released By House Committee
Trump Tax Returns Released By House Committee

While much of the information in the tax returns have already surfaced, including through the two reports released last week, much of it has not. These include the 2017 Tax Cut and Jobs Act, which offered several tax advantages and reductions for affluent individuals and businesses.

The records disclosed last week showed that during the first three years of his administration, Mr. Trump paid $1.1 million in federal income taxes, but no tax in 2020 as his revenue fell and losses soared. Mr. Trump spent $750 in federal income tax during his first year in office and disclosed losses of $12.9 million.

When reviewing Mr. Trump’s tax returns for the House Ways and Means Committee, the neutral Joint Committee on Taxation identified many issues that, in its opinion, called for additional inquiry. These included dealings with his kids and a deduction he made concerning the resolution of fraud allegations against the now-defunct Trump University.

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One of the most secretly kept pieces of information in the US is tax returns. Even though Congress can acquire and release them, it rarely does so. Democratic lawmakers requested Mr. Trump’s tax returns after he deviated from the convention and refused to release them because they might have shown potential conflicts of interest.

They eventually succeeded in removing them by utilizing their oversight authority to look into the Internal Revenue Service’s practice of auditing presidents and vice presidents. The New York Times tracked the boom-and-bust arcs of Mr. Trump’s financial history in 2020 after acquiring information from more than two decades’ worth of his tax returns: questionable tax avoidance, significant losses, and a life supported by an inherited fortune.

The recently made public tax records demonstrate how this pattern persisted during his time in Washington. The Ways and Means Committee’s investigations also showed how outmatched the Internal Revenue Service was in dealing with the army of attorneys, accountants, and tax experts that Mr. Trump engaged to represent him in the audits of his returns before, during, and after he became president.

In an internal memo that the committee made public last week, I.R.S. agents claimed that it was impossible to review all potential problems with Mr. Trump’s tax returns because more than 400 flow-through returns were listed on Form 1040.

The revelation of a single individual’s tax records, according to Republicans, would create a risky precedent and pressure GOP lawmakers to retaliate by disclosing different sets of tax returns after they assume control of the House the following week.

Republicans expressly brought up the idea of disclosing tax information about President Biden’s family, most likely including his son Hunter Biden, during a closed-door hearing that followed the party-line decision to release Mr. Trump’s returns.

According to Representative Kevin Brady of Texas, the top Republican on the Ways and Means Committee, “going forward, all future chairs of both the House Ways and Means Committee and the Senate Finance Committee will have nearly unlimited power to target and make public the tax returns of private citizens, political rivals, business and labor leaders, or even the Supreme Court justices themselves.”

Mr. Brady continued, “This is a deplorable stain on the Ways and Means Committee and Congress and will further polarize and demoralize American politics. Democrats will come to regret it in the long run.

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