Donald Trump Tax Returns
Donald Trump’s federal income tax returns for the years 2015 to 2020 were obtained by the Ways and Means Committee. They were released in 2021, showing he paid very little in federal income taxes in the first and last year of his presidency.
The returns show that in 2020, Trump reported $78 million in gross income from 16 foreign countries, while he paid a total of $1.1m in federal income taxes from 2016 to 2019. It also showed that Donald Bender was the preparer of the 1040 tax returns
The returns also revealed he had numerous foreign bank accounts between 2015 and 2016, including in China, the U.K., St. Martin, and Ireland.
Fragments of information about Trump’s taxes had leaked prior to 2020, with a 2002-2008 audit by the IRS being closed without assessment or payment of any deficiency.
Experts say there is plenty to learn from presidential candidates’ tax returns, such as sources of income and charitable giving.
Also, his tax returns for 2017 show that his income was $373,629. and he paid $750 in federal income taxes for 2017 and 2018.
While his regular tax was $5 million, with nearly $2 million of self-employment tax and $31 million of AMT bringing his tax to $38 million.
The tax returns were released after a three-year court battle and according to New York Times investigation into Trump’s tax returns, it revealed that he had received more than $400 million from his father between 2013 and 2018.
The IRS finished two of his returns in 2019 after Chairman Richard Neal sent a letter requesting them. Trump had sought to block the documents from being made public, while Democrats looked to impose new requirements for audits of presidents.
Trump’s returns also showed that he paid $1.1 million in taxes during his presidency, but $0 in 2020, and that he declared negative income in 2015, 2016, 2017, and 2020 and thereby paying only $1,500 for income taxes for both 2016 and 2017.
His reported income from 2015 to 2020 ranged from -$1.17 million to $434.9 million.
The House committee released returns and showed the provisions of the tax code he used while in the White House.