PanamaTimes

Friday, Apr 19, 2024

Donald Trump Paid $1 Million In Tax During Presidency But Nothing In 2020

Donald Trump Paid $1 Million In Tax During Presidency But Nothing In 2020

Donald Trump paid $1.1 million in federal taxes in the middle two years of his presidency, more than most of American citizens and billionaires, according to a report being scrutinized by lawmakers Wednesday - but almost nothing for the rest of his time in the White House, as his business took a hit from his presidency.

The seven-figure sum the former Republican president shelled out in 2018 and 2019 dwarfs his $750 bill in 2017 -- and he paid nothing at all as his losses mounted in 2020, the year of his failed re-election bid.

The figures, released late Tuesday in a report by the US Congress Joint Committee on Taxation, showed that the 76-year-old billionaire mostly claimed enormous deficits from 2015 to 2020.

But his reported income skyrocketed in 2018 and 2019, heightening feverish speculation around his finances as Congress prepares to make public his tax returns in the coming days.

The former reality TV star registered capital gains from asset sales of $22 million in 2018 and $9 million the following year -- part of an overall taxable income of $28 million.

But he lost almost $65 million as he was campaigning for the presidency in 2015 and 2016 and around $13 million during his first year in office.

And Mr Trump was back to his losing ways by 2020, as his income went $5 million into the red.

The report also showed that Donald Trump had carried forward $105 million in net operating losses on his 2015 return, $73 million in 2016, $45 million in 2017 and $23 million in 2018 to reduce his tax liability.

The House Ways and Means Committee voted Tuesday to release all of Trump's 2015-2020 returns, ending a four-year battle between Democrats and the former president that eventually reached the Supreme Court.

But it could take days before they are made available to the public, as the documents need to be expunged of social security numbers and other sensitive information.

The New York Times alleged in 2020 that Donald Trump had paid no income tax in 10 of the previous 15 years after reporting massive losses.

"Trump claimed tens of millions of dollars in losses and credits without the type of substantiation an ordinary taxpayer would likely provide," Lloyd Doggett, a Democratic member of the committee, said in a statement.

"Donald Trump had big deductions, big credits, and big losses -- but seldom a big tax bill. Many questions about foreign entanglements and conflicts remain unanswered and unknown."

A separate congressional report on the Internal Revenue Service's mandatory presidential audit program showed it was not doing its job during most of Trump's time in office.

"The IRS only opened one mandatory examination from 2017 to 2020 for returns filed while the former president was in office," the report reads.

The IRS began to audit Mr Trump on the very day that Ways and Means Democrats requested his tax information in 2019.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×