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House Democrats Unveil Trump’s Long-Awaited Tax Returns

January 1, 2023 | Kali Girl

House Democrats released several years’ worth of former President Donald Trump’s tax returns on Friday, launching what is sure to be another round of intense scrutiny of his finances. The drop marks an extraordinary step by the House’s top tax writer, Ways and Means Chair Richard Neal (D-Mass.), who had been engaged in a 3½-year legal battle over the release of Trump’s taxes until the Supreme Court ruled in his favor in November. It also adds to the growing list of political and legal challenges for Trump as he mounts his 2024 campaign for president as reported by Politico.

The six years of joint tax returns filed by Trump and his wife, Melania, — from 2015 to 2020 — number a little over 2,700 pages. They report income from a wide range of golf, restaurant and ice-skating businesses, as well as speaking engagements. The forms also show income Trump generated in a range of foreign countries including Canada, China, Turkey, the Philippines, the United Arab Emirates, and the Caribbean island of Saint Martin, among others.

Income from Canada, Ireland and the United Kingdom figure prominently in gross amounts reported. Trump also reported numerous streams of income from Panama.Trump’s income swung wildly over the years, according to the returns, ranging from a deficit of $32.4 million in 2016 to a high of $24.4 million in 2018.

He paid roughly $1 million in taxes in 2018, but nothing in 2020 after reporting negative income of $4.8 million. He paid $641,931 in 2015, $750 in both 2016 and 2017, and $133,445 in 2019. His real estate empire and other businesses reported significant losses over the six years, some of which reflected losses in prior years that were carried forward.

On Thursday, Democrats announced that they would be investigating President Trump’s taxes and implementing a mandatory presidential audit program in an effort to increase accountability for the leader of the United States. Representative Richard Neal, who sued the Treasury Department in 2019 to obtain Trump’s tax returns under a law that allows congressional tax committee heads to access anyone’s tax information, said in a statement, “A president is no ordinary taxpayer.

They hold power and influence unlike any other American. And with great power comes even greater responsibility.” However, Republicans have criticized the move as a political attack and have warned that it could lead to further division in the country. President Trump himself stated, “The great USA divide will now grow far worse. The Radical Left Democrats have weaponized everything, but remember, that is a dangerous two-way street!”

Some have speculated that the release of six years of Trump’s tax returns, which will now be accessible to both tax experts and non-experts, could result in additional taxes and penalties being levied by the government. Representative Kevin Brady, the top Republican on the Ways and Means Committee, stated that the Democrats’ decision to reveal Trump’s tax returns “overturns decades of privacy protections for average Americans that have existed since Watergate.

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