Trumps paid $0 in taxes in 2020, reported negative income 4 times in 6 years, returns reveal

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Trumps paid $0 in taxes in 2020, reported negative income 4 times in 6 years, returns reveal
By
Mark Moore
December 21, 2022 9:48am
Updated

The tax returns of former President Donald Trump and his wife Melania show they reported negative income in four of the six years between 2015 and 2020.
In three of those years — 2015, 2016 and 2017 –the Trumps reported income tax liability of just $750 or less, a report from the House Ways and Means Committee revealed.
The Democrat-controlled panel voted 24-16 along party lines Tuesday evening to release the Trumps’ tax returns following a legal battle that began in 2016.
The full release of the returns is expected in the coming days after all personal information is redacted from them.
In the six-year period covered by the returns, the Trumps’ adjusted gross income totaled negative $53.2 million, and their total federal tax liability, including self-employment and household employment taxes, was $4.4 million.
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The report from the House Ways & Means Committee, regarding the IRS and former President Donald Trump's tax returns
The report from the House Ways and Means Committee, regarding the IRS and former President Donald Trump’s tax returns.AP
Information on former President Donald Trump's tax returns, released in a staff report by the Joint Committee on Taxation are seen on Wednesday.
Information on former President Donald Trump’s tax returns, released in a staff report by the Joint Committee on Taxation are seen on Wednesday.AP
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The Trumps reported positive adjusted gross income in only two of those six years — $24.3 million in 2018 and $4.4 million in 2019.
After 2017, the then-first couple’s tax bill increased, the report found, with the Trumps paying almost $1 million in taxes in 2018 and $133,445 in 2019.
In 2020, as the coronavirus pandemic raged across the country, the Trumps reported a loss of $4.8 million and paid $0 in federal taxes.
House Ways and Means Committee Chairman Richard Neal, D-Mass., talking to the media. The panel voted 24-16 to release the Trumps’ tax returns following a legal battle that began in 2016.AP A picture of staff members move boxes of documents from the hearing room to the office of the House Ways and Means Committee. The tax returns of former President Donald Trump and his wife Melania show negative income in four of the six years between 2015 and 2020. Getty Images
The release of the returns follows a protracted legal fight that began in April 2019 and went all the way to the Supreme Court.
The panel’s 29-page executive summary also shows that the IRS failed to conduct a mandatory audit of Donald Trump’s tax returns during the 45th president’s first two years in office — a requirement dating back to 1977 following a controversy over former President Richard Nixon’s taxes.
The IRS only began examining the former president’s individual tax return for 2015 — the year he announced his presidential run — when committee Chairman Richard Neal (D-Mass.) sent a letter to the federal agency on April 3, 2019, seeking information about the returns.
Former President Donald Trump and his wife, Melania Trump, reported negative income on four of six years of tax returns between 2015 and 2020. Former President Donald Trump and his wife, Melania Trump, reported negative income on four of six years of tax returns between 2015 and 2020.Corbis via Getty Images
More than five months later, the report says, the agency selected Trump’s 2016 return for a mandatory audit. The individual returns for 2017, 2018 and 2019 were not selected for examination until after the former president had left office.
“The Committee expected that these mandatory audits were being conducted promptly and in accordance with IRS policies,” Neal said in a statement Tuesday. “We anticipated the IRS would expand the mandatory audit program to account for the complex nature of the former president’s financial situation yet found no evidence of that. This is a major failure of the IRS under the prior administration, and certainly not what we had hoped to find.
“But the evidence is clear,” said Neal. “Congress must step in.”
Former President Donald Trump speaks at a political rally in Georgia on Dec. 5, 2020.Anadolu Agency via Getty Images
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A picture of staff members move boxes of documents from the hearing room to the office of the House Ways and Means Committee.
The Trumps reported positive adjusted gross income in only two of those six years — $24.3 million in 2018 and $4.4 million in 2019. Getty Images
A picture of staff members move boxes of documents from the hearing room to the office of the House Ways and Means Committee.
During the pandemic in 2020, the Trumps reported a loss of $4.8 million and paid $0 in federal taxes.Getty Images
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In response to the committee’s probe, Neal has proposed legislation requiring the IRS to conduct an annual audit of each president’s finances. The bill is unlikely to go anywhere, with mere days to go before the end of the congressional session and Republicans taking control of the House on Jan. 3.
Trump, 76, who announced last month that he is running for president in 2024, has refused to release his tax returns, saying they were under IRS audit.
A spokesman for the former president characterized the release of the returns as an “unprecedented leak by lame duck Democrats” in a statement to the Wall Street Journal.
Former President Donald Trump and former first lady Melania Trump in August 2015. Donald and Melania Trump in August 2015.AFP via Getty Images
“If this injustice can happen to President Trump, it can happen to all Americans without cause,” Steven Cheung told the newspaper, adding that the full release of the returns will reflect Trump’s success as a businessman.
Democratic members of the committee said the release of the returns was necessary for transparency.
“I voted to reinforce this critical principle: No person is above the law, not even a president of the United States,” committee member Rep. Brendan Boyle (D-Pa.) said.
But Republicans warned that it could set a dangerous precedent.
Former President Donald Trump and his wife, Melania Trump, depart the White House on Dec. 5, 2020. Former President Donald Trump and his wife, Melania Trump, depart the White House on Dec. 5, 2020.Bloomberg via Getty Images
“Over our objections in opposition, Democrats in the Ways and Means Committee have unleashed a dangerous new political weapon that overturns decades of privacy protections,” Rep. Kevin Brady (R-Texas), the top GOPer on the panel, told reporters.
“The era of political targeting, and of Congress’ enemies list, is back and every American, every American taxpayer, who may get on the wrong side of the majority in Congress is now at risk,” the Texas lawmaker said.
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What do you think? Post a comment.
Earlier this month, a Manhattan trial jury found the Trump Organization guilty of criminal tax fraud.
Prosecutors said the company helped top executives evade income taxes by providing them off-the-book perks like rent, private school tuition and luxury cars.
 

illdog

Rising Star
BGOL Investor
Tax code was written by elites to allow them to cheat through loop holes to avoid payin their fair share, if any and...place all tax burden on the masses..Much the same way they pushed the all the volunteer military...that would end the need for draft deferments...to keep their sons/heirs from fubar.
giphy.gif
 
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xxxbishopxxx

Rising Star
BGOL Investor
I’m not quite sure I understand the fascination with getting Trump’s tax returns.

Are they hoping to show that he’s ‘broke’?

Its a typical return by a rich person, showing as little income as possible and taking advantage of every loophole possible.
So why didn't he release it like every other presidential candidate? He was worried about something.
 

lightbright

Master Pussy Poster
BGOL Investor
I’m not quite sure I understand the fascination with getting Trump’s tax returns.

Are they hoping to show that he’s ‘broke’?

Its a typical return by a rich person, showing as little income as possible and taking advantage of every loophole possible.
You have no knowledge of anything.... ur world's falling apart cause of the Ukraine war and Putin falling down the steps and shitting himself.... shouldn't you be in DC to try and troll Zelensky when he arrives?

:itsawrap:
 
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babygwirl18

Rising Star
Registered
You have no knowledge of anything.... ur world's falling apart cause of the Ukraine war and Putin falloing down the steps and shitting himself.... shouldn't you be in DC to try and troll Zelensky when he arrives?

:itsawrap:
You again. You clearly haven’t been reading about what’s happening in Ukraine. Kiev loses power every other day, and Russian troops are on the verge of retaking the Donbas.

Real news doesn’t seem to matter to you though, if it goes against what you want to happen
 

babygwirl18

Rising Star
Registered
So why didn't he release it like every other presidential candidate? He was worried about something.
Because he’s an asshole. And he didn’t want people to say “ you’re not a billionaire, your only worth a mere $500M.”

People hate Trump so much, they make him into a super-villain. He takes that hate, spins it, and feeds it to his fanatics and it makes him stronger.

We’d all be better off if we never said his name again, and allowed him to fade into obscurity.
 

mangobob79

Rising Star
BGOL Investor
I’m not quite sure I understand the fascination with getting Trump’s tax returns.

Are they hoping to show that he’s ‘broke’?

Its a typical return by a rich person, showing as little income as possible and taking advantage of every loophole possible.
but any little break the poor masses can avail themselves of to ease their burden is crushed but the guy who was and wants to still be presiednt cant even be the model citizen to his own country , the masses should make sacrifice but the president shouldnt ?
 

lightbright

Master Pussy Poster
BGOL Investor
You again. You clearly haven’t been reading about what’s happening in Ukraine. Kiev loses power every other day, and Russian troops are on the verge of retaking the Donbas.

Real news doesn’t seem to matter to you though, if it goes against what you want to happen
The only two fools believing your Russian propoganda Natasha is a board coon and @jawnswoop , a board troll with more than a dozen usernames...... "you again" should be what everyone says when you enter a thread..... go mop Putin's ass before the shit smell makes everyone throw up

:lol: :lol: :lol: :lol: :lol:
 
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babygwirl18

Rising Star
Registered
Is that $750 DOLLARS?
Yes. Our country taxes “income” not assets. So if you don’t make income in a particular year, after deductions you pay no taxes. It’s not uncommon for very rich people to make very little income, and have their wealth increase.

It’s not so much a “loophole” as it is the way the system works. A more fair system (for the poor and middle class) would be to have zero income tax and a high “asset” tax. Unfortunately most people don’t like that idea, without really thinking about how much it would benefit them.
 

Flawless

Flawless One
BGOL Investor
Doesn't he own Marilago? What about all the money he charged himself and the white house staff for their visits? He saying none of that was profitable?
 

Flawless

Flawless One
BGOL Investor
I’m not quite sure I understand the fascination with getting Trump’s tax returns.

Are they hoping to show that he’s ‘broke’?

Its a typical return by a rich person, showing as little income as possible and taking advantage of every loophole possible.

They want to show his supporters that the billionaire they support pays less taxes than them.
 

Non-StopJFK2TAB

Rising Star
Platinum Member
Doesn't he own Marilago? What about all the money he charged himself and the white house staff for their visits? He saying none of that was profitable?
None of it. Sometimes I wonder if these corporate backed democrats understand politics from the human-people perspective.
 

gene cisco

Not A BGOL Eunuch
BGOL Investor
Because he’s an asshole. And he didn’t want people to say “ you’re not a billionaire, your only worth a mere $500M.”

People hate Trump so much, they make him into a super-villain. He takes that hate, spins it, and feeds it to his fanatics and it makes him stronger.

We’d all be better off if we never said his name again, and allowed him to fade into obscurity.
Exactly. I never say his name.

A bunch of safe space, weido cacs built this piece of shit into a force of nature. Been out of office and off their social media and they still stalk him and report on him.

He won't release his tax returns for the same reason he don't do shit else when told. Because. That's it. Just because. It's all a game with him. Crazy he put a book out decades ago that explains his thinking. Spoke in the 80s of how he liked to test people. Basically punk people and manipulate them.

His supporters don't give a fuck. They just live for the 'u mad' cam gif reaction that the mean twitter man allows them to give people they don't like. Average mean twitter man supporter can't name one thing he did for them. But they do know he gets a bunch off safe space cacs mad so he must be doing something right even though he hasn't done shit. :smh:
 

Mrfreddygoodbud

Rising Star
BGOL Investor
People dont get it,

what makes muthafuckas like trump and that andrew tate guy so popular.

is because they aint afraid to say whats on their mind.

whether they are full of shit or not..

so much fuckin fake phones pre written shit,

that anybody who goes off script, becomes

compelling and a ratings magnet...

People want to know HOW YOU REALLY FEEL

not what you are reading from a script,

thats why mainstream media for youtube...
 

Soul On Ice

Democrat 1st!
Certified Pussy Poster
Exactly. I never say his name.

A bunch of safe space, weido cacs built this piece of shit into a force of nature. Been out of office and off their social media and they still stalk him and report on him.

He won't release his tax returns for the same reason he don't do shit else when told. Because. That's it. Just because. It's all a game with him. Crazy he put a book out decades ago that explains his thinking. Spoke in the 80s of how he liked to test people. Basically punk people and manipulate them.

His supporters don't give a fuck. They just live for the 'u mad' cam gif reaction that the mean twitter man allows them to give people they don't like. Average mean twitter man supporter can't name one thing he did for them. But they do know he gets a bunch off safe space cacs mad so he must be doing something right even though he hasn't done shit. :smh:
Thank you
:cool:
 

phanatic

Rising Star
BGOL Investor
Haven't even looked at the details, but it seems like he is a slick bastard as expected. So his accountants earn their money. Fucked up, but it shows how the tax code in this country works for the rich. :smh:
The problem is, once again, doublethink.
Mexican immigrants are bad because they work under the table and don't pay taxes.
*same breath* Trump is smart for not paying taxes.
So are taxes a concern or not? Some Mexican making $25,000 untaxed isn't as impactful as someone bringing in millions dodging taxes.
 

michigantoga

Rising Star
BGOL Investor
The problem is, once again, doublethink.
Mexican immigrants are bad because they work under the table and don't pay taxes.
*same breath* Trump is smart for not paying taxes.
So are taxes a concern or not? Some Mexican making $25,000 untaxed isn't as impactful as someone bringing in millions dodging taxes.


Mexicans aren't the only ones that work under the table. Rich people do as well. everyday Americans do as well....

The difference is, they wasn't the president of the US.

Trump should've kept his ass at home.

You can't be the president, cracking on everyone else that breaks the law, then want people to follow you...

This is the white mans playbook, throw a brick & hide my hand type shit.

Trump ass needs to be held to some type of accountability.

I'm sure the Central Park Five would agree...

Fuck that CAC!
 

BigDaddyBuk

still not dizzy.
Platinum Member
Because he’s an asshole. And he didn’t want people to say “ you’re not a billionaire, your only worth a mere $500M.”

People hate Trump so much, they make him into a super-villain. He takes that hate, spins it, and feeds it to his fanatics and it makes him stronger.

We’d all be better off if we never said his name again, and allowed him to fade into obscurity.
dumb ass response.

they tried to ignore Hitler hoping he'd go away.
 

gene cisco

Not A BGOL Eunuch
BGOL Investor
The problem is, once again, doublethink.
Mexican immigrants are bad because they work under the table and don't pay taxes.
*same breath* Trump is smart for not paying taxes.
So are taxes a concern or not? Some Mexican making $25,000 untaxed isn't as impactful as someone bringing in millions dodging taxes.
Again, there is a thing called the tax code. Mexicans working under the table and not paying taxes are violating it(and I don't blame them one bit). Folks who use the loopholes of this crazy code ain't violating it. It is what it is.

Think about your investments. You let them sit and pull out money after a year simply because of the tax advantage, right? Long-term capital gains tax is the shit. I bet no BGOL member wants their long-term gains tax raised. Well, the idealistic fools might.

When you take out a loan against your assets and don't have to pay taxes on that money because it's technically debt, you playing the game right? Are you dodging taxes when you do that or being smart with YOUR money and using the tax code?

The dirty secret is that the tax code will never penalize those who create economic activity. There will always be loopholes for tax avoidance which isn't the same thing as under-the-table tax evasion. Fucked up that the middle class citizens get hurt the most because it sure as shit ain't illegals.
 
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