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Two reports published Tuesday evening revealed new information about former President Trump’s finances while in office, including previously undisclosed business losses that resulted in Trump paying $0 in personal taxes during his last full year in office.
The new information follows a vote by the House Ways and Means Committee to repeal President Trump’s tax bill.
Reports from the Joint Committee on Taxation and the House Ways and Means have provided new insights into Trump’s finances while in office, as well as the government’s response to Democrats’ internal oversight failure. Revenue service.
In total, Trump appears to have paid $1.13 million in personal taxes during his four years in office, with the full amount expected to be released in the coming days after congressional aides crunch information such as Social Security numbers, street addresses and other identifying information.
“The president is not an ordinary taxpayer,” House Ways and Means Chairman Richard Neal (D-MA) said Tuesday of the controversial move to release the returns. “They hold power and influence unlike any other American, and with great power comes greater responsibility.”
As of Wednesday morning, Trump himself did not publicly respond to the release of the financial information, but he has repeatedly condemned the years-long pursuit of tax returns and falsely claimed over the weekend that the company was actually illegal on his social media accounts.
In 2020, the personal loss is about 4.8 million dollars
New details of Trump’s business from the reports show an enterprise with big losses in his first and last year in office — with a better financial outlook in between.
In the year Trump’s net tax was just $750 in 2017, then dropped to $999,466 in 2018, $133,445 in 2019, and $0 in 2020, according to a summary of the returns.
The vastly different tax bills reflect changes in Trump’s reported total income due to his fluctuating business fortunes. In the year In 2018, it reported more than $24.3 million in revenue, representing a significant turnaround from 2017, when it reported a loss of $12.9 million in its first year in office.
Trump in 2016 They remained in the black in 2019 with adjusted gross income of $4.4 million, before falling into the red in 2020 due to losses of nearly $4.8 million, the report said.
The report looked at tax returns for some of Trump’s businesses and found that DJT Holdings LLC had an ordinary business loss of nearly $60 million in 2020.
Some of Mr. Trump’s business problems include the Covid-19 pandemic and Many observers agreed that the 2020 lockdowns would hurt Trump’s hospitality businesses. Tuesday’s release It does not cover 2021, when Trump is also thought to have taken business losses from his role in the Jan. 6 turmoil and had little impact since leaving office.
More recently, some observers have speculated that Trump’s business prospects may have improved over the past year or so thanks to efforts to restructure the company’s debt.
Trump’s low 2017 tax bill was only $750, which was already publicized by the New York Times in 2017. In 2020, it obtained data on Trump’s tax returns going back decades, but did not include detailed information for all of Trump’s time in office.
‘The IRS’s Great Failure’
Also released on Tuesday night was a parallel report from the representative Nel staff regarding the government’s response.
There is an IRS policy that requires the agency to audit sitting presidents while in office, but it has failed to do so during Trump’s presidency, according to the report.
In one instance, the investigators found that the agency began the audit process only on the day the committee requested documents.
“The committee maintains that these mandatory audits are being conducted promptly and in accordance with IRS policies,” Neal said Tuesday. “However, our review found that the program had been dormant under the previous administration.”
“This is a major failure of the IRS under the previous administration, and it’s certainly not what we were hoping for,” he added.
Neal is pushing for Congress to pass new legislation in the coming years, the Presidential Tax Filing and Audit Transparency Act of 2022, which would reform current IRS policy into law.
In a statement, House Speaker Nancy Pelosi (D-CA) said, “The report clearly shows the legislative steps that must be taken now to protect the public trust, and we will move quickly to advance Chairman Richard Neal’s legislation that requires the Internal Revenue Service.” To conduct an annual audit of the President’s finances,” he said.
But it is not clear whether the idea will go ahead in the coming years. Lawmakers are currently scrambling to wrap up their 2022 business and get home for the holidays before 2023, when Republicans who have condemned Neal’s organization throughout the House are set to take over.
Ben Wershkull is a Washington correspondent for Yahoo Finance.
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