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Six years of Donald Trump’s tax returns have been released in one of the final acts by House Democrats before they lose control of the chamber.
The House Ways and Means Committee announced that the returns were made public on Friday, posting them on its website, which can be downloaded as Attachment E. Here.
The public release of the returns comes after years of legal battles that went all the way to the Supreme Court, which ultimately ruled that it had to be handed over to the Returns Committee. The returns covering the years 2015 to 2020 showed that he paid no tax in 2020, with losses and low income.
Representative Richard Neal (D-MA) noted that the release of the returns highlights the conduct of the IRS, which was supposed to audit the president’s returns. He said the committee found the program was “dysfunctional” during the Trump presidency.
“We now know, the first mandatory audit was opened two years into his presidency. That’s the day this committee requested his recall,” Neal said earlier this month.
“We had expected the IRS to expand the mandatory audit program to account for the complex nature of the former president’s financial situation, but there has been no evidence of that. A major failure, and certainly not what we expected to find.
But Trump’s taxes have been a matter of intrigue that has gone beyond IRS auditing guidelines. He broke with campaign tradition by refusing to release his taxes in 2016, only fueling speculation about what they contained. The New York Times published a series that relied on leaked tax records, showing that Trump paid very little federal income tax over the past 15 years amid huge losses.
Last week, a House committee released some of its findings from Trump’s returns, revealing when Trump’s returns were finally audited. Found a series of problems That “examination required by the IRS.” Among them: “Whether loans to children of former presidents are loans or disguised gifts that could trigger gift taxes.” According to the committee, it was also flagged as to whether the $126.5 million in deductions made by DJT Holdings over five years was “appropriate” when “it was unclear what DJT Holdings was selling after the withdrawal.” ” It also reviewed whether the $105 million loss in 2015 and future years was “reasonable.”
More to come.
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