Former President Donald J. Trump’s tax returns have been released
Local Democrats released six years of tax data on former President Donald J. Trump on Friday, offering new insights into his business dealings that have tarnished his longtime image as a wealthy businessman. The Friday morning dump contained thousands of tax documents, including individual returns for Mr. Trump and his wife, Melania, as well as corporate returns for tons of companies that make up his expanding corporate group. . He accepted the Democrats’ removal of the procedure and the committee’s procedure which confirmed that Mr. Trump has paid a total of $1.1 million in federal income taxes in the first three years of his presidency. President, but did not pay taxes in 2020 as his income. decreases and losses are widespread. The release of the book drew criticism and threats of retaliation from Mr. Trump and his Republican colleagues in Congress, who decided that when their party took over the House on January 3, they could want to reveal the tax returns filed by Democratic politicians, the Supreme Court. book entry. judges and members of President Biden’s family, such as his son Hunter. The leaked documents show that Mr Trump has broken his campaign promise to donate his presidential salary, at least in 2020, although no charitable donations of any kind have been reported. In addition, they made the tax bill of Mr. Trump is moving forward because of his 2017 tax reform: an end to the deduction of state and local taxes. In a press statement on Friday, Mr Trump criticized the Democrats and said the decision to restart returns “has not been a weapon”.
“The ‘Trump’ tax return also shows how proud I am of how willing I am to use the tax cuts and many other tax cuts as incentives to create thousands of jobs in big businesses,” he wrote. he wrote.
But the filing, which covers tax years 2015 to 2020, does not give Mr. Trump’s biggest success in his latest business venture. They show that Mr. Trump often reports huge losses from his personal businesses, as he continues to invest in his inherited wealth.
The story of Mr. Trump about inheriting wealth and losing it is a New York Times article in 2020, when it received a long period of tax data Mr. Trump, much of which was revealed on Friday. In 2018, after a decade in which the former president declared no taxable income in tax returns reviewed by The Times, Mr Trump declared a taxable income of more than $24 million. He paid nearly $1 million in federal taxes, almost all he paid as president. The proceeds appear to be more than $14 million from the sale of his father’s venture in the 1970s, a Brooklyn real estate company called Starrett City, which is part of his inheritance. Mr. Trump.
Much of what the committee released Friday was revealed in a high-profile report the committee released last week. However, thousands of pages of tax documents provided new information about the president’s income and expenses.
The newspaper shows, for example, the impact of his legacy in 2018 is better than the Times newspaper said earlier: Mr. Trump recorded $25.7 million in profits from the sale of businesses including his and his siblings’ inherited or divested trusts, as well as the sale of Starrett Metropolis. The business of Mr. Trump created himself, pretending to be a loser, making his online income fall and reducing his tax bill, according to tax returns. They include a total of $1 million in property or equipment purchased at the loss of two of his business ventures, and another loss of $1 million for bailing out his son Donald Trump Jr. from a failed business to building prefabricated houses. Mr Trump also received tens of thousands of dollars in distributions while in the White House from a trust he set up when he was younger, as well as his tax returns.
Tax returns are among the most confidential documents in the United States. Although Congress has the power to acquire and initiate them, it almost never takes such a step.
When Mr. Trump broke with tradition and refused to publish his returns as a politician or when he was working, Democratic congressmen are looking for them because of the fear of a possible conflict. Finally, they can open them using their supervisory authority through the investigation of the Inside Income Service of the chief inspectors and directors.
The latest release comes after years of legal battles and speculation over Mr Trump’s wealth and investments.
Democrats have hailed the revelations as an important hour for the president who broke longstanding precedent by refusing to release his statements. “Trump acted as if he had one thing to cover, for example his family’s business from the new case for tax laws,” said counsel Donald S. Beyer Jr., a Virginia Democrat on the committee. and appeared, said a click. release Friday. “As the public will be able to see by now, Trump has used questionable or flawed deductions and numerous tax avoidance schemes to justify paying little or no taxes. federal funds over several years. ‘Years reviewed.’
However, Republicans have warned Democrats that they have set harmful standards. Republicans released their own report on Friday that included detailed complaints about how the bill was released. “Going forward, all the chairmen of the Ways and Means Committee and the Senate Finance Committee will have unlimited powers to focus on the publication of individual tax returns, political enemies, corporate and union leaders, and even the Supreme Court. The justices of the courts themselves,” said adviser Kevin Brady of Texas, the top Republican on the Ways and Means Committee, said in a press release preceding the report.
Mr. Trump also raised the specter of retaliation. “Democrats shouldn’t stop it, the Supreme Court shouldn’t stop it, it’s going to cause a lot of terrible problems,” he said in a statement Friday. “The true division of America will only get worse now. The radical left Democrats have taken all sides, but keep in mind that this can be a two-way street!