Trump’s tax returns released after long fight with Congress
Democrats in Congress released thousands of pages of former President Donald Trump’s tax returns on Friday, providing the most detailed picture of his finances over a six-year period, including his time in the White House.
The documents include individual returns from Trump and his wife, Melania, along with Trump’s business entities from 2015-2020. They show how Trump used the tax code to lower his tax obligation and reveal details about foreign accounts, charitable contributions and the performance of some of his highest-profile business ventures, which had largely remained shielded from public scrutiny.
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The disclosure marks the culmination of a yearslong legal fight that has played out from the presidential campaign to Congress and the Supreme Court as Trump rejected efforts to share details about his financial history — counter to the practice of transparency followed by all his predecessors in the post-Watergate era. The records release comes just days before Republicans retake control of the House and weeks after Trump began another campaign for the White House.
Trump, according to the filings, reported having bank accounts in China, Ireland and the United Kingdom in 2015 through 2017, even as he was commander in chief. Starting in 2018, however, he only reported an account in the U.K. The returns also show that Trump claimed foreign tax credits for taxes he paid on various business ventures around the world, including licensing arrangements for use of his name on development projects and his golf courses in Scotland and Ireland.
Trump paid $641,931 in federal income taxes in 2015, the year he began his campaign for president, according to a report released last week by Congress’ nonpartisan Joint Committee on Taxation. He paid $750 in 2016 and 2017, nearly $1 million in 2018, $133,445 in 2019 and nothing in 2020, the year he unsuccessfully sought reelection. The documents show that Trump’s charitable donations fluctuated during his presidency but, in his final years, represented only a sliver of his income. In 2020, Trump reported no charitable donations at all. In 2019 and 2018 he reported writing checks for about $500,000 in donations. In earlier years the numbers were higher — $1.8 million in 2017 and $1.1 million in 2016.
It’s unclear whether the reported sums included Trump’s $400,000 annual presidential salary, which he had said he would forgo and said he had donated to various federal departments.
While Trump has long claimed that being president cost him millions of dollars, the filings show that his election technically gave Trump a raise by some measures. His wages increased from about $14,000 in 2015 to $373,000 in 2017, the filings show. Presiding over a routine pro forma session of the House on Friday, Rep. Don Beyer, chairman of the Joint Economic Committee, said great care had been taken to ensure the returns were treated with sensitivity, with personal and other identifying information redacted.
“We’ve been trying to be very careful to make sure that we weren’t ‘weaponizing’ the IRS returns,” said Beyer, D-Va. He also is a member of the tax-writing House Ways and Means Committee, which held a party line vote last week to make the returns public.
The returns show how Trump used tax law to minimize his liability. For 2020, more than 150 of Trump’s business entities listed negative qualified business income, which the IRS defines as “the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business.” In total for that tax year, combined with nearly $9 million in carryforward loss from previous years, Trump’s qualified losses amounted to more than $58 million for the final year of his term in office.
