According to a report reviewed by lawmakers Wednesday, Donald Trump has paid $1.1 million in federal taxes in two of his four years in office, but has paid next to nothing for the remainder of his time in the House-White.
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The Republican paid $750 in 2017, a million in 2018 and 2019, and nothing in 2020, the year his losses widened and he lost the presidential election to Democrat Joe Biden.
Those figures, released late Tuesday in a parliamentary committee report, show the 76-year-old billionaire reported huge deficits from 2015 to 2020.
But his earnings soared in 2018 and 2019, further fueling speculation about the extent of his fortune as Congress prepares to release his tax returns.
The former reality TV star posted capital gains from asset sales of $22 million in 2018 and $9 million the following year.
But he lost nearly $65 million during his campaign for the presidency in 2015 and 2016 and around $13 million in his first year in office.
In 2020, his earnings were in the red $5 million.
The report also showed that Mr Trump had net operating losses of $105 million on his return in 2015, $73 million in 2016, $45 million in 2017 and $23 million in 2018 carried forward to reduce liabilities.
Elected officials had voted on Tuesday to release the former president’s tax returns, who had fought a legal battle for several years to keep them private.
“Trump reported tens of millions of dollars in losses and loans without the kind of justifications that an ordinary taxpayer would likely provide,” Democratic lawmaker Lloyd Doggett said in a statement.
A separate parliamentary report on the US tax authorities showed that they had not done what they were supposed to do for most of Donald Trump’s tenure.
“The IRS only opened a mandatory review for tax returns filed during the former president’s tenure from 2017 to 2020,” the text reads.
The IRS began scrutinizing Mr Trump the same day Democrats on the committee requested information about his taxes in 2019.