A committee of the Democratcontrolled US House of Representatives released former President Donald Trump’s sixyear tax returns on Friday. The release comes days before Republicans, who are threatening retaliation, take control of the House of Representatives.
Details previously released by the agency showed Trump paid $1.1 million (R$5.82 million) in income taxes during the first three years of his presidency, but paid no taxes as his income in 2020 , as he said would have decreased. In his first year as president, Trump paid $750 (BRL 3,900) in federal income taxes and reported losses of $12.9 million.
The records, which run to almost 6,000 pages, show that between 2015 and 2020, Trump’s income and tax liabilities fluctuated dramatically between running for the presidency and the end of his term. A New York Times poll also shows that the Republican paid no federal taxes in 10 of the 15 years leading up to his presidency on those occasions he said he lost far more money than he gained.
The American newspaper also found that Trump failed to donate his $400,000 (R$2.1 million) salary in 2020, as he promised during the campaign. However, in the first three years of his tenure, he reported giving to charity of nearly $1.9 million in 2017 and just over $500,000 in 2018 and 2019.
The released documents are expected to shed light on whether Trump has benefited from the tax policies he championed as president. These include a 2017 law that provided a range of tax breaks and exemptions for businesses and wealthy individuals. So far, however, the New York Times has noted that the legislation actually hurt the former president: in 2019, he said he paid $8.4 million in state and local taxes, but was unable to due to restrictions imposed by the new law he only deduct $10,000.
The documents also show that Trump had bank accounts in foreign countries such as China, Ireland and the UK. The fact does not constitute illegality, but it did raise questions about the Republican’s overseas business when he was president and possible conflicts of interest the politician has already stated that the Chinese account was closed in 2015, before he was elected.
In a video released Friday, Trump again said he was the target of a “witch hunt” and said there were no legitimate reasons for releasing the documents. The former president also minimized disclosure of the statements, saying the data contained in the document was complex.
“Although these tax returns contain relatively little information, they are not information that almost everyone can understand,” he said. “The behavior of the Radical Democrats embarrasses the US Congress.”
Trump’s family members were also mentioned. In 2018, the former president paid nearly US$1 million (R$5.2 million) in taxes, almost the entire amount paid out in the first three years of his presidency. The amount would tax more than US$14 million (R$73 million) in gains from the sale of a New York condominium complex that his father Fred purchased in the 1970s.
But the new documents show that the gains were actually higher. Trump earned $25.7 million (R$134 million) from the sale of properties he and his brothers inherited from Fred.
In addition to real estate sales, the documents show the former president received tens of thousands of dollars in dividends from monies sent to him when he was young while he was in the White House.
The release comes 10 days after Democrats on the House Ways and Means Committee released two reports on Trump’s taxes, part of an investigation into the Internal Revenue Service’s practice of conducting mandatory audits of presidents’ finances while in office.
Out there
The agency reportedly did not audit Trump for the first two years of his tenure, and only initiated the vetting process in 2019, when Democrats started court proceedings to gain access to the thenleader’s tax records.
Unlike his predecessors, Trump has always refused to reveal his tax documents, claiming that they are private data. The issue was settled by the Supreme Court last month after the court denied a Republican request that Congress not have access to the statements.
This Friday, Republicans vowed revenge and reiterated that they will take control of the House of Representatives in 2023. Rep. Kevin Brady, the committee’s key Republican, warned that future committee chairs will have “almost unlimited” power to release “citizens'” tax returns. political enemies, business and labor leaders, or even the Supreme Court justices themselves.” “In the long run, Democrats will regret it,” he said in a statement.
Earlier this month, another House committee recommended indicting Trump on conspiracy and inciting insurrection over his involvement in the January 6, 2021, storming of the Capitol.
Trump recently launched his 2024 presidential candidacy. He remains a major influence in the Republican Party and is polled as the favorite to win the title primaries.
With Portal and the New York Times