The US House of Representatives committee released files on exPresident Donald Trump’s tax returns on Friday. The documents date from 2015 and 2020. The disclosure comes days before Republicans take over the House of Representatives.
Data suggests Trump paid no income tax in 2020. According to the report, the former president has bank accounts in Ireland, China and the UK.
In a statement, Democratic Rep. Don Beyer said the documents were “legally obtained” through “the IRS tax enforcement, including the president’s audit program.”
The release of the data comes after Trump refused to provide information about his income tax. Accordingly, the US Supreme Court granted the Committee access to his tax returns.
The former president is under investigation for financial fraud and tried to keep his tax records secret while in office.
Reasons for Trump’s tax disclosure
Records show that Trump’s income and tax liabilities increased dramatically between when he first ran for office in 2015 and when he left office in 2020. New York Times shows that the Republican paid no federal taxes in 11 of the 18 years analyzed.
The disclosure comes after Democrats on the committee released two reports on the Republican’s taxes as part of an “investigation” into the IRS’s practice of conducting mandatory audits of presidents who are still in office.
The panel reportedly did not scrutinize the former president in his first two years in office. In addition, the verification was not carried out in 2019.
republican response
In an interview with CBS News, Trump said, “The tax returns show once again how proud I am of my success and how I’ve been able to use depreciation and other tax deductions as an incentive to create thousands of wonderful jobs and businesses.”