Donald Trump has paid $1.1 million in federal taxes during two of his four years in office, according to a report reviewed by lawmakers on Wednesday, but almost nothing during the rest of his time in the White House.
The Republican paid $750 in 2017, one million, therefore, in 2018 and 2019, and nothing in 2020, the year in which his losses widened and he lost the presidential election against Democrat Joe Biden. These figures, made public Tuesday night in a parliamentary committee report, show the 76-year-old billionaire reported huge deficits from 2015 to 2020.
Speculations about the extent of his fortune.
But his earnings soared in 2018 and 2019, fueling more speculation about the extent of his fortune as Congress prepares to release his tax returns.
The former reality TV star posted capital gains on asset sales of $22 million in 2018 and $9 million the following year.
But he lost almost $65 million during his campaign for president in 2015 and 2016 and about $13 million during his first year in office. In 2020, his earnings were in the red at $5 million.
The report also showed that Donald Trump carried over $105 million in net operating losses in his 2015 return, $73 million in 2016, $45 million in 2017 and $23 million in 2018 to reduce tax liabilities.
“Tens of millions of dollars in losses and credits”
Elected officials had voted Tuesday to release the former president’s tax returns, who led a years-long legal battle to keep them private.
“Trump reported losses and claims in the tens of millions of dollars without the kind of justifications 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 the tax authorities did not do what they were supposed to do during most of Donald Trump’s tenure.
“The IRS only opened a mandatory review from 2017 to 2020 for returns filed while the former president was in office,” according to the text.
The IRS began auditing Donald Trump the same day Democrats on the commission requested information on his taxes in 2019.
Source: BFM TV
