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Trump Tax Returns Released by House Democrats


This is an evolving story. The Times reporter is reviewing thousands of pages of documents. Check back for updates.

WASHINGTON — House Democrats on Friday released former President Donald J. Trump’s six-year tax returns, releasing closely guarded documents after years of legal battles and speculation. speculation about Trump’s wealth and financial problems.

The release comes 10 days after the Democrats on the House Ways and Means Committee announced it Trump’s two tax reports as part of an investigation into the Internal Revenue Service’s practice of conducting mandatory audits of presidents while they were in office. Reports show that the IRS Trump’s audit failed during the first two years of his presidency and did not begin the vetting process until 2019, after House Democrats began surveillance procedures to try to access the records. his taxes.

“Our finding turned out to be very simple – the IRS did not initiate the required audit of the former president until I made my initial request,” said Representative Richard E. Neal of Massachusetts, Chairman of the Ways and Means Committee, said in a written statement on Friday.

While much of the information in the tax returns has come to light, including through two reports published last week, the entire filing from 2015 to 2020 is expected to provide offers a rare window into the complexities of Mr. Trump’s financial situation and whether he could have profited from the tax policies he signed into law as president. These include the Tax Cuts and Jobs Act of 2017, which provides a range of tax breaks and cuts for businesses and the rich.

Data released last week showed that during the first three years of his presidency, Trump pays $1.1 million in federal income taxes but pay no tax in 2020 because his income is decreasing day by day and losses are increasing. During his first year as president, Mr. Trump paid $750 in federal income taxes and reported a loss of $12.9 million.

The nonpartisan Joint Committee on Taxation, which reviewed Mr. Trump’s tax returns for the House Ways and Means Committee, found some red flags in the former president’s files, which it said needed further investigation. Those include transactions with his children and a deduction he made in connection with the settlement of fraudulent claims against the now defunct Trump University.

Tax returns are among the most private in the United States. While Congress has the power to obtain and release them, such action is rare.

After Mr. Trump broke with tradition and refused to release his tax returns as a presidential candidate or while in office, Democratic lawmakers sought them out because of concerns about conflicts of interest. potential. In the end, they were able to unlock them using their surveillance powers through an investigation into the IRS’s policy on auditing presidents and vice presidents.

In 2020, after obtaining data from more than two decades of Trump’s tax returns, The New York Times traces the boom and bust arcs in his financial history: dubious tax evasion, massive losses, and a life fortified by inherited wealth. Newly released tax returns show how that pattern persisted during his years in Washington.

The reports issued by the Ways and Means Committee also highlight how the IRS has lagged behind in dealing with the team of lawyers, accountants and tax experts hired by Mr. audited his tax returns before, during, and after his presidency.

“With more than 400 conversion returns reported on Form 1040, it is impossible to have the resources available to check for all potential problems,” IRS agents said of Mr. an interview. internal memo that the committee announced last week.

Republicans warned that releasing an individual’s tax returns would set a dangerous precedent and lead to public pressure that would force Republican lawmakers to respond by releasing sets of returns. other taxes after they take control of the House of Representatives next week.

During a closed-door hearing last week ahead of a partisan vote to release Mr. Trump’s tax returns, Republicans specifically raised the possibility of releasing tax information related to his family. President Biden’s family – most likely including his son Hunter Biden.

“I’ve traveled to 42 states this election cycle, and I’ve had countless people tell me about their concerns about President Biden’s family dealings and how they believe he and his family became rich because of his political power,” Representative Jason Smith, Republican of Missouri, said in a transcript of the hearing. “And they’re begging for oversight and accountability for that.”

Alan Rappeport reported from Washington, and Jim Tankersley from St. Croix, VI

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