Washington, 30 December 2022 (GNP): The US House of Representatives, where Democrats have their majority released the six years of tax records of Donald Trump when he was in office.
The former president wanted to keep these tax records secret as he was preparing for the 2024 presidential elections. The Democrats and the Republican Trump contested the battle of this release in court until it was finally settled by the US Supreme Court last month.
The six years of tax records from 2015 to 2020 reveal that in his last year in the presidency (2020) Trump did not pay any income tax even though he was rolling in wealth from his vast business empire.
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Trump tax data would now be available to media and tax and legal experts who will now investigate and evaluate the wealth and reduced tax liability of the former president.
Out of 6,000 pages of these records, 2,700 pages are Trump and his wife, Melania Trump’s personal returns tax pages. While the other 3000 pages are from his business returns.
The tax records of these six years glimpse that Trump’s income and tax liability moved downward on tax returns papers. Donald Trump and Melania Trump benefitted from large deductions and losses, paying no income tax in these years.
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The chairman of the House Ways and Means Committee, Richard Neal, asked for these tax returns in 2019 to investigate whether there is any need for further legislation on the presidential tax returns.
Democrats were wary that the Republicans would take control of the House in January after winning a thin majority in the last November midterm elections.
Before taking their winter break, the Democrats-controlled House passed a bill making it compulsory for the US Internal Revenue Service (IRS) to audit and validate the presidential tax fillings within 90 days of the inauguration of the President’s Office.