Donald Trump paid $1.1 million in federal taxes over two of his four years at the helm of the United States… But almost nothing the rest of his time in the White House. According to a report reviewed by lawmakers on Wednesday, the Republican paid $750 in 2017, $1 million in 2018 and 2019, and nothing in 2020, when his losses widened. Year, too, of his presidential defeat against Democrat Joe Biden.
These figures show that the 76-year-old billionaire posted huge deficits between 2015 and 2020. But his income skyrocketed in 2018 and 2019, fueling further speculation about the extent of his fortune as the Congress is about to release its tax returns.
The former reality TV star recorded 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 the presidency in 2015 and 2016 and around $13 million during his first year in office. In 2020, his earnings were in the red of five million dollars.
The report also showed Donald Trump carried forward $105 million in net operating losses on his 2015 return, $73 million in 2016, $45 million in 2017 and $23 million in 2018 to reduce tax liabilities. .
Losses declared without providing justification
Elected officials had voted Tuesday in favor of the publication of the tax returns of the former president, who led a legal battle for several years to keep them private. “Trump reported tens of millions of dollars in losses and credits without the kind of justifications that 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 latter had not done what it was supposed to do for almost all of Donald Trump’s term. “The tax authorities opened only one mandatory examination 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 about his taxes in 2019.