Trump taxes detailed in latest report from Congress

The quantity of income, deductions and taxes paid by or refunded to former President Donald Trump while serving within the White House was detailed in a latest report released Tuesday night.

The report reveals that Trump on his federal tax returns declared negative income in 2015, 2016, 2017 and 2020, and that he paid a complete of $1,500 in income taxes for the years 2016 and 2017.

On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and claimed a refund of $5.47 million, in accordance with the report by the staff of the Joint Committee on Taxation.

The report was posted online shortly after the Ways and Means Committee voted to make public redacted versions of Trump’s full income tax returns, and people of eight related business entities for the tax years 2015 through 2020.

Those full returns are expected to be released in the approaching days.

A separate report released by the Ways and Means Committee revealed that the IRS had began an audit of just certainly one of Trump’s tax returns while he was serving as president despite an internal policy mandating that sitting presidents have their returns audited annually.

The 39-page report by the Joint Committee on Taxation staff gives a breakdown of the highlights of Trump’s joint tax filings with Melania during his time in office, and the 2 years he first ran for president.

The report identifies different areas that the staff thought warranted further examination, reminiscent of documentation of nearly $506,000 in charitable donations claimed by the Trumps in 2019.

Highlights of the report include:

• On their 2015 federal return, Trump and his wife declared negative income of $31.7 million, with taxable income of $0. The couple paid federal income taxes of $641,931.
• The 2016 return declared negative income of $31.2 million, with zero dollars of taxable income. The Trumps paid $750 in taxes.
• The 2017 return declared negative income $12.8 million, with $0 in taxable income. The couple paid $750 in taxes.
• The 2018 return declared total income of $24.4 million, with taxable income of $22.9 million. The Trumps paid $999,466 in federal income taxes.
• In 2019, the Trumps declared $4.44 million in total income, and $2.97 million in taxable income. They paid $133,445 in taxes.
• The 2020 return shows negative income of $4.69 million, with zero dollars in taxable income. The tax paid by the Trumps was $0 and so they claimed a refund of $5.47 million.

Read the report on Trump’s annual tax returns here.