Former US President Donald Trump (76) must make his tax documents public – at least in part. Congress passed its decision on Tuesday. Trump legally resisted the publication of the documents for years. The initial results of the investigations indicate that Trump has manipulated his taxes.
In fact, it is common for politicians to release some of their finances and for the Internal Revenue Service (IRS) to audit taxes. Trump was the first president since Richard Nixon (1913-1994) to break with this tradition. As De Spiegel writes, a committee of the House of Representatives charged with tax policy (Means and Resources Committee) has been trying since 2019 to get hold of the tax returns from previous years.
Congress, currently dominated by the Democrats, has now asked Trump to make his taxes public. The tide will turn from January: the Republicans will then form the majority in Congress.
Trump avoided paying taxes
Initial reports indicate that the IRS did not properly screen Trump. And, “Numerous reports have revealed that the former president pursued aggressive tax strategies and decades of tax avoidance strategies through the complex regulations of his personal and business finances,” the report continues.
As the “New York Times” reports, Trump said he suffered heavy losses early in his presidential career. By indicating a minus sign, the ex-president would have deliberately paid less income tax.
The data clearly shows that Donald Trump has only paid taxes in two years of his presidency. In addition, IRS reports show that Trump earned millions of dollars a year, but deliberately used high losses to save taxes. In his first year as president, he paid just $750 in income taxes and posted a loss of $12.82 million — a loss Trump deliberately and elaborately reported to avoid tax.
In 2018, Trump had a peak
Particularly striking: in 2018, in his second year as president, Trump suddenly made a profit of $ 24.4 million. According to the IRS, this increase in income was only possible by selling real estate or assets and raising $22 million. In 2020, Trump reported losses again — and again failed to pay taxes.
The tax returns show that “millions of dollars were claimed on these tax returns without proper supporting documentation,” Lloyd Doggett, a member of the Ways and Means Committee, told CNN. Trump has not yet publicly responded. (jwg)
Source: Blick
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
