February 1, 2023

Taylor Daily Press

Complete News World

Trump’s remarks declared: Even when he was president, he paid little or no taxes

Former US President Donald Trump’s tax returns for the period 2015-2020 have finally been released, after years of legal wrangling. It shows that Trump did everything he could to pay as little tax as possible. Often with success.

The documents detail Trump’s finances, the flow of money to him and his entourage. Since they go back to his presidential run and his years in the White House, this data is highly anticipated. In total, it’s about 2,700 pages of Trump’s ad, and another 3,000 about his companies.

A first excerpt released by Congress last week showed Trump has paid virtually no income tax for years, even though he has consistently presented himself as a successful businessman. Now the details are also known. In election years 2016 and 2017, when he was just president, he paid less than $750 in income taxes. In his final year as president, that was absolutely nothing.

The fact that the tax rate is so low is because according to official documents, it has incurred huge losses. This concludes The New York Times Based on a preliminary review of issued documents. In 2017, Trump declared a loss of at least $12.9 million, which officially allowed him to significantly reduce his income.

The documents show that even in the years Trump has paid taxes, the amounts related to his income are far below those of the average taxpayer. Filings show he paid $641,931 in 2015, just under $1 million in 2018, and $133,445 in federal taxes in 2019. Even that 2018 figure equates to an effective federal tax rate of barely 4 percent, while it For the American citizen it is 13 percent.

See also  Boris Johnson embarrassed by 'unreleased' video

Some data has also been leaked at various stages in the US media in recent years. For example, it turns out that Trump pays little tax, has to pay back millions of dollars in loans, and has been under investigation by tax authorities for more than a decade.

The gap is widening

In a response to the post, Trump warned of the “serious consequences” of the post. “The great divide in the United States is only going to get worse.” According to him, the Democrats should not have released the data, and the Supreme Court should never have approved it.

Republican majority in Congress

In the United States, it is customary for presidential candidates to publish their tax returns. But Trump always fought back during his campaign and tenure. This has led to years of battle between Republicans and Democrats, who accuse him of cheating and therefore want to see his financial statements, especially his tax returns.

In the past month, however, the publication has gained momentum. the Council Reject request From Trump’s lawyer to prevent the documents from being transferred to an appropriate committee. Now that that transfer has been made, it’s not surprising that the documents were quickly released: As of January, the majority of Congress is in Republican hands. They may not continue the investigation.