Former US President Donald Trump paid no taxes in 2020: Report

By Team Newsable | First Published Dec 22, 2022, 4:14 PM IST

Former United States President Donald Trump paid no income tax in 2020, a congressional panel record revealed on Tuesday. He also reported a loss from his sprawling business interests, according to tax figures released by a congressional panel.

Donald Trump, a former US president, didn't pay any income taxes in 2020. He recorded a loss from his extensive commercial holdings during the last full year of his presidency, according to reports. After a protracted legal battle, the House of Representatives Ways and Means Committee, which is dominated by Democrats, disclosed its documents on Tuesday. Trump's income and his tax liabilities varied wildly throughout his four years as president, according to tax records made public by a congressional panel.

The documentation showed that Trump and his wife, Melania, paid taxes in some capacity each year of the four-year period, but they were able to reduce their income taxes in a few of those years because the income from Trump's enterprises was more than offset by deductions and losses.

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Members of the committee stated on Tuesday that the tax forms lacked sufficient information and questioned the legitimacy of several of those deductions, including one for $916 million. In the upcoming days, the congressional panel is anticipated to publish redacted copies of his complete tax returns.

Throughout his two presidential campaigns and election campaign, the former US President steadfastly refused to provide his tax records to the public. The same has been true for decades for all past major-party presidential candidates.

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After a protracted legal battle, the committee was able to get the data, and on Tuesday, it decided to make them public. Steven Cheung, a spokesman for the Donald Trump Organization, said that the papers' publication was driven by politics. Steven Cheung stated on Wednesday that "if this injustice can happen to President Trump, it may happen to all Americans without cause."

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