Donald Trump’s tax returns show how the former president used a range of write-offs in the US tax code to pay little or no federal income tax, according to six years of records released Friday by a House panel.
The returns, which include his personal and business filings from 2015 to 2020, are the first complete look into Trump’s tax records for the years he was running for office and in the White House. The release comes just days before Democrats relinquish their House majority, which will end much of their ability to investigate him.
The release on the Friday before New Year’s weekend failed to land any immediate knockout blow Democrats were seeking as Trump seeks another term in the White House. Yet even some of the most sophisticated tax specialists won’t immediately be able to tell if Trump followed the law, experts said, because tax returns don’t automatically include some of the underlying documentation that the Internal Revenue Service can request in an audit.
“Businesses are supposed to be in the business of making money. If they’re constantly losing money, it begs the question of whether they’re real businesses,” said Kevin J. Brady, a vice president and certified financial planner at Wealthspire Advisors based in New York. “It could all be legitimate, but it needs to be looked at.”
Trump paid no taxes in 2020, reporting losses at dozens of properties and holding companies. The coronavirus pandemic almost certainly played a role. An Irish golf resort he owned reported a 69 percent plunge in revenue in 2020. Yet some features of Trump’s signature law also hurt him. For example, in 2019, his return says, he paid $8.4 million in state and local taxes, but could only claim $10,000 under his tax law. The following year was similar: $8.5 million paid but subject to the $10,000 cap.
“In the long run, Democrats will come to regret it,” Brady, who is not related to the wealth adviser by the same name, said in a statement.
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