US House committee releases Trump's tax records

December 31, 2022, 5:34 pm

<p>Former US President Donald Trump <em>(Anadolu)</em></p>

Former US President Donald Trump (Anadolu)

NEW YORK –The US House Committee on Ways and Means released on Friday former President Donald Trump's tax returns covering six years from 2015 to 2020.

The Democratic-controlled committee made public the thousands of pages of report following a lengthy court battle.

Trump has long refused to release his tax filings.

Trump's adjusted gross income was US$53.2 million from 2015 to 2020 and his total federal tax liability was US$4.4 million, according to the committee’s report published last week before releasing Trump's tax returns.

The former president claimed large business losses and paid little income tax, the report showed.

Trump paid only US$750 in income taxes in 2016 and 2017, about US$1 million in 2018 and just over US$133,000 in 2019.

The former president claimed that he lost US$4.8 million in 2020, the final year of his presidency and paid nothing.

In its report, the committee also accused the IRS (Internal Revenue Service) of failing to audit Trump's tax returns.

"Our findings turned out to be simple. IRS did not begin their mandatory audit of the former president until I made my initial request," Chairman of the Ways and Means Committee Richard Neal said.

Trump denounced the release of his tax returns.

"The Democrats should have never done it, the Supreme Court should have never approved it, and it’s going to lead to horrible things for so many people,” the former chief executive said.

According to the newly released documents, Trump also had several foreign bank accounts in China, the UK and Ireland between 2015 and 2016, but he reported that he had a foreign bank account in the UK in 2018. (Anadolu)