Politics & Finances

Trump's Tax Records to Be Released, Paid $0 In 2020 Income Taxes

Trump's Tax Records to Be Released, Paid $0 In 2020 Income Taxes

The House of Representatives Ways and Means Committee voted yesterday to publicly release Donald Trump's tax records.

Credit: Joe Raedle/Getty Images

The news was confirmed by The Washington Post, who noted that the IRS failed to perform mandatory audits during the former President's first two years in office, despite the fact that there were seemingly many issues to investigate.

Trump, who reportedly wanted the IRS to investigate his political foes during his Presidency from 2017 to 2021, and his legal team have done everything in their power to block the release of his personal tax records. 

He became the first Presidential candidate in years to refuse to release his tax records during his candidacy. While this isn't required by law, it is common practice. 

A new article from The New York Times asserts that Trump paid $1.1 million in federal income taxes during his first three years in office. However, as his losses purportedly mounted in 2020, he paid no taxes at all. Trump reported a loss of $4.8 million at the height of the COVID-19 pandemic.

Credit: Joe Daniel Price/Getty Images

This information comes from the tax data released Tuesday by the House. 

Trump and his company have faced far-reaching legal issues of late. The Trump Organization criminal tax lawsuit recently wrapped up in Manhattan, with the company found guilty on all counts

Former CFO Allen Weisselberg, who previously took a plea deal that includes prison time, provided key testimony in the trial. 

Although Donald Trump was not himself named as a defendant in the criminal proceedings, he has been facing an onslaught of his own legal problems following the January 6, 2021 riot at the U.S. Capitol. 

The businessman's Mar-a-Lago property in Florida was the subject of a now-infamous Federal Bureau of Investigation (FBI) raid -- in which many of the tax documents in question were seized -- on August 8 and, per Bloomberg, the businessman "invoked his Fifth Amendment right against self-incrimination on Wednesday [August 10] to avoid answering deposition questions in a civil probe of his family real estate business by New York Attorney General Letitia James."

Credit: Joe Raedle/Getty Images

Trump also recently came under fire for falsely accusing past Presidents George H.W. Bush and Barack Obama of keeping classified documents, as well. 

In addition to the aforementioned situations, the Trump family faces several other legal woes. Letitia James and her office have officially filed a $250 million civil suit against Trump, and the former President is also the subject of an ongoing 2020 election fraud probe in Georgia.

Are you glad Donald Trump's tax records are being publicly released?

You Might Also Enjoy:

Feature Image Credit: Pool/Getty Images

share this post
Search for matches...
Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts