A cumulation of 31/2 years of struggling has finally paid off for House’s top tax writer, Ways, and Means Chair Richard Neal (D-Mass.), who had been waging a legal battle over the release of Trump’s taxes until the Supreme Court ruled in his favor in November. Compiling the list of political and legal challenges for Trump as he mounts his 2024 campaign for president.
2015 to 2020 — number a little over 2,700 pages. They report income from a wide range of golf, restaurant, and ice-skating businesses, as well as speaking engagements.
Income from Canada, Ireland, and the United Kingdom figure prominently in gross amounts reported. Trump also reported numerous streams of income from Panama.
The panel released a report earlier this month summarizing the ex-president’s returns. The summary prepared by the Joint Committee on Taxation showed Trump declared negative income in 2015, 2016, 2017, and 2020. He paid a total of $1,500 in income taxes for the years 2016 and 2017.
Trump’s financial records — some of which came to light through New York Times reporting in recent years — show the former president who ran for office in part on his business acumen routinely declared large losses and paid little or no taxes in multiple years.
- Trump and his wife Melania declared a negative income of $31.7 million, and a taxable income of $0, on their 2015 return. They paid $641,931 in federal income taxes.
- On their 2016 return, the Trumps declared negative income of $32.2 million, and again recorded $0 of taxable income. They paid $750 in taxes.
- Trump and his wife declared $12.8 million in negative income in the 2017 return, with $0 in taxable income. They again paid $750 in taxes.
- The 2018 return showed a rosier picture for the Trumps’ finances: they declared $24.4 million in total income and $22.9 million in taxable income. They paid $999,466 in federal income taxes.
- Trump and his wife declared $4.44 million in total income, along with $2.97 million in taxable income, on their 2019 return. They paid $133,445 in taxes.
- The 2020 return declared a negative income of $4.69 million and no taxable income. They paid no tax and claimed a refund of $5.47 million.
- The returns show major losses for many Trump properties during the six years. For instance, a 2015 tax return for “DJT [Donald J. Trump] Holdings LLC” showed a $12 million loss for Trump Turnberry Scotland. The Turnberry golf course lost up to millions of dollars each year until the final year of Trump’s presidency, returns show. Trump paid $63 million in his 2014 purchase of the property, according to an Independent report at the time.
- Trump’s company completed a deal in 2013 for the Old Post Office building in Washington, D.C. The arrangement at the time was for a 60-year lease agreement, with about $200 million being dedicated to redeveloping the site into a luxurious hotel. NBC News reports the property lost more than $70 million while Trump was in office. The newly released tax returns list millions of dollars worth of losses at Trump’s Old Post Office building during each year of his first term in office.
- The Trump Organization announced earlier this year that it had closed a $375 million sale of the Old Post Office property.
You can see the documents here https://www.scribd.com/document/617087022/Individual-1040-Only-2015-2020
In a statement sent by the Trump campaign, the former president said his returns show “how proudly successful I have been.”
“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 president said. “The great USA divide will now grow far worse. The radical, left Democrats have weaponized everything, but remember, that is a dangerous two-way street! The ‘Trump’ tax returns once again show how proudly successful I have been and how I have been able to use depreciation and various other tax deductions as an incentive for creating thousands of jobs and magnificent structures and enterprises.”