Islam News – In his first three years as president, Donald Trump paid $1.1 million in federal income taxes, according to tax data released by a U.S. House committee. But by the end of his term, he reported large losses and paid no taxes in 2020.
Trump began his presidency experiencing the sort of large business losses that had defined much of his career. His fortunes turned in 2018, as he reported $24.3 million in adjusted gross income, largely because he sold properties or investments.
He also reported a gain in 2019, but in 2020, as the U.S. staggered under the coronavirus pandemic, his finances reversed course: Trump reported a loss of $4.8 million and paid zero income tax.
Details: During his presidency, the entirety of his core businesses — mostly real estate, golf courses and hotels — continued to report losses every year, totaling $60 million.
Context: The committee’s vote to release Trump’s taxes was the culmination of a yearslong battle. Trump had broken with tradition by keeping his finances confidential during his campaign and while in office.
Delayed audit: The House committee also said that the I.R.S. failed to audit Trump during his first two years in office, despite a program that makes the auditing of sitting presidents mandatory.
Background: In 2020, The Times released findings of an investigation into his tax-return data that showed years of tax avoidance.
Source: The New York Times