Topline
The House Ways and Means Committee released six years of former President Donald Trump’s tax returns on Friday, after years of legal battles, days before Republicans are set to take control of the House and its committees and would have likely blocked the effort.
Former President Donald Trump (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty … [+]
Key Facts
The release—which includes thousands of pages detailing Trump and his wife Melania’s finances from 2015 through 2020—follows a vote by the committee last week to make the documents public.
A preliminary report released by the committee last week showed Trump paid $1.1 million in taxes throughout his presidency, but $0 in 2020.
Trump paid $750 in federal taxes in both 2016 and 2017, but nearly $1 million in 2018 and $144,445 in 2019, according to the reports, which detail tax returns from Trump and eight of his affiliated entities.
The committee sought to obtain Trump’s tax returns as part of an investigation into the Internal Revenue Service’s mandatory audit program.
Crucial Quote
“A president is no ordinary taxpayer. They hold power and influence unlike any other American. And with great power comes even greater responsibility,” Committee Chair Rep. Richard Neal (D-Mass.) said in a statement.
Key Background
Trump broke years of precedent set by former presidents when he declined to make his tax returns public. The Democrat-led House committee obtained the documents from the IRS last month following a Supreme Court decision denying Trump’s bid to keep them secret. The committee reported that the IRS failed to properly audit Trump’s tax returns: The agency did not review the documents during Trump’s first two years in office and did not complete a full audit of his taxes at any point while he was in office, even though presidents are subject to mandatory IRS reviews, according to the committee’s preliminary report.
Contra
Trump argued that the committee sought the tax returns simply to make them public, rather than for a legitimate legislative purpose. Republican lawmakers also accused the committee of withholding key portions of the documents and selectively releasing details to cast Trump in a negative light. For years, Trump fought in court to prevent lawmakers from accessing his returns, but the Supreme Court ultimately denied his request to block their release last month, signaling an end to Trump’s legal battle.
Further Reading
Checks & Imbalances: Inside Trump’s Tax Returns (Forbes)
Trump Paid $0 In Taxes In 2020—Here’s What To Know About His Tax Returns (Forbes)
Source: https://www.forbes.com/sites/saradorn/2022/12/30/house-releases-trumps-tax-returns/