Donald and Melania Trump only paid $1,500 in income tax in some years, report reveals - and raises eyebrows
Donald and Melania Trump only paid a total of $1,500 in income taxes for 2016 and 2017, according to a new Joint Committee on Taxation staff report.< /p>
What happened: The report was posted online shortly after the House Ways and Means Committee voted to release Trump's full tax returns , some parts of which have been redacted. Statements from eight related business entities were also made public, CNBC reported.
Past tax returns reveal the former president and first lady reported negative income for 2015, 2016, 2017, and 2020.
In 2020, Trump and Melania claimed a $5.47 million refund and paid no income tax, according to the report. In 2019, they reported taxable income of $2.97 million and paid $133,445 in taxes.
Remarkably in 2016 and 2017, the couple reported negative incomes of $31.2 million and $12.8 million, with $0 in taxable income. They paid $750 each for the two years of taxes.
Why it matters: The U.S. Internal Revenue Service audited the tax returns of Presidents Barack Obama and Joe Biden, but did not audit Trump at during his first two years in office, despite being a requirement, The New York Times reported, citing the House committee's revelations.
The Ways and Means Committee report says the IRS began auditing Trump in April 2019, the same day Rep. Richard Neal (D-Mass.) asked questions . Neal is also the chairman of the committee, according to the Times.
Meanwhile, the IRS has yet to complete its audit and has only assigned one agent to go through Trump's tax returns. Trump reportedly objected to adding more people to the task.
The IRS was led by an Obama-appointed commissioner, John Koskinen, for most of 2017 and later the former president appointed David Kautter to that position. Both failed to ensure that audits of presidential tax returns were carried out, according to the report.
"The IRS was asleep at the wheel and the presidential audit program is broken," said Sen. Ron Wyden (D-Ore). Wyden is the chairman of the Senate Finance Committee, The Times reported.
The committee searched Trump's tax returns for three and a half years. The reports were delivered to the panel by the Supreme Court in November.
This story was originally published on December 24, 2022.
Read next: Zelenskyy, Biden stand together on the steps of the White House : 'Important for the American people, and for the world to hear...'
Original story found here.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Donald and Melania Trump only paid a total of $1,500 in income taxes for 2016 and 2017, according to a new Joint Committee on Taxation staff report.< /p>
What happened: The report was posted online shortly after the House Ways and Means Committee voted to release Trump's full tax returns , some parts of which have been redacted. Statements from eight related business entities were also made public, CNBC reported.
Past tax returns reveal the former president and first lady reported negative income for 2015, 2016, 2017, and 2020.
In 2020, Trump and Melania claimed a $5.47 million refund and paid no income tax, according to the report. In 2019, they reported taxable income of $2.97 million and paid $133,445 in taxes.
Remarkably in 2016 and 2017, the couple reported negative incomes of $31.2 million and $12.8 million, with $0 in taxable income. They paid $750 each for the two years of taxes.
Why it matters: The U.S. Internal Revenue Service audited the tax returns of Presidents Barack Obama and Joe Biden, but did not audit Trump at during his first two years in office, despite being a requirement, The New York Times reported, citing the House committee's revelations.
The Ways and Means Committee report says the IRS began auditing Trump in April 2019, the same day Rep. Richard Neal (D-Mass.) asked questions . Neal is also the chairman of the committee, according to the Times.
Meanwhile, the IRS has yet to complete its audit and has only assigned one agent to go through Trump's tax returns. Trump reportedly objected to adding more people to the task.
The IRS was led by an Obama-appointed commissioner, John Koskinen, for most of 2017 and later the former president appointed David Kautter to that position. Both failed to ensure that audits of presidential tax returns were carried out, according to the report.
"The IRS was asleep at the wheel and the presidential audit program is broken," said Sen. Ron Wyden (D-Ore). Wyden is the chairman of the Senate Finance Committee, The Times reported.
The committee searched Trump's tax returns for three and a half years. The reports were delivered to the panel by the Supreme Court in November.
This story was originally published on December 24, 2022.
Read next: Zelenskyy, Biden stand together on the steps of the White House : 'Important for the American people, and for the world to hear...'
Original story found here.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What's Your Reaction?
