The U.S. House Ways and Means Committee has announced it will finally release former president Donald Trump’s tax returns on Friday. Here’s what to watch for:
After a lengthy court battle that went all the way to the Supreme Court, the U.S. House Ways and Means Committee has announced it will finally release the tax returns of Donald Trump, the former U.S. president, on Friday.
What’s important? The committee has already released rough details of Trump’s income and tax payments over the period 2015 to 2020.In September 2020, the New York Times published some data from Trump’s tax returns spanning more than 20 years. The paper reported that Trump paid just $750 in taxes in 2016 and 2017. The paper said Trump paid no taxes for 10 of the 15 years analyzed.
Don’t miss: Donald Trump paid $0 in taxes in 2020. He’s not alone: 60% of households paid no federal income tax that year, but for very different reasons.What will the experts be focusing on? Individuals who own so-called pass-through companies can deduct their businesses’ losses from their personal returns. The overview from the committee showed that Trump took advantage of this tax-code feature during the six years.
So far there has been no evidence that Trump violated the law, Rosenthal testified. “But Trump stretched it beyond recognition to omit income,” he added.
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