Six years of Donald Trump's federal tax returns released on Friday show the former president paid very little in federal income taxes the first and last year of his presidency, claiming huge losses that helped limit his tax bill. 9News
, long shrouded in secrecy, were released to the public on Friday by the House Ways and Means Committee, the culmination of a battle over their disclosure that went to the Supreme Court.claimed large losses before and throughout his presidency that he carried forward to reduce or practically eliminate his tax burden.Six years of Donald Trump's federal tax returns released on Friday show the former president paid very little in federal income taxes.
If the interest Trump claims to have charged his children was not at market rate, for example, it could be considered a gift for tax purposes, requiring him to pay a higher tax rate on the money. For example, in 2017, Trump claimed his business DJT Aerospace LLC, which operates Trump's personal helicopter, claimed $USD42,965 in income. It also claimed the exact same amount, $USD42,965 , in expenses.
Trump and his legal team continuously sought to keep his returns secret, arguing that Congress had never wielded its legislative powers to demand a president's tax returns, which Trump said could have far-reaching implications. "I had countless people tell me of things that they were concerned with President Biden's family dealings and how they believed that him and his family is enriched because of his political power.
Biden's income tax returns and financial disclosures showed no business dealings or income from China. On his tax return, Trump listed business income, taxes, expenses or other notable financial items in Azerbaijan, Panama, Canada, India, Qatar, South Korea, the United Kingdom, China, the Dominican Republic, United Arab Emirates, the Philippines, Grenada, US territory Puerto Rico, Georgia, Israel, Brazil, St. Maarten, Mexico, Indonesia, Ireland, Turkey, and St. Vincent.During his presidency, Trump pledged he would donate the entirety of his $USD400,000 salary to charity each year.
That donation, which was made to a land trust, is a focus of the Manhattan district attorney's criminal investigation of the Trump Organisation's finances.Trump claimed that the 2017 Republican tax plan he championed and signed would cost him and his family "a fortune". The Tax Foundation found that property tax deductions capped in 2017 had previously accounted for about a third of all state and local tax deductions.
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