Report shows details of Trump tax returns as president and GOP candidate

[discocrisco01]

Source: CNBC

The report reveals that Trump on his federal tax returns declared negative income in 2015, 2016, 2017 and 2020, and that he paid a total of $1,500 in income taxes for the years 2016 and 2017.

On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and claimed a refund of $5.47 million, according to the report by the staff of the Joint Committee on Taxation.

The report was posted online shortly after the Ways and Means Committee voted to make public redacted versions of Trump's full income tax returns, and those of eight related business entities for the tax years 2015 through 2020.

Those full returns are expected to be released in the coming days.

Read more: https://www.msn.com/en-us/money/taxes/report-shows-details-of-trump-tax-returns-as-president-and-gop-candidate/ar-AA15vFzz

[SunSeeker]

1. Sickening. He should be in jail for tax fraud.

And insurrection.

And obstruction of justice.

And theft of classified documents.

[DSandra]

2. "Taxes are for small people"

[Bernardo de La Paz]

5. tRump small magat people claim it is a sign of his superior business acumen (not a word they use).nt

[Skittles]

3. so, Trump is a tax cheat

who could have known?

[wishstar]

4. Much more damning detail is in this article

https://www.cnn.com/2022/12/20/politics/house-trump-tax-returns/index.html

"In 2015, Trump claimed a $21.1 million deduction for donating 158 acres of his 212-acre property called Seven Springs in North Castle, New York. The donation is included in the Manhattan district attorney’s criminal investigation of the Trump Organization’s finances.

The report noted that an IRS agent assigned to audit Trump’s taxes suggested disallowing the entire $21.1 million deduction because Trump did not get a qualified appraisal for the land. The agent alternatively suggested reducing the value of the deduction by more than half and said the appraiser may be subject to a fine for potentially misstating the value of the land.

In 2016 and 2017, Trump claimed nearly $1.2 million and $1.9 million, respectively, in charitable contributions, the bulk of which were made in cash. Trump had no taxable income in either year, but he was able to carry forward the deduction to future years, further limiting the amount of federal income tax he had to pay. The JCT said the large cash contributions merited a review.

Trump had taxable income in 2018 and 2019 and reported cash donations of just over $500,000 each year. That means he was able to claim a charitable contribution deduction those years. The JCT suggested Trump should be asked to substantiate those large cash donations."


So as we already suspected despite his false claims of being under audit, IRS failed to hold him accountable and almost certainly allowed him to perpetrate massive fraud for many years. Seems that no action was taken over the IRS agent's suggestion about disallowing part of the $21 million deduction over just 158 acres and then IRS only started but never completed audit of his 2019 taxes even though by law all four years of his presidency were supposed to have been audited.

[Bernardo de La Paz]

6. About a million bucks to charity, what percent of income is that?

The poor people tRump loaths and despises tend to make much bigger donations as a percentage of income than tRump or many billionaires.

[bucolic_frolic]

7. Can anyone here see Trump parting with CASH?

I suspect this is massive fraud.

[oldsoftie]

8. I imagine that "cash" was his donated presidential paycheck; 400k a yr

Meanwhile he's raking in millions from foreigners.

[edhopper]

9. But Seven Springs

is listed as a business property owned by the Trump Org, not a private residence.

Why is he not in jail?

[dchill]

10. "That makes me smart!"

- Donald F Trump

[tblue37]

11. I hope it does end up making him smart, as in "That smarts!"

[dchill]

12. You and me BOTH!