Friday, the House Ways and Means Committee released former President Trump’s tax returns from 2015 through 2020. In the nearly six-thousand-page report, here were the key findings.
The report showed the amount Trump, and the former first lady, Melania, owed in taxes fluctuated significantly while in the White House. The fluctuation was so significant that in 2020 the Trumps reported a negative income of $4.7 million with a $0 taxable income. That year, the couple also claimed a tax refund of $5.4 million. The year 2020 was not the only time the couple reported negative income. In four of the six years investigated, the couple reported negative income. The committee has released a full report on its website to see the full report.
Why were the tax returns put under investigation? The House Ways and Means Committee requested Trump’s returns from the IRS in 2019 to investigate the IRS’s mandatory presidential audit program. The committee filed a lawsuit after that request was denied. The committee’s investigation showed that only one mandatory audit was started and none completed during Trump’s time in office. House Ways and Means Committee chairman Richard Neal says, “This is a major failure of the IRS under the prior administration, and certainly not what we had hoped to find.”
Donald Trump is warning the release of his tax returns was a dangerous move for the Democrat-majority committee. Trump left a statement saying, “The Democrats should have never done it, the Supreme Court should have never approved it, and it’s going to lead to horrible things for so many people.” Republicans say the dangerous precedent will lead Americans to demand more returns to be released. The committee has defended its actions saying a president holds a powerful influence unlike any other American and they are not an ordinary taxpayer.
An investigation is necessary. Leaking personal information to the public does not seem like a necessary move. Comment below what you think about releasing Trump’s tax returns. Was it fair to release the returns to the public? Whose tax returns do you think Americans will demand to see next?
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