Trump Paid No Income Tax In 2020, Reported Losses in Office

By Staff, Agencies

Former US president Donald Trump did not pay income tax during the final full year of his presidency and reported losses from his business interests, according to tax figures released by a congressional panel.

The records show that Trump's income and tax liability fluctuated during his tenure in the White House.

Trump minimized his family's income taxes for several years as income from Trump's businesses was more than offset by deductions and losses. However, the committee questioned the legitimacy of some of those deductions, including one for $916 million.

The ex-president refused to make his tax returns public during his runs for office - even though all other major-party presidential candidates have done so for decades - asking Americans to take him at his word.

After a years-long fight, the committee obtained the records, and the Democratic-controlled House voted on Tuesday to make them public. The panel is expected to release redacted versions of Trump’s full returns in the coming days.

"If this injustice can happen to President Trump, it can happen to all Americans without cause," Trump Organization spokesman Steven Cheung said on Wednesday, calling the release politically motivated.

In 2017, the records showed that Trump and his wife reported an adjusted gross income of negative $12.9 million, leading to a net income tax of $750.

They reported an adjusted gross income of $24.3 million in 2018 and paid a net tax of $1 million, while in 2019, they reported $4.4 million in revenue and paid $134,000 in taxes.

Then, in 2020, they reported a loss of $4.8 million and paid no net income tax.