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Democrats in Congress released six years' worth of former President Donald Trump’s tax returns on Friday, the culmination of a yearslong effort to learn about the finances of a onetime business mogul who broke decades of political precedent when heThe returns, which include redactions of some personal sensitive information such as Social Security and bank account numbers, are from 2015 to 2020.
Trump, known for building skyscrapers and hosting a reality TV show before winning the White House, did give some limited details about his holdings and income on mandatory disclosure forms. He has promoted his wealth in the annual financial statements he provides to banks to secure loans and to financial magazines to justify his place on rankings of the world’s billionaires.
A second series in 2020 showed that Trump paid just $750 in federal income taxes in 2017 and 2018, as well as no income taxes at all in 10 of the past 15 years because he generally lost more money than he made. A report from Congress’ nonpartisan Joint Committee on Taxation raised multiple red flags about aspects of Trump’s tax filings, including his carryover losses, deductions tied to conservation and charitable donations, and loans to his children that could be taxable gifts.in response that would require audits of any president’s income tax filings.
Every president and major-party candidate since Richard Nixon has voluntarily made at least summaries of their tax information available to the public. Trump bucked that trend as a candidate and as president, repeatedly asserting that his taxes were “under audit” and couldn’t be released.
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