Former US president Donald Trump paid no income tax in 2020, which was the last full year of his presidency, according to a Reuters report, attributing tax figures released by a congressional panel. It added that Trump had reported a loss of $4.8 million from his sprawling business interests.
The records were released late on Tuesday by the Democratic-led House of Representatives Ways and Means Committee after a years-long fight. According to the records, Trump’s income and his tax liability fluctuated dramatically during his four years in the White House.
The records showed that Trump and his wife Melania paid some form of tax during all four years, but were able to minimise their income taxes in several years as income from Trump’s businesses was more than offset by deductions and losses, according to the report.
The committee questioned the authenticity of some of those deductions, including one for $916 million, and members said on Tuesday that the tax returns were short on details. The panel is expected to release redacted versions of his full returns in the coming days.
Trump refused to make his tax returns public during his two presidential bids and his campaign for office, even though all other major-party presidential candidates have done so for decades.
The committee obtained the records after a years-long fight and voted on Tuesday to make them public.
“If this injustice can happen to President Trump, it can happen to all Americans without cause,” Trump Organization spokesman Steven Cheung said on Wednesday, according to the report.
According to the Reuters report, Trump and his wife had in 2017 reported adjusted gross income of negative $12.9 million, leading to a net income tax of $750, the records showed. 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 of income in 2019 and paid $134,000 in taxes.
In 2020, they reported a loss of $4.8 million and paid no net income tax.
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