Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says | The Independent


Donald Trump‘s tax returns show that he lost so much money in the mid-1980s to 1990s that he paid no income tax for eight out of 10 years during that period, according to a new report.

The income tax records were obtained by The New York Times, and represent the most detailed look into the president’s personal taxes yet, after years in which Mr Trump had sought to keep the documents private.

Between 1985 and 1994, the documents show, Mr Trump lost tens of millions of dollars a year, with total losses adding up to $1.17bn for the decade.

According to The New York Times report on the taxes, Mr Trump’s losses mostly came from his business holdings in casinos, hotels, and retail apartment space in his buildings. And, the paper reports, the sheer amount of losses during that time show that he lost more money than almost any other American taxpayer during that time, according to a comparison of his taxes to an annual comparison of high income earners compiled by the Internal Revenue Service.

The freshly released documents do not cover the years of interest to Congressional Democrats — who have demanded the Treasury Department release the president’s returns, leading to a legal battle — but they do provide valuable insight into Mr Trump’s history, and of the dire straights he found himself roughly 30 years ago.

 

Source: Trump tax returns reveal over $1bn in losses and that he paid no income taxes for eight years, report says | The Independent

House Democrats give IRS until April 23 to hand over Trump’s tax returns : NBC News


House Democrats have given the Internal Revenue Service a new deadline to hand over President Donald Trump’s tax returns days after Treasury Secretary Steven Mnuchin said his department would miss the original deadline of April 10.

In a letter to IRS Commissioner Charles Rettig sent Saturday by Ways and Means Committee Chairman Richard Neal, D-Mass., Democrats gave a second and final deadline of April 23 for six years of Trump’s personal and business tax returns. The lawmakers could go to court to seek the returns if the IRS does not turn them over.

“To date, the IRS has failed to provide the requested return and return information despite an unambiguous legal obligation to do so … Please know that, if you fail to comply, your failure will be interpreted as a denial of my request,” Neal wrote in the letter.

The letter also states that there is “no valid basis to question the legitimacy of the Committee’s legislative purpose,” citing Supreme Court instructions that Congress’ power to investigate is “broad.”

“It is not the proper function of the IRS, Treasury, or Justice to question or second guess the motivations of the Committee or its reasonable determinations regarding its need for the requested tax returns and return information,” Neal wrote.

House Oversight and Reform Committee Chairman Elijah E. Cummings, D-Md., notified his committee that he would be subpoenaing Trump’s accounting firm, Mazars USA, for the president’s financial statements. The subpoena is another avenue Democrats are pursuing to obtain Trump’s financial information.

In the memo, Cummings said he intended to issue the subpoena, which request documents between 2011 and 2018, on Monday.

 

Source: House Democrats give IRS until April 23 to hand over Trump’s tax returns : NBC News