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Release of Trump’s Tax Returns Following Protracted Battle With Congress

By 12/30/2022 9:47 AMNo CommentsBy YidInfo Staff

Friday marked the completion of a yearlong campaign by Democrats in Congress to discover more about the financial situation of former business magnate Donald Trump, who defied decades of political tradition by refusing to voluntarily provide the information as he ran for the White House.

With sensitive personal data like Social Security and bank account numbers redacted, the returns over 2015 to 2020.

Following a party-line decision in the House Ways and Means Committee last week to make the returns public, they have now been made available.

Republicans contended that the revelation would create a dangerous precedent regarding the loss of confidentiality, while committee Democrats claimed that transparency and the rule of law were at issue.

Trump had fought in court to keep his tax returns private while he was president and refused to reveal them when he ran for office.

However, the Supreme Court decided last month that he had to give them to the Ways and Means Committee, which drafts tax laws.

The release raises the possibility of new information about Trump’s finances, which have been shrouded in mystery and intrigue since his days as a budding Manhattan real estate developer in the 1980s.

This is especially true given that it comes just days before Trump’s fellow Republicans retake control of the House from the Democrats.

The fact that Trump has announced his bid for the presidency in 2024 may give the results a greater sense of significance.

They will probably present the most precise picture of his financial situation during his term in office.

Before being elected president, Trump built towers and hosted a reality TV program. However, he provided limited information about his assets and income on the required disclosure forms.

His wealth has been highlighted in the annual financial accounts he submits to banks to obtain loans and to financial publications to support his inclusion on lists of the world’s billionaires.

Since then, the statements have been denied by Trump’s longtime accounting company, and New York Attorney General Letitia James has launched a lawsuit, saying that Trump and his Trump Organization exaggerated asset values on the statements as part of a long-running scam.

Both Trump and his business have denied any wrongdoing.

Trump’s tax returns have previously been the subject of inquiry.

Trump received at least $413 million in today’s dollars from his father’s real estate holdings in October 2018, according to a Pulitzer Prize-winning series by The New York Times based on leaked tax records.

A large portion of that money came from what the Times called “tax dodges” in the 1990s.

Trump paid just $750 in federal income taxes in 2017 and 2018 and no income taxes in 10 of the previous 15 years, according to the second series in 2020, because he typically lost more money than he made.

The Ways and Means Committee’s report from last week suggested that the Trump administration may have ignored a post-Watergate regulation requiring audits of a president’s tax returns.

More than two years into Trump’s presidency, the IRS didn’t start auditing Trump’s 2016 tax returns until April 3, 2019, when the committee’s chairman, Rep. Richard Neal, D-Mass., requested information about the tax returns.

According to Andrew Bates, a White House spokeswoman, President Joe Biden’s tax returns for 2020 and 2021 were audited.

According to a representative for the previous president, Barack Obama, each of his eight years in office included an audit.

 

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