Trump’s Tax Returns Go Public
The House Ways and Means Committee published a partially redacted version of former President Donald Trump's tax returns on Friday, fulfilling Democrats' long-standing goal of making Trump's finances public after the former president unsuccessfully fought to block them in court.
The financial records contain Trump's individual returns filed jointly with his wife, Melania, for six years, including his time in the White House. The document dump also included tax forms for numerous of Trump's corporate organizations that were reviewed by Democrats on Ways and Means, a report from the Democratic majority, and a reaction from Republicans on the committee. There are over 6,000 pages of documentation, including 2,700 pages of individual tax returns and over 3,000 pages from Trump's businesses.
The tax returns shed light on Trump's financial situation from 2015 to 2020, as he prepares to run for president for a third time in 2024. The redactions conceal crucial personal information such as Social Security numbers and bank account numbers.
Last Monday, the committee voted 24 to 16 along party lines to release Trump's tax returns. Democrats contended that openness and the rule of law were at issue, while Republicans argued that the publication would create a dangerous precedent by removing privacy safeguards.
When he ran for president, Trump refused to reveal his tax returns and fought a court battle to keep them hidden while in office. However, the Supreme Court decided this month that he must turn them over to the Ways and Means Committee.
Trump Responds: “The Radical Left Democrats Have Weaponized Everything”
In a statement released following the documents’ publication, Trump said: “The Democrats should have never done it, the Supreme Court should have never approved it, and it’s going to lead to horrible things for so many people. The great USA divide will now grow far worse.”
“The Radical Left Democrats have weaponized everything, but remember, that is a dangerous two-way street! The ‘Trump' tax returns once again show how proudly successful I have been and how I have been able to use depreciation and various other tax deductions as an incentive for creating thousands of jobs and magnificent structures and enterprises,” he went on to say.
The House Ways and Means Committee's Analysis of Trump's Tax Returns
Democrats on the Ways and Means Committee issued a report on Trump's taxes last week, revealing that the former president paid little to no federal income taxes on his multimillion-dollar income from 2015 to 2022, claiming millions in business losses.
The papers' analysis concludes that any failure to properly tax Trump's earnings appears to have been a failure of the IRS rather than the product of White House pressure or obfuscation.
Trump's businesses reported losses, overseas tax credits, deductions, charity gifts, and a variety of other financial strategies to offset earnings taxation.