ARAB AND WORLD
Wed 15 Mar 2023 9:30 pm - Jerusalem Time
Trump paid $1 million in taxes while in office and paid nothing in 2020
Washington (AFP) - Donald Trump paid $1.1 million in federal taxes over two of his four years as president, according to a report reviewed by lawmakers Wednesday.
The Republican paid $750 in 2017 and $1 million in 2018 and 2019, and nothing in 2020, the year in which his losses increased and he lost the presidential election in the face of Democrat Joe Biden.
The figures, published late Tuesday in a report by a parliamentary committee, show that the 76-year-old billionaire suffered significant losses from 2015 to 2020.
However, his revenues rose dramatically in 2018 and 2019, prompting more speculation about the size of his wealth as Congress prepares to release his tax records.
The former reality TV star recorded capital gains from asset sales of $22 billion in 2018 and nine billion the following year.
But he lost about $65 million during his presidential campaign in 2015 and 2016 and about $13 million during his first year in office.
In the year 2020, his profits were estimated at only about five billion dollars.
Lawmakers voted Tuesday to release the tax records of the former president, who led a multi-year legal battle to keep them secret.
"Trump reported tens of millions of dollars in losses and credits without (providing) any kind of justification that the average taxpayer would provide," Democratic Representative Lloyd Doggett said in a statement.
And a separate parliamentary report on the US Tax Agency showed that the latter did not do what it should have done for almost all of Donald Trump's term.
According to the text of the report, "the IRS only conducted one mandatory review from 2017 to 2020, regarding records submitted while the former president was in office."
The IRS began auditing Trump on the same day that the Democrats on the committee asked for information about his 2019 taxes.
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Trump paid $1 million in taxes while in office and paid nothing in 2020