On Friday, the US House of Representatives Committee released files on former President Donald Trump’s tax returns. The documents are from 2015 and 2020. The disclosure takes place days before the Republicans take over the House.
The data shows that Trump did not pay income tax in 2020. According to the report, the former president has bank accounts in Ireland, China and the United Kingdom.
In a statement, Democratic Representative Don Baer said the documents were obtained “lawfully” through “the IRS tax enforcement, including the Presidential Audit Program.”
The release of the data comes after Trump refused to provide information about his income tax. Accordingly, the US Supreme Court allowed the committee access to his tax returns.
The former president is under investigation for financial fraud and tried to keep his tax records under wraps while he was still in office.
Reasons for Trump’s tax disclosure
Records show that Trump’s income and tax liabilities increased dramatically between his first nomination in 2015 and the end of his term in 2020. The New York Times It indicates that the Republican has not paid federal taxes in 11 of the 18 years analyzed.
The disclosure comes after Democrats on the committee released two Republican tax reports as part of an “investigation” into the IRS’s practice of conducting mandatory audits on sitting presidents.
According to reports, the authority failed to audit the accounts of the former president during his first two years in office. In addition, verification was not conducted for 2019.
In an interview with CBS News, Trump said, “My tax returns show once again how proud I am of my success and how I was able to use devaluation and other tax cuts as an incentive to create thousands of jobs and great businesses.”
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