Donald Trump paid as little as $0 in federal taxes while president
The House Ways and Means Committee released thousands of pages of former President Donald Trump’s tax returns spanning six years. That includes 1040 forms which reveal how much he made and where he made his money. It shows he paid $750 in federal taxes in both 2016 and 2017.
The documents give insight into his overall tax strategy. The forms reveal he takes overpayments from good years and pushes those through to the following years to use as credits or refunds.
Take 2020 as an example. The former president reported a $4.8 million dollar loss and listed his taxable income as $0. He then used a combination of payments from 2020 and millions in credit leftover from 2019, to receive a 5.5 million dollar refund and push 8 million through as credit for 2021.
In 2018, his adjusted gross income was more than 24 million dollars and he over paid his taxes by 9.98 million. He chose to have all of that credited to 2019.
A look at the 1040 Schedule B reveals he received income from more than 60 sources. Mostly LLC’s and limited partnerships that paid him anywhere from one dollar to nearly 4.4 million. The largest source is a group of limited partnerships called Hudson Waterfront Associates which are the holding companies for many of his properties both in the United States and around the world. That totalled about 8.5 million.
The documents also reveal he has made significant sums of money and paid taxes in foreign countries. The schedule C forms reveal that because he was President, he didn’t materially participate in any of the listed businesses.
In a statement, the former President said: “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 Chairman of the WAys and Means committee which released the returns said in a statement quote: “A president is no ordinary taxpayer. They hold power and influence unlike any other American. And with great power comes even greater responsibility.”
Now this is just a glimpse into these documents and does not show his overall personal wealth, which includes assets like his many real estate holdings and businesses. Straight Arrow News will release more information throughout the day. We will also release all the raw documents on our website for your review, at Straight Arrow News.com.