Former President Donald Trump paid $0 taxes in 2020 and claimed negative income four out of six years between 2015 and 2020. He paid only $750 in 2017 and showed massive overall losses, a government report found.
Trump tax returns: Shocking numbers revealed
The numbers from Trump’s federal tax returns have been made public in a report from the Joint Committee on Taxation, released Tuesday night ahead of the planned release of the returns themselves, CNN reported.
The numbers show a seesawing of profits and massive losses, as well as a reversal of fortune with surging income during two years of his presidency in 2018 in 2019.
Democrats in the House Ways and Means Committee obtained Trump’s tax returns from 2015 to 2020 weeks ago by court order and voted to release the documents on Tuesday night, the Daily Mail reported. According to the reports, Trump made tens of millions annually during that period but was able to reduce his tax bill by carrying over steep business losses.
$52 million in the red: Trump’s income and taxes by the numbers 2015-2020
During his presidency, Trump donated all of his presidential salary, so all of his earnings came from his other business ventures.
The adjusted gross income for the Trumps during the six-year period covered by the returns totaled negative $53.2 million, and their total federal tax liability, including self-employment and household employment taxes, was $4.4 million, according to the New York Post.
2015: Negative income: Trump reported making over $50 million through income in capital gains, interest, dividends, and other earnings. He claimed $85 million in losses. Result: Negative income of $31 million. Taxes paid: Trump was hit with an alternative minimum tax of $641,000.
2016: Negative income: Loss of $32 million. Taxes paid: Unclear, $750 or less.
2017: Negative income: Loss of nearly $13 million. Taxes paid: $750.
2018: Positive income: Trump reported a $22 million capital gain and a taxable income of $24 million. Taxes paid: Nearly $1 million.
2019: Positive income: Trump reported a $9 million gain from asset sales and a taxable income of $4 million. Taxes paid: $133,445.
2020: Negative income: Loss of $4.8 million. Taxes paid: $0.
Full release of Trump’s taxes coming
The above numbers come from an initial report. However, the full release of the six years’ worth of Trump’s tax returns is expected in the coming days once all personal information is redacted from them.
