Trumps tax return shows China bank account holdings as record six years
The nearly 6,000 pages, which date from 2015 to 2020 and span the former presidency, are against the efforts of ‘radical left Democrats’.
Donald Trump’s six years of tax returns were made public by a congressional committee on Friday, breaking the former president’s long-standing precedent of trying to keep them secret.
The documents, dating from 2015 to 2020, provide insight into the complex finances and foreign bank accounts of a man who has been accused of abusing the presidency for personal gain and has already made another bid for the White House has announced.
A House of Representatives report released earlier this month analyzed documents and showed Trump and his wife Melania paid no federal income taxes in 2020, the entire year he was in office.
The couple paid $641,931 in federal income taxes in 2015, the year Trump launched his campaign for president. He paid $750 in 2016 and 2017, nearly $1m in 2018, $133,445 in 2019 and $0 in 2020, the year Trump unsuccessfully sought re-election.
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Such numbers reflect huge business losses and undermine Trump’s self-perpetuating narrative of commercial wealth and success – a key part of his brand during his successful 2016 campaign.
Trump reported bank accounts in the UK, China and Ireland from 2015 to 2017, and only one bank account in the UK since 2018.
Trump asserted that he cancelled the Chinese account “long before I ran for president, let alone Let him be president” at a 2020 presidential debate and said that it “was closed in 2015, I believe.”
Responding to the release on Friday, an elected congressman from New York who was counsel for House Democrats in Trump’s first impeachment said: “Generally speaking, you only have bank accounts in a foreign country if you live in that country.” Transacting in the country. Currency. What sort of business was Trump conducting in China when he was in office?”
Trump also claimed foreign tax credits for taxes paid on his international commercial endeavours, including licencing agreements for the use of his name on construction projects and his golf clubs in Scotland and Ireland, according to the returns. Huh.
During his first three years in office, Trump apparently fulfilled his campaign promise to donate his salary to charity. But in 2020, he reported $0 in charitable donations.
The returns total nearly 6,000 pages, including more than 2,700 pages of Trump and Melania’s personal returns and more than 3,000 pages of Trump’s businesses. Sensitive information such as Social Security and bank account numbers have been redacted.
Following her release, Trump expressed his rage in a statement, saying: “This was something that the Democrats shouldn’t have done, it was something that the Supreme Court shouldn’t have sanctioned, and it has had terrible consequences for a lot of people.” It’s gonna get worse. The Great USA Divide is about to get worse. Everything has been weaponized by the Radical Left Democrats, but keep in mind that this is a risky two-way street!
Defending his business record, he said: “The ‘Trump’ tax returns show once again how proudly I have been successful and how I see depreciation and various other Have been able to use the tax deduction and venture.”
The Internal Revenue Service (IRS) did not audit Trump as required during his first two years in office, according to the congressional investigation released last week. In contrast, Joe Biden was audited for the 2020 and 2021 tax years, according to the White House.
A president is not your typical taxpayer, Democratic Ways and Means Committee Chairman Richard Neal declared in a statement on Friday. He wields power and influence unlike any other American. And with great power comes even greater responsibility.”
“Given the complexity of the former President’s financial condition, we had expected the IRS to broaden the obligatory audit programme, but we could find no evidence of this. This is an enormous failure on the part of the IRS under the previous administration, and it is surely not what we anticipated.
Trump’s finances have been shrouded in mystery since the 1980s and his days as a New York property developer. In 2016, he became the first major party candidate for the presidency in four decades to refuse to release his tax returns. While in office, he kept doing it.
In 2019, the House Ways and Means Committee, which has the authority to see any taxpayer’s federal return, requested the documents from the Treasury Department. They were withheld by the Trump administration, starting a three-year court struggle. The Supreme Court decided in November that the committee could have access to the returns.
The committee opted to release the returns last week in a party-line vote. Democrats warned that the integrity of the legal system was at jeopardy. Republicans claimed that the disclosure would create a risky precedent for privacy safeguards.
Don Baer, a Virginia Democrat, presided over a pro forma House session on Friday as the returns were released days before Democrats handed control to Republicans.
Says Beyer “Donald Trump has broken his promise to reveal his tax returns and used his authority to obstruct fundamental transparency regarding his finances and potential conflicts of interest.
“Trump exhibited behaviours that were consistent with his family business’s recent conviction for felony tax evasion, as if he had something to hide. As the public will now be able to see, Trump has faced several years of investigation with little or no federal Used dubious or poorly substantiated deductions and many other tax avoidance schemes as justification for paying income tax.
The ranking Republican, Kevin Brady of Texas, condemned the move, saying: “It is a regrettable stain on the Ways and Means Committee and Congress, and will make American politics even more divisive and frustrating. In the long run, Democrats will regret it.” Will happen.”
Trump stalled efforts to put his taxes in the public domain. Running for president in 2016, he promised to release them after they were audited. But later that year he appeared to take pride in not paying taxes.
During a presidential debate, his Democratic opponent, Hillary Clinton, said: “The only few years that anybody has ever seen were the few years when they had to hand it over to state officials while trying to get casino licenses, and they Shows he paid no federal income tax.
Trump replied: “That makes me smart.”
But in 2018 the New York Times reported leaked records showing that Trump received a modern-day equivalent of at least $413m from his father’s property holdings, most of it in 1990s “tax dodges”. came from
The paper showed in 2020 that Trump paid just $750 in federal income taxes in 2017 and 2018, and no income tax at all in 10 out of 15 years because he typically lost more than he earned.
Trump is facing major scrutiny regarding his business dealings. Earlier this month, a New York jury found the Trump Organization guilty of 17 counts of criminal tax fraud. Although Trump was not part of the trial, prosecutors said he was aware of off-the-book practices at issue. Trump Organization lawyers blamed longtime chief financial officer Alan Weiselberg.
New York’s Attorney General, Letitia James, is prosecuting Trump for fraud related to inflating his net worth. Trump and his company have denied wrongdoing.
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