US lawmakers have released Donald Trump's tax returns, ending the former president's years long battle to keep his finances secret as he prepares to run for the White House again in 2024.
The Republican leader who lost a re-election bid during his term in office from 2017 to 2021 has refused to release the memo, prompting heated speculation about its contents.
The House Ways and Means Committee released a summary in December of the six-year document from 2015 to 2020 as part of an investigation into the president's audit program.
The documents show that Trump is not regularly audited by the Internal Revenue Service and does not pay taxes, claiming huge business losses despite earning millions.
"Trump's tax return shows once again how proud I am to have been able to take advantage of depreciation and other tax deductions," Trump said in a written letter, according to a statement to CBS News.
Friday's meeting is not expected to contain new revelations, but Democrats hope they will include details about Trump's business and, in particular, foreign affairs that could lead to conflicts of interest.
"When it comes to high-end products coming to the US, the Russians make a disproportionate share of many of our assets," according to the eldest son of our former president, Donald Trump Jr., in his New York estate. conference in 2008.
Say with our projects in Dubai, of course in SoHo and anywhere in New York. We see a lot of money from Russia.
The House Ways and Means Committee voted on Dec. 20 to block all of Trump's 2015-2020 appropriations bill, ending a four-year battle between Democrats and the former president before the Supreme Court.
The summary reveals that the 76-year-old billionaire often admits to a huge deficit.
After selling nearly $30 million in assets, he paid $1.1 million in federal taxes in 2018 and 2019, the two years of his presidency.
But it has to pay $750 in 2017 and nothing in 2020 because the losses are mounting.
The report also shows that Trump had $105 million in 2015, $73 million in 2016, $45 million in 2017 and $23 million in 2018 to reduce his tax liability.
After reporting a big loss in 2020, the New York Times noted that Trump has not paid any income taxes in the past 15 years.
A separate congressional report on the IRS's mandatory presidential audit program found that Trump has not done his job during his tenure.
"The IRS is open to only one mandatory test from 2017 to 2020 for results issued while the former president was in office," the report said.
The IRS has been monitoring Trump since Democrats demanded his 2019 tax returns.
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