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GOP 2024 Presidential Hopefuls News Articles Press Releases Donald Trump Campaign Finance Thursday, Jan 5 2023

AB21 Compiles Key Revelations from Trump’s Tax Returns

Jan 05, 2023

A recent move from the House Ways and Means Committee made former President Trump’s federal tax returns from 2015 – 2020 available to the public. American Bridge’s presidential research team combed through Trump’s tax returns, updating the Trump Research Book to reflect all of business failures and grifts to avoid paying taxes.

The Trump Research Book is American Bridge’s most utilized tool—providing a comprehensive resource for reporters, allies, and members of the general public to access information on Trump’s litany of scandals, shady business deals, and dangerous policies. 

Check out key findings from Trump’s tax returns here: 

  • Trump paid no federal income tax in 2020. According to the New York Times, “In his first three years as president, Donald J. Trump paid $1.1 million in federal income taxes before paying no tax as his income dwindled and losses once again mounted in 2020, according to tax data released Tuesday by a House committee. The data, which includes details of Mr. Trump’s federal tax returns from 2015 through his full term in the White House, shows that he began his presidency suffering the sort of large business losses that had defined much of his career and paid almost nothing in income tax.”

  • In 2020, Trump suggested he paid “millions” in 2017 federal income taxes, when he only paid $750. According to MSNBC, “Trump lied about this tax bill: During a presidential debate in 2020, Chris Wallace asked Trump how much he paid in taxes in 2017. ‘Millions of dollars,’ the Republican responded. When the moderator sought clarification, asking whether he actually paid $750, the sitting president was adamant, adding, ‘Millions of dollars. And you’ll get to see it. And you’ll get to see it.’ Now that we’ve seen his returns, we know that he did, in fact, pay $750.”

  • From 2015 to 2020, Trump reported negative income in four of the six years, and paid little in the remaining years. According to the Wall Street Journal, “Donald and Melania Trump reported negative income in four of the six years from 2015 through 2020 and little or no income-tax liability for several years, according to tax documents released by a House committee.” 

  • As a candidate, Trump pledged to donate his salary as president. However, New York Times coverage shows he reported $0 in charitable giving in 2020, the final year of his presidency.

  • Reporting from the BBC shows that during his presidency, Trump held foreign bank accounts In China, Ireland, and the UK. 

  • In 2017, Trump paid more in foreign tax than in federal income taxCNN reporting shows that “[i]n 2017, Trump paid just $750 in US federal income taxes because of large carry-forward losses that he claimed in prior years, negating virtually all of his American tax liability. Yet Trump paid nearly $1 million in taxes to foreign countries that year.”

Published: Jan 5, 2023

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