It is rare to claim negative income on taxes like the Trumps
- Former president Donald Trump and Melania Trump were both reported as having negative adjusted gross incomes in four of the six years between 2015 and 2020.
- These figures are based on newly released joint income tax returns.
- An IRS report reveals that it’s not very common for taxpayers to report adjusted income below $1.
Nearly all American taxpayers end the year reporting positive income to Internal Revenue Service. In four years between 2015 and 2020, former president Donald Trump was not able to report positive income.
That’s what it says tax returnsReleased Friday by the House Ways and Means Committee
As shown in a table summarized on December 21st, the adjusted gross income in 2018 and 2019 was positive. The New York TimesThis was not true for the other years of this time period.
Tax returns as well as previous tax returns are available. report prepared by the Joint Committee on Taxation that included the former first couple’s adjusted gross income for 2015 to 2020, both highlight just how much income was reported to the IRSTrump
2020 saw a total income of -$4,694,058 with an adjusted gross income of -$4,795,75707. This is what follows after the tax return 2019 shows a total of $4,443,503 with an adjusted gross income $4,380,714.
Trump’s tax returns are not the only ones in 2020 showing a negative adjusted income. According to the Internal Revenue Service, however, this figure is not true. Individual Income Tax Returns Complete ReportThere aren’t many returns that report less that $1, compared to a number of higher adjusted gross income ranges.
The following chart shows the number of individual income tax returns for 2020 based on adjusted gross income.
As seen in the chart, about 5.3 million returns had AGI of under $1, including those with negative AGI, out of the roughly 164 million total returns filed that year. However, there were nearly 30 million returns with adjusted income ranging from $50,000 to less than $100,000, and just over 30 million returns with adjusted income ranging from $30,000 to $50,000.
This is a lower number for returns with AGI below $1, and it can be seen in both 2020 and other years. This includes tax year 2015When Trump’s return also shows negative AGI and total Income.
As tax experts begin to scrutinize the newly released documents, the political impact of these returns is still to be seen.
“The Democrats should not have done it, the Supreme Court shouldn’t have approved it, and it will lead to terrible things for so many people.” TrumpIt was stated in a statementFriday “The great divide in the USA will now get much worse.”
As Insider’s Rebecca CohenAccording to reports, Don Beyer, a Democratic Virginia Representative, stated in a statement that Trump “abused his office to block basic transparency about his finances and conflicts-of-interest.”
Beyer: “Despite promising to release his taxes returns, Donald Trump refused and abused his office’s power to block basic transparency about his finances and conflicts-of-interest which no president since Nixon has foregone.” said. Trump acted as though there was something to hide, a pattern that is consistent with the recent criminal conviction of his family for tax fraud. As the public will see, Trump used questionable deductions that were not well supported and a variety other tax avoidance strategies to justify paying little or no federal income tax over several years.
A second member of the Committee made a statement last Wednesday. According to a press releaseRep. Lloyd Doggett has been “pressing since February 2017 for Trump’s tax reform.”
Doggett stated that Trump claimed tens to millions of dollars in credit and losses without providing the kind of substantiation an average taxpayer would provide.
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