Retrospectives Reveal Years Trump Paid More Foreign Taxes Than US Income tax

  • After years of legal battles, Trump’s tax returns have been released by the House Ways and Means Committee.
  • The documents included the personal and business returns of the former president from 2015 to 2020.
  • They provide details about years in which he paid more in foreign tax than US income tax.

Donald Trump’s tax returns released by the House Ways and Means Committee todayThe former president paid more in foreign tax than US income taxes for several years.

After years of legal battles, which? Trump broke from decades of precedent and fought to keep his financial disclosures privateThe hundreds of pages of documents that have been released shed light on his international business dealings as well as financial ties.

Trump’s filings revealed that he maintained financial accounts in China, Ireland and the United Kingdom between 2015-2017, even after he took office. AP reported. In 2018, he reported only the UK account.

The former president also reported income from more than a dozen countries, including Azerbaijan. Over many years, according to AP, he paid more in foreign taxes related to his international business dealings than he did in income tax to the United States. 

AP reportedTrump paid $641931 in federal income tax in 2015, when he started his presidential campaign. But he paid only $750 in 2016 & 2017. He paid nearly $1million in federal income taxes in 2015, but only $750 in 2016 and 2017.

Although the tax documents released recently reveal previously unpublished information about the former president’s finances they do not prove any legal wrongdoing. However, an expert told AP that auditors should take a closer look at certain details, such claims of foreign tax credits and large writings.

“The return doesn’t say, “Guess what?” Daniel Shaviro, New York University’s taxation professor, stated that he had committed fraud. AP, “but there are red flags.”

A summary of the returns was released last week by the House Ways and Means Committee. It revealed that the IRS failed to audit former President Trump during his first two years in officeDespite an internal policy that mandates the examination of presidential finances,

Audits were only initiated by Richard Neal (Democratic Rep.), who requested a copy from the tax returns of the former president.

Neal stated that “This is a major failing of the IRS under its prior administration and certainly not what was hoped for,” a statementTrump’s returns should be released. “But the evidence is overwhelming. Congress must intervene. I’ve introduced legislation to make the program more acceptable. Insuring that the IRS conducts timely annual examinations and discloses certain information publicly.

He said, “Our work has always consisted to ensure that our tax laws are administered fairly, without preference, because sometimes, even the power and influence of a president can seem too large.”

Insider received no response from representatives for Trump or the House Ways and Means Committee.

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