1 year ago
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On Tuesday evening, the House Ways and Means Committee voted 24 to 16 to release information it has obtained on Donald Trump’s tax returns. Some of that information has already been made available to the public. The report shows that Trump, while running as a successful billionaire, reported massive losses on his business dealings in the years just before entering the White House.
The information released to the public includes the years 2015 through 2020. In that first year, Trump claims almost $77 million loss in the form of “other income” and claims a $21 million charitable contribution in the form of a “conservation easement.” As Laura Clawson reported back in 2020, that easement was actually part of a shady real estate deal in which Trump used one of his typically overvalued assessments to turn a money-losing golf property into a tax break that he could spread out over years of returns. That’s just one in a long list of things that the House committee found questionable in Trump’s 2015 return.
In all, over the six years of returns, Trump reported making money only in 2018 and 2019. He used a combination of reported losses and questionable deductions to keep his tax bills to $750 in 2016, $750 in 2017, and $0 in 2020. Trump did pay $641,935 in 2015, but don’t worry. He still has a “claim for refund” filed for that year based on a claim that he was owed more for “historic restoration.” If that claim is successful, it will return that 2015 money to Trump.
