Trump and Helmsley

Dear Commons Community,

CNBC reviewed key points that were disclosed as a result of two reports issued by the Congressional committees examining among other things Donald Trump’s income tax returns between 2015 and 2020.  Here is a summary of its review

Key Points

• The amount of income, deductions and taxes paid by former President Donald Trump as disclosed in his annual federal tax returns while serving in the White House was detailed in a new report.
• The report by the staff of the Joint Committee on Taxation was posted online shortly after the House Ways and Means Committee voted to make public redacted versions of Trump’s full income tax returns, and those of eight related business entities for the tax years 2015 through 2020.
• A separate report released by the Ways and Means Committee revealed that the IRS had started an audit of just one of Trump’s tax returns while he was serving as president.The amount of income, deductions and taxes paid by or refunded to former President Donald Trump while serving in the White House was detailed in a new report released Tuesday night.

The first report reveals that Trump on his federal tax returns declared negative income in 2015, 2016, 2017 and 2020, and that he paid a total of $1,500 in income taxes for the years 2016 and 2017.

On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and claimed a refund of $5.47 million, according to the report by the staff of the Joint Committee on Taxation.

The report was posted online shortly after the Ways and Means Committee voted to make public redacted versions of Trump’s full income tax returns, and those of eight related business entities for the tax years 2015 through 2020.

Those full returns are expected to be released in the coming days.

A second separate report released by the Ways and Means Committee revealed that the IRS had started an audit of just one of Trump’s tax returns while he was serving as president despite an internal policy mandating that sitting presidents have their returns audited annually.

The 39-page report by the Joint Committee on Taxation staff gives a breakdown of the highlights of Trump’s joint tax filings with Melania during his time in office, and the two years he first ran for president.

The report identifies different areas that the staff thought warranted further examination, such as documentation of nearly $506,000 in charitable donations claimed by the Trumps in 2019.

Highlights of the report include:

• On their 2015 federal return, Trump and his wife declared negative income of $31.7 million, with taxable income of $0. The couple paid federal income taxes of $641,931.
• The 2016 return declared negative income of $31.2 million, with zero dollars of taxable income. The Trumps paid $750 in taxes.
• The 2017 return declared negative income $12.8 million, with $0 in taxable income. The couple paid $750 in taxes.
• The 2018 return declared total income of $24.4 million, with taxable income of $22.9 million. The Trumps paid $999,466 in federal income taxes.
• In 2019, the Trumps declared $4.44 million in total income, and $2.97 million in taxable income. They paid $133,445 in taxes.
• The 2020 return shows negative income of $4.69 million, with zero dollars in taxable income. The tax paid by the Trumps was $0 and they claimed a refund of $5.47 million.

Donald and Melania are the new king and queen of mean who remind me of Leona Helmsley who  will always be remembered for one of the most arrogant statements ever uttered: “We don’t pay taxes. Only the little people pay taxes.” A touching sentiment from Helmsley widely dubbed the “Queen of Mean” but not one shared by a jury of her peers. In 1989 Helmsley received 16 years in prison for a wide variety of tax offenses resulting in several million dollars owed. And in a fitting bit of chronology, the judge ordered her prison sentence to start on April 15 — Tax Day!

Lock Donald and Melania up!

Tony

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