After a lengthy legal battle, Trump’s tax returns have been released.here is what they reveal

The returns do not detail the amount held in those accounts.

many foreign investments

China is one of several countries Trump has reported making money over the years.

He reported gross foreign income of $38 million ($56 million) in 2016 and $55 million in 2017 from countries including Azerbaijan, India, Indonesia, Panama, Philippines, Turkey and the United Arab Emirates .

This kind of information about potential conflicts of interest for the U.S. Commander-in-Chief is one of the reasons why presidents typically release tax returns.

It is not clear where that foreign money came from. Trump has also claimed tens of millions of dollars in losses and costs from his overseas investments, in some cases larger than his debts in the United States. For example, in 2016 Trump told the Internal Revenue Service that while he paid $1.2 million in foreign taxes, he only paid $750 in U.S. income taxes.

System operation

Like many wealthy people, Trump was able to exploit the country’s complex tax laws to avoid paying as much of his income to the federal government as his working family did. “It makes me smarter,” Trump said when pressured not to pay federal taxes during the 2016 debate against Democrat Hillary Clinton.

It also highlights a double tax system that allows wealthy people like Trump to take breaks and loopholes not available in normal households. For example, in 2020 Trump reported that he owns over 150 private companies, sometimes claiming millions of dollars in losses. By claiming in part those losses, Trump reduced his federal tax revenue debt to zero that year.

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Some of these losses were real as the coronavirus pandemic hit the economy. Others, however, reflect special deductions that allow developers like Trump to pay for the depreciation of buildings and equipment.

Some of the losses Trump claimed may be more questionable.One of the companies he reportedly owned was called “unpaid expenses.” said one of its companies had claimed losses of $438,000 on gift card redemptions, prompting further investigation into whether the losses were genuine. .

These are the kinds of deductions a typical American household earning $70,000 a year can’t take.

No charitable donations reported in 2020

Trump reportedly made no charitable donations in his last year as president.

This contrasts with the past two years, when Trump reported giving donations worth about $500,000. It’s unclear if the numbers include his pledge to donate $400,000 of the president’s salary to the U.S. government.

Mr Trump, a self-proclaimed billionaire, said he would donate to “hundreds of charities and people in need” in 2015.

“It’s one of my favorite things to do, and one of the big reasons I make so much money,” he said.

He reportedly made significant donations in 2016 and 2017, giving $1.1 million in his first year as president and $1.8 million in his first year in office.

money from art

Trump reportedly received a $77,808 annual pension from the Screen Actors Guild, a $6,543 pension from another Screen Actors Guild in 2017, and an acting balance of $14,141 in 2015. tax refund.

Trump has made cameo appearances in various films, most notably Home Alone 2: Lost in New Yorkbut his biggest on-screen success was his reality TV show apprentice When celebrity apprenticeship.

Trump also reported paying just over $400,000 in “bookwriter” fees from 2015 to 2017. In 2015 Trump published a book. Crippled America: How to Make America Great Againwith a ghostwriter.

In 2015, Trump reported receiving $750,000 in speaking fees.

Trump vows revenge

Trump broke with political tradition by not releasing his tax returns as president. Now Republicans are warning that Democrats will pay a political price for releasing normally classified tax information.

Trump himself underscored it in a statement Friday morning after his return was made public. But remember, it’s a dangerous two-way street!”

Republicans on the House Ways and Means Committee have ruled over tax matters and released Trump documents. Given that, the bill is unlikely to pass.

In particular, Republicans cannot release President Joe Biden’s tax returns. Biden has resumed a longstanding bipartisan tradition of releasing 22 years of tax records during the presidential campaign.

APs

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