Trump taxes detailed in new congressional report
Former U.S. President Donald Trump speaks at a rally for Senator Marco Rubio (R-FL) at the Miami-Dade Country Fair and Exposition November 6, 2022 in Miami, Florida.
Joe Raedle | Getty Images
The amount of earnings, deductions and taxes former President Donald Trump has paid or repaid to him while he was on duty at the White House has been detailed in a new report released Tuesday night.
The report reveals that Trump reported negative income on his federal tax returns in 2015, 2016, 2017 and 2020 and that he paid a total of $1,500 in income taxes for 2016 and 2017.
On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and requested a $5.47 million refund, according to the report by staffers at the Joint Committee on Taxation.
The report was posted online shortly after the Ways and Means Committee decided to release redacted versions of Trump’s complete income tax returns and those of eight related companies for tax years 2015 through 2020.
These full returns are expected to be released in the coming days.
Read more about CNBC’s political coverage:
A separate report released by the Ways and Means Committee revealed that the IRS had begun an audit of just one of Trump’s tax returns while he was serving as president, despite an internal policy requiring incumbent presidents’ tax returns to be annual being checked.
The 39-page report from the staff of the Joint Committee on Taxation provides an overview of highlights of Trump’s joint tax filing with Melania during his tenure and the two years that he was first running for president.
The report identifies several areas the staff said needed further investigation, such as documenting nearly $506,000 in charitable donations claimed by the Trumps in 2019.
Report highlights include:
- In their 2015 federal declaration, Trump and his wife reported negative income of $31.7 million on taxable income of $0. The couple paid $641,931 in federal income taxes.
- His 2016 tax return reported negative income of $32.2 million with taxable income of zero. The Trumps paid $750 in taxes.
- The 2017 tax return reported negative income of $12.8 million with $0 in taxable income. The couple paid $750 in taxes.
- The 2018 tax return reported 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 reported combined income of $4.44 million and taxable income of $2.97 million. They paid $133,445 in taxes.
- The 2020 return shows negative income of $4.69 million on taxable income of $nil. The tax paid by the Trumps was $0 and they sought a $5.47 million refund.
Correction: Trump’s 2016 tax return shows negative income of $32.2 million. A previous version incorrectly stated the figure.
Read the report on Trump’s annual tax returns here.