Former President Donald Trump announced a stunning reversal midway through his two years in office, leading to a sizable tax bill. According to a report From the Joint Committee on Taxation released Tuesday night.
Trump paid $1.1 million in federal taxes in 2018 and 2019, in stark contrast to the $750 he paid in 2017 and $0 in 2020.
Trump’s tax bill grew significantly as his income increased in 2018 and 2019, according to the report, which includes details on Trump’s tax returns from 2015 to 2020. Planned release of income themselves. For example, Trump reported $22 million in capital gains in 2018 and $9 million in 2019 from property sales, sending his proceeds to the blacks following years of heavy losses.
In 2015 and 2016, Trump reported losing more than $32 million each year. In 2017, Trump claimed to have lost nearly $13 million. But he reported taxable income of $24 million in 2018 and more than $4 million in 2019, leaving him with a sizable tax bill.
As previously reported by the New York Times, Trump used the massive losses he accumulated over the years to zero out his tax liabilities. Investigation. For example, the JCT noted that Trump carried forward losses of $105 million in 2015, $73 million in 2016, $45 million in 2017 and $23 million in 2018.
“It’s a 2,000-pound gorilla. … He’s still using net operating losses” to reduce his tax liability, said Steven M. Rosenthal, senior fellow at the Urban-Brooking Tax Policy Center at the Urban Institute.
Again, in 2020, Trump reported a loss of nearly $5 million as the pandemic spread. He paid $0 in federal income tax that year.
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