The House Ways and Means Committee released thousands of pages of former President Donald Trump’s tax returns spanning six years. That includes 1040 forms which reveal how much money he made and where he made it. According to the returns, Trump paid $0 in federal taxes in 2020 and $750 in both 2016 and 2017.
The documents give insight into Trump’s overall tax strategy. Trump took overpayments from good years and pushed those through to the following years to use as credits or refunds.
Take 2020 as an example. The former president reported a $4.8 million loss and listed his taxable income as $0. He then used a combination of tax payments from 2020 and millions in credit leftover from 2019 to receive a $5.5 million refund and push $8 million through as credit for 2021.
In 2018, his adjusted gross income was $24,339,696 and he over paid his taxes by $9.98 million. He kept that money with the IRS as a credit for 2019.
A look at the 1040 Schedule B from 2018 reveals he received income from more than 60 sources. Most were LLCs and limited partnerships that paid him anywhere from $1 to nearly $4.4 million. The largest source is a group of limited partnerships called Hudson Waterfront Associates, which are the holding companies for many of his properties both in the United States and around the world. That totaled about $8.5 million.
The documents also reveal he made significant sums of money and paid taxes in foreign countries. The Schedule C forms reveal that because he was president, he didn’t materially participate in any of the listed businesses.
“The great USA divide will now grow far worse. The radical left Democrats have weaponized everything, but remember, that is a dangerous two-way street,” Trump said in a statement responding to the release.
The Chairman of the Ways and Means Committee, which released the returns, said in a statement, “A president is no ordinary taxpayer. They hold power and influence unlike any other American. And with great power comes even greater responsibility.”
In addition to his personal tax returns, the Committee also released his business tax returns which revealed his main holding company reported $313 million in losses from 2015 to 2020 while owning more than $600 million in assets.
Download all of Trump’s tax returns here.
