The corrupt Democrats in the House just destroyed President Trump’s right to privacy and released President Trump’s tax returns moments ago. Unfortunately, they failed again in their goal and only proved their contempt for the US Constitution.
What a disgusting pack of jackals the Pelosi gang is. They have no regard for the law, the US Constitution, or decency.
Moments ago the Dems released President Trump’s taxes to their media.
CNN, the Democrats’ favorite news source, shared the news:
Six years of Donald Trump’s federal tax returns released on Friday show the former president paid very little in federal income taxes the first and last year of his presidency, claiming huge losses that helped limit his tax bill.
The returns, long shrouded in secrecy, were released to the public on Friday by the House Ways and Means Committee, the culmination of a battle over their disclosure that went to the Supreme Court. They confirm a report issued from the Joint Committee on Taxation that Trump claimed large losses before and throughout his presidency that he carried forward to reduce or practically eliminate his tax burden. For example, his returns show that he carried forward a $105 million loss in 2015 and $73 million in 2016.
The corrupt members of the US House led by crooked Nancy Pelosi, who released these taxes in a last-minute dig at President Trump, prepared a memo they released as well.
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.
Below is the House report.
House Report on Trump Taxes by Jim Hoft on Scribd
The returns, prepared by President Trump’s accountants must have been huge. Yet, they found nothing.
This was all unconstitutional for one big nothing-burger.
(Having earned that CPA and having overseen the financial reporting of billion dollar and multimillion-dollar blocks of business, it’s important to note that taxes do not provide the same information that one would receive in financial statements provided to investors and the public. US individuals and corporations have the right to reduce their tax payments as much as possible. Corporations hire teams to figure out ways to reduce tax payments. What is horrible about the release is that it is nobody’s business to see what President Trump pays in taxes. It was certainly indefensible for the House to release these tax documents without the President’s approval.)