The nasty House Democrats finally did it. They got their hands on President Trump's tax returns and released them to the public so everyone can see...well, so they can see what?
What was the ultimate goal of the Democrats in gaining access to his tax returns and releasing them to the public exactly? Did they think that they all had suddenly become tax experts and were going to comb over his returns with a fine-toothed comb and show the IRS that they missed something?
I don't think so. I think all that they wanted to do was to try and prove that he wasn't as rich as he says that he is. But was that accomplished now that they're released? Well, I don't think so and the reason should be glaringly obvious. It's your taxable income doesn't reflect how much money you actually made that year. There are all sorts of deductions that allow you to reduce your taxable income and all President Trump has done is leverage those to his advantage.
But in case you're curious, here are the highlights of his tax records:
- 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.
So what does this all mean? Nothing. It's a big nothing burger, just like we've been saying for years.