Five Takeaways About Trump’s Taxes

Democrats in the U.S. Congress released six years’ worth of former President Donald Trump’s tax returns following a years-long legal fight in which Trump sought to keep the information private. The newly publicized records amount to nearly 6,000 pages, including the personal tax returns of Trump and his wife, Melania, from 2015 to 2020, as well as tax returns from Trump’s businesses.

Here are five key takeaways from the documents:

  1. Trump’s personal income varied greatly year by year.

Of the six years covered by the documents from 2015 to 2020, Trump’s adjusted gross income ranged from a low of negative $32.4 million (in 2016) to a high of $24.4 million (in 2018).

  1. Trump’s tax liability also greatly fluctuated.

Trump paid little to no taxes in three of the six years covered by the documents released: $0 taxes paid in 2020 and $750 in taxes paid in both 2016 and 2017. The former president paid larger sums in 2015 ($641,931), 2018 ($999,466) and 2019 ($133,445).

  1. Trump claimed large deductions and losses.

While Trump’s gross income ran into the hundreds of millions of dollars, he also reported large losses and claimed various tax deductions, which reduced his adjusted gross income, along with the taxes he would have to pay on it.

  1. Trump had bank accounts in several foreign countries.

In his tax filings, Trump said he had financial accounts in various foreign countries between 2015-2020, including China, Ireland, Great Britain and the Caribbean nation of St. Martin. By 2018, he had closed all his overseas accounts except for the one in Great Britain. The former president also reported earning money in foreign nations.

  1. Trump’s charitable giving varied year by year.

Of the six years covered by the documents, Trump’s charitable giving ranged from a low of $0 in 2020 to a high of $1.8 million in 2017. Trump gave about half a million in each of 2018 and 2019, and $1.1 million in 2016.

Some information in this report came from The Associated Press and Reuters.

leave a reply