Trump paid no federal income taxes in 2020, records show
After a yearslong legal fight, the House Ways and Means Committee on Tuesday released a report on the tax returns of former President Donald Trump, which showed that the former president paid $1.1 million in federal income taxes during his first three years in office — but none in 2020.
The released records documented Trump's finances from 2015 through his time in the White House. An analysis of the Ways and Means Committee's report by The New York Times showed that he began his presidency "suffering the sort of large business losses that had defined much of his career and paid almost nothing in income tax."
It was previously reported that Trump paid just $750 in income taxes in both 2016 and 2017, and the latter year saw him pay more in taxes to both India and the Phillippines than the IRS.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Things began to turn around in 2018, however, when Trump reported $24.3 million in gross income. He paid nearly $1 million in federal taxes on that amount.
But the following two years brought stagnation for Trump, particularly in 2020, when he reportedly suffered a loss of $4.8 million that he apparently used as an impetus to pay no income taxes.
As CNN notes: "Trump has leveraged massive losses he accumulated over the years to zero out his tax liabilities," something that he apparently did a lot in the early 2000s. This continued during his time as president, with the Times reporting that Trump's losses while in the White House totaled $60 million.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.
-
Duchess of Gloucester: the hard-working royal you've never heard of
Under The Radar Outer royal 'never expected' to do duties but has stepped up to the plate
By Chas Newkey-Burden, The Week UK Published
-
Are 'judge shopping' rules a blow to Republicans?
Today's Big Question How the abortion pill case got to the Supreme Court
By Joel Mathis, The Week US Published
-
Climate change is driving Indian women to choose sterilization
under the radar Faced with losing their jobs, they are making a life-altering decision
By Theara Coleman, The Week US Published
-
'A great culture will be lost if the EV brigade gets its way'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
'The House under GOP rule has become a hostile workplace'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Trump gets $289M break, first criminal trial date
Speed Read The former president's fraud bond has been reduced to $175 million from $464 million
By Peter Weber, The Week US Published
-
US-Israel rift widens after UN cease-fire resolution
Speed Read The U.S. declined to veto a U.N. resolution calling for a two-week "immediate cease-fire" in Gaza
By Peter Weber, The Week US Published
-
New Jersey first lady exits race to replace Menendez
Speed Read Tammy Murphy dropping out paves the way for Rep. Andy Kim to become the state's next senator
By Peter Weber, The Week US Published
-
Russia blames Ukraine for deadly ISIS Moscow attack
Speed Read Putin has ignored the Islamic State's claim of responsibility for the concert hall shooting
By Peter Weber, The Week US Published
-
'A "conservative voice" does not spread misinformation for political advantage'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published