![]() ![]() “These are issues much bigger than Donald Trump. “Donald Trump’s tax returns exemplify the shortcomings of our tax code,” Wyden said Wednesday. By using losses as a sheltering device,” Rosenthal said. “Trump paid nothing in taxes for years and years. This accounting trick resulted in a taxable income of $0 and a tax liability of $0 for that year. For example, in 2015 Trump wrote down a $76 million loss in his “other income” category to wind up at $30 million in the hole. These were distributed over the years that the JCT performed its examinations of Trump’s returns. Senate Finance Committee Chair Ron Wyden said in a Wednesday statement that the “IRS was asleep at the wheel.” “Once staff went to visit the IRS, once staff had a chance to go to some of the … locations that are within the jurisdictions of the IRS, they quickly concluded that in fact the audit did not occur,” he said. “There were no audits in a timely manner,” Ways and Means Committee Chair Richard Neal (D-Mass.) said Tuesday. Trump filed two tax returns in 2017 and one in 2018, but only received his first audit while he was in office in 2019. The IRS has a mandatory audit program for sitting presidents, but didn’t audit Trump until more than two years after he assumed the presidency. The IRS didn’t audit Trump in 2017 or 2018 and Democrats want to know why Here’s what we know from their reports and from what lawmakers have been saying. The District Attorney job has since been taken over by Alvin Bragg and prosecutors in charge of the criminal probe have resigned, but Bragg has said the investigation is continuing.Reports from the Ways and Means Committee about the IRS’s presidential audit program as well as from the Joint Committee on Taxation (JCT) on the content of the tax returns have already been released. The justices rejected Trump’s argument that he had broad immunity as president. Trump tried to prevent his accountants from handing over the documents, taking the issue to the Supreme Court. obtained copies of Trump’s personal and business tax records as part of a criminal investigation. Then-Manhattan District Attorney Cyrus Vance Jr. Trump then attempted to halt the handover in court. The White House took the position that the request was a valid one and that the Treasury Department had no choice but to comply. A lawsuit ensued.Īfter President Joe Biden took office, the committee renewed the request, seeking Trump’s tax returns and additional information from 2015-2020. ![]() Mnuchin argued that he could withhold the documents because he concluded they were being sought by Democrats for partisan reasons. ![]() The Justice Department, under the Trump administration, had defended a decision by then-Treasury Secretary Steven Mnuchin to withhold the tax returns from Congress. House Speaker Nancy Pelosi, D-Calif., called the decision “an important victory for the rule of law.”Īn email to Trump’s attorneys was not immediately returned. When we receive the returns, we will begin our oversight of the IRS’s mandatory presidential audit program.” The committee said on Twitter that it expected to receive the requested documents ”immediately.” “I’m pleased that this long-anticipated opinion makes clear the law is on our side. “With great patience, we followed the judicial process, and yet again, our position has been affirmed by the Courts,” Neal said in a statement. ![]()
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