London Daily

Focus on the big picture.
Wednesday, Oct 07, 2026

Trump's income taxes were often paltry, newly released documents show

Trump's income taxes were often paltry, newly released documents show

House tax writers voted to disclose the long-sought information and dinged the IRS for delaying a routine audit of the former president.

Former President Donald Trump repeatedly paid little or nothing in federal income taxes between 2015 and 2020 despite reporting millions in earnings.

Documents released Tuesday night by House Democrats said Trump frequently made tens of millions of dollars annually during that period. But he was able to whittle away his tax bill by claiming steep business losses that offset that income.

In 2016, he paid $750. The following year he again paid just $750. In 2020, he paid nothing.




And though the IRS has a longstanding policy of automatically auditing every president, Democrats say the agency did not begin vetting Trump’s filings until they began asking about them in 2019.

Trump frequently claimed he was under continuous audits by the IRS to justify his refusal to voluntarily disclose his taxes, which snapped a longstanding tradition of presidents and White House contenders volunteering their returns.

The revelations, which came after House Democrats voted Tuesday to make Trump’s returns public, marks the culmination of the long-running mystery of what’s in his filings, something he’s fought for years in court to conceal. It promises to create yet another controversy for the scandal-plagued Trump, one that is sure to shadow his bid to return to the White House and raise uncomfortable questions for his fellow Republicans.

It also puts a spotlight on the IRS as well, including its recently departed commissioner, Chuck Rettig, and its promise to impartially administer the tax code.

At the same time, it is a last-minute victory for Democrats, particularly Ways and Means Chair Richard Neal, who waged a three-and-a-half year court battle for the returns but whose enthusiasm for the fight was often questioned by his party’s liberal wing.

Neal obtained the returns just last month, after the Supreme Court declined to block their release to him, and Democrats raced to get the information out before they slip into the minority in the House on Jan. 3.

Democrats said it would take some time to scrub the filings of Trump’s personal information, such as his Social Security number and addresses, but that the returns would be released in the coming days.

But Democrats asked the Joint Committee on Taxation, a nonpartisan office of tax lawyers and economists that advises lawmakers on tax issues, to examine Trump’s filings and lawmakers released the agency’s findings along with their own report on the IRS audit system.

Though Trump has cultivated an image of a wildly successful businessman, and bragged about paying little in taxes, he appears to do that mostly by reporting big losses.

In 2015, JCT said, Trump reported making more than $50 million, through a combination of capital gains, interest, dividends and other earnings. That was offset though by more than $85 million in reported losses.

He was hit by the alternative minimum tax that year, a levy designed to make it harder for the rich to zero out their tax bills. It generated a $641,931 tax bill.

The following year he reported making $30 million but also claimed $60 million in losses. He was dinged again by the AMT that year, though he still ended up owing just $750.

In other years, Trump paid more. In 2018, he had far fewer losses to report and ended up paying $999,466.

JCT did not itself audit Trump’s returns and did not attempt to verify the numbers he reported. It criticized the IRS though for not more vigorously examining the filings.

The IRS has a policy dating to the Nixon administration of automatically vetting every president’s returns — something designed to both assure the public that the tax system is being administered equitably and also to spare the IRS from having to make politically fraught decisions over which presidents to audit.

Little is known publicly about how that process work. A 1998 law makes White House meddling in audits a felony.

Neal told reporters though he had not come across evidence that Trump had tried to influence the agency when it came to examining his taxes.

The super-rich are typically subject to relatively high audit rates. The IRS says it examined 8.7 percent of those who made more than $10 million in 2019.

People in the top 0.01 percent of incomes, making more than $7.4 million in 2020, paid an average tax rate of 25.1 percent. The average rate that year for everyone was 13.6 percent.

Earlier this year, President Joe Biden reported paying 24.6 percent.

It is highly unusual for lawmakers to forcibly release private tax information, and Trump was not legally required to disclose his taxes.

But he defied a decades-old tradition of presidents volunteering their filings, incensing congressional Democrats who seized his returns under a century-old law allowing the chairs of Congress’s tax committees to examine anyone’s private tax information.

Many Democrats said the public not only had a right to know about Trump’s finances, they also said they wanted to know how vigorously the IRS was questioning the president’s returns.

Republicans scoffed, saying Democrats were simply looking for ways to embarrass Trump and warned Neal’s move would create a precedent that could be used against other people.

Democrats got his personal returns as well as a handful of business filings from 2015 to 2020 — mostly coinciding with Trump’s time in office.

Some said Democrats did not demand to see enough of Trump’s records, arguing they should have asked for more from previous years, before he was running for president, that could have still been under audit when he came to the White House.

Democrats’ impending release of the returns will create an opportunity for a crowdsourced audit, with outside tax experts eager to weigh in, something Trump confidante Michael Cohen told Congress in 2019 that Trump feared if they ever became public.

“What he didn’t want was to have an entire group of think tanks that are tax experts run through his tax returns and start ripping it to pieces, and then he’ll end up in an audit and he’ll ultimately have taxable consequences, penalties and so on,” Cohen said.
Newsletter

Related Articles

0:00
0:00
Close
Costa Coffee Returns to Operating Profit on Iced Drinks and Menu Changes
Asos Warns Customers After Unauthorized Access to Retail App and Data
Kemi Badenoch Puts Growth and Deregulation at Center of Conservative Conference
Campaigners Warn of Deepening Social Care Crisis for Disabled Adults
Study Finds Rising Early-Onset Cancer Rates Among Adults Under 50 in Britain
UK Coach Operators Warn High Diesel Prices Could Force Route Cuts
FCA Opens Independent Review Into Handling of Epstein-Linked Whistleblower Case
Argentina Vows to Block Falkland Islands Offshore Oil Development
UK Chancellor Prepares Fiscal Measures and Welfare Reforms Ahead of Autumn Budget
Sainsbury’s and Morrisons Explore Potential Multi-Billion-Pound Merger
UK Weighs Tariffs on Chinese Electric Vehicles to Align With European Union
UK Threatens Diplomatic Expulsions Over Planned Closure of East Jerusalem Consulate
UK Energy Price Cap Hits Three-Year High as Middle East Conflict Raises Costs
Seventh Arrest Made in Suspected Terror Plot at RAF Fairford
Systemic Education Collapse Sparks Mass Student Uprisings in France
Green Party Faces Backlash Over Resolution Equating Zionism With Racism
Conservatives Debate Scrapping Environmental Rules for New Homes
Cornwall Insight Warns UK Energy Bills Could Approach £2,000 This Winter
UK Coach Operators Warn of Service Cuts as Diesel Prices Exceed £2
Scottish Parliament Approves £68 Billion Budget With New Tax and Property Measures
FCA Opens Independent Review Into Handling of Epstein Whistleblower
UK Government Drops Plan to Suspend Jury Trials in England and Wales
Bank of England Holds Interest Rate at 3.75% as Markets Watch November
Two Iranian Nationals Charged Over Alleged Plot Targeting Manchester Jewish Community
UK Fiscal Headroom Halves to £11 Billion Ahead of Budget, EY Warns
US Bomber Withdrawal From RAF Fairford Prompts UK Security Review
Sarah Wakfer Appointed Chair of Northern Ireland’s Health and Care Regulator
Scotland Housing Completions Fall to 11-Year Low Amid National Shortage
UK Water Companies Face Tougher Oversight and Unannounced Regulatory Inspections
Middle East Conflict Pushes UK Fuel and Wholesale Energy Prices Higher
Andy Burnham Raises Prospect of Second Brexit Referendum in Review of UK-EU Relations
EY Warns UK Fiscal Headroom Has Halved to £11 Billion Ahead of Autumn Budget
BT Accused of Pressuring Vulnerable Customers During Digital Landline Shift
British Carmakers Warn of Growing Pressure From EU-China Tariff Dispute
Green Party of England and Wales Adopts Motion Defining Zionism as Racism
Medical Charity Threatens NHS Legal Action Over Two-Year Autism and ADHD Assessment Waits
British Transport Police Report Record Rise in Violence on Railways
Glasgow Council Workers Face Pay Cuts Under Fire-and-Rehire Plan
British Medical Groups Press Prime Minister Andy Burnham to Cancel £330 Million Palantir NHS Contract
UK Faces Record Bluetongue Outbreak Across Livestock Farms
UK Schools Report Thousands of Child-on-Child Sexual Offences
High Court Overturns Ban Blocking Gaza Families From Reuniting With Relatives in UK
G7 Authorizes Emergency Fuel Release as UK Diesel Prices Hit £2 a Litre
France and Italy Draw 1-1 in Nations League Match
Pope Leo XIV and Prince Albert II of Monaco Meet in Metz
SNCF Expands Low-Cost Ouigo High-Speed Service Between Lyon and Bordeaux
Paris Expands Dedicated Cargo Bike Routes for Urban Deliveries
French Film Industry Pushes for Tighter Streaming Investment Rules
Marseille Court Hands Down Prison Terms in Public Procurement Corruption Case
LVMH and Kering Rely on US Demand as Chinese Luxury Spending Slows
×