London Daily

Focus on the big picture.
Thursday, Feb 05, 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
UK Royal Family Faces Intensifying Strain as Epstein-Linked Revelations Rock the Institution
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Tech Mega-Donors Power Trump-Aligned Fundraising Surge to $429 Million Ahead of 2026 Midterms
UK Pharma Watchdog Rules Sanofi Breached Industry Code With RSV Vaccine Claims Against Pfizer
Melania Documentary Opens Modestly in UK with Mixed Global Box Office Performance
Starmer Arrives in Shanghai to Promote British Trade and Investment
Harry Styles, Anthony Joshua and Premier League Stars Among UK’s Top Taxpayers
New Epstein Files Include Images of Former Prince Andrew Kneeling Over Unidentified Woman
Starmer Urges Former Prince Andrew to Testify Before US Congress About Epstein Ties
Starmer Extends Invitation to Japan’s Prime Minister After Strategic Tokyo Talks
Skupski and Harrison Clinch Australian Open Men’s Doubles Title in Melbourne
DOJ Unveils Millions of Epstein Files, Fueling Global Scrutiny of Elite Networks
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
China Lifts Sanctions on British MPs and Peers After Starmer Xi Talks in Beijing
Trump Nominates Kevin Warsh as Fed Chair to Reorient U.S. Monetary Policy Toward Pro-Growth Interest Rates
AstraZeneca Announces £11bn China Investment After Scaling Back UK Expansion Plans
Starmer and Xi Forge Warming UK-China Ties in Beijing Amid Strategic Reset
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
U.S. Signals Potential Decertification of Canadian Aircraft as Bilateral Tensions Escalate
Former South Korean First Lady Kim Keon Hee Sentenced to 20 Months for Bribery
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
China Executes 11 Members of the Ming Clan in Cross-Border Scam Case Linked to Myanmar’s Lawkai
Trump Administration Officials Held Talks With Group Advocating Alberta’s Independence
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
Shopping Chatbots Move From Advice to Checkout as Walmart Pushes Faster Than Amazon
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
UK Prime Minister Starmer Arrives in China to Bolster Trade and Warn Firms of Strategic Opportunities
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Amazon to Cut 16,000 Corporate Jobs After Earlier 14,000 Reduction, Citing Streamlining and AI Investment
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Wall Street Bets on Strong US Growth and Currency Moves as Dollar Slips After Trump Comments
UK Prime Minister Traveled to China Using Temporary Phones and Laptops to Limit Espionage Risks
Google’s $68 Million Voice Assistant Settlement Exposes Incentives That Reward Over-Collection
Kim Kardashian Admits Faking Paparazzi Visit to Britney Spears for Fame in Early 2000s
UPS to Cut 30,000 More Jobs by 2026 Amid Shift to High-Margin Deliveries
France Plans to Replace Teams and Zoom Across Government With Homegrown Visio by 2027
Trump Removes Minneapolis Deportation Operation Commander After Fatal Shooting of Protester
Iran’s Elite Wealth Abroad and Sanctions Leakage: How Offshore Luxury Sustains Regime Resilience
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Four Arrested in Andhra Pradesh Over Alleged HIV-Contaminated Injection Attack on Doctor
Hot Drinks, Hidden Particles: How Disposable Cups Quietly Increase Microplastic Exposure
UK Banks Pledge £11 Billion Lending Package to Help Firms Expand Overseas
Suella Braverman Defects to Reform UK, Accusing Conservatives of Betrayal on Core Policies
Melania Trump Documentary Sees Limited Box Office Traction in UK Cinemas
Meta and EssilorLuxottica Ray-Ban Smart Glasses and the Non-Consensual Public Recording Economy
WhatsApp Develops New Meta AI Features to Enhance User Control
×