London Daily

Focus on the big picture.
Wednesday, Sep 23, 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
Piddington Residents Back Symbolic Independence Vote Over Asylum Accommodation Plan
Reform UK Names Helen Jenner as New Leader in Wales
England Expands Devolution of Transport, Skills and Economic Development Powers
Liberal Democrats Call for Temporary Fuel Duty Cut to Ease Cost-of-Living Pressure
UK Farmers Warn Drought Has Caused Crop Failures and Reduced Harvests
UK Fixed Mortgage Rates Approach 6% as Lenders Raise Borrowing Costs
YouGov Poll Puts Labour at 23% With Conservatives and Reform UK on 21%
Badenoch Presses Burnham to Increase Defence Spending and Cut Welfare Costs
UK Military Figures Warn of Growing Threats to Undersea Infrastructure and National Readiness
BP Moves Ahead With Sale of UK North Sea Oil and Gas Business
UK and ASEAN Endorse New Framework for Trade and Economic Cooperation
UK Consumer Confidence Falls to Three-Year Low as Borrowing Costs and Job Concerns Rise
UK Inflation Rises to 3.1% as Motor Fuel Costs Push Prices Higher
Bank of England Sets Multi-Year Plan to Wind Down Quantitative Easing Holdings
UK Borrowing Rises to £18.3 Billion in August Ahead of October Budget
Michelin Guide Faces Industry Questions Over Restaurant Inspection Coverage
English Woodlands Face Renewed Weather Stress From Dry Conditions and Strong Winds
Research Finds Extensive Alcohol, Gambling and Unhealthy Food Branding During 2026 World Cup
Five Charged After Newborn Baby Dies From Stab Wounds in Sheffield
BT Could Reap £2 Billion From Recycling Copper as Full-Fibre Network Expands
FCA Urges Young Adults to Trace £1.5 Billion in Unclaimed Child Trust Funds
Reform UK Names Helen Jenner as New Leader in Wales After Dan Thomas Steps Down
Resolution Foundation Calls for Broad-Based Tax Rises to Fund Higher UK Defence Spending
Ed Davey Calls for Global Treaty to Halt Development of Super-Intelligent AI
Scotland Consults on Legal Price Caps for Essential Foods
NHS Productivity Reforms Could Prevent More Than 20,000 Early Deaths a Year, Report Says
United Kingdom and ASEAN Deepen Trade and Investment Cooperation
United Kingdom Deploys RAF Refuelling Support to Saudi Arabia After Houthi Attacks
UK Fiscal Headroom Shrinks as Higher Borrowing Costs Complicate Autumn Budget
UK Public Borrowing Jumps to £18.3 Billion in August, Raising Pressure Before Budget
Andy Burnham Reaffirms UK Net-Zero Target With £30 Million Community Energy Fund
Scottish Labour Leader Backs Rosebank and Jackdaw North Sea Projects
UK Consumer Confidence Falls to Three-Year Low
UK Diesel Prices Approach £2 a Litre as Global Supply Shortages Intensify
Chiltern Railways Returns to Public Ownership as UK Rail Nationalisation Advances
British Museum Faces Questions Over Peter Thiel’s Private Bayeux Tapestry Viewing
Earl Spencer Memoir Excerpts Renew Public Debate Over Diana’s Death
Liberal Democrats Gather in Brighton for Autumn Conference
Mothercare Shares Plunge as Middle East Store Closures Threaten Long-Term Solvency
Kent Police Treat Folkestone Hotel Fire as Suspicious
Caribbean Governments Advance Reparations Campaign Seeking Engagement With Britain
Scottish Labour Leader Backs Rosebank and Jackdaw North Sea Projects
FCA Urges Young Adults to Trace £1.5 Billion in Unclaimed Child Trust Funds
UK Competition Regulator Opens Inquiry Into McCormick-Unilever Foods Deal
Public Inquiry Into Tees, Esk and Wear Valleys Mental Health Failings Set to Begin
Nigel Farage Looks to US Immigration Enforcement Model for UK Border Policy
Chiltern Railways Moves Into Public Ownership
Security Review Raises Concerns Over Sensitive UK Police Data Stored on Microsoft Cloud
Burnham Government Warns of Difficult Autumn Budget as Fiscal Headroom Narrows
Bank of England Holds Rates at 3.75% as Inflation Rises to 3.1%
×