House panel votes to release Trump tax returns after multiyear Democratic quest
(Worthy News) – The House Ways and Means Committee voted Tuesday to release former President Donald Trump’s tax returns, a major win for Democrats who have been seeking the records for years.
The committee voted 24-16 to release six years’ worth of Trump’s tax returns to the broader House of Representatives after a closed-door meeting on Capitol Hill. Democrats had made it clear that they wanted to see details of the returns released, although up until Tuesday, it was a question of whether they would release the full returns or offer up details in the form of a summary. The closed-door meeting lasted nearly four and a half hours.
Bank account information, Social Security numbers, and other information will be redacted in the committee report to the House, which will contain not only Trump’s tax returns but also returns from eight business entities affiliated with the former president. [ Source: Washington Examiner (Read More…) ]
Why Trump paid so little in income taxes
Former President Donald Trump’s tax returns are about to be released and will show he paid little to no federal income taxes for years, leaving many to wonder why.
Despite Trump’s wealth and assets, he was able to use the federal tax code to his advantage to insulate himself from federal tax liability. Democrats have cast the maneuvering as unfair, although some of the wealthiest people in the United States also legally pay little to no federal taxes.
Trump declared negative income on his federal returns in 2015, 2016, and 2017, with $0 taxable income for each year, according to a report by the Joint Committee on Taxation to the House Ways and Means Committee made public as part of House Democrats’ effort this week to release Trump’s tax information. [ Source: Washington Examiner (Read More…) ]