Democrats release six years of Trump’s tax returns, and CPAs have questions: ‘The personal tax return is just the tip of the iceberg.’
Democrats released six years of Donald Trump’s income-tax returns on Friday, providing further insight into the former president’s tax situation. Trump and his wife, Melania, paid $0 in income taxes for 2020, according to a report released late Tuesday by the congressional Joint Committee on Taxation.
The Internal Revenue Service only started to audit Trump’s 2015 tax filings on April 3, 2019, more than two years into his presidency, which some commentators say is a sign of the strained resources at the IRS. People who lose money and therefore have no income pay no taxes, Renwick noted. “There is another scenario where [Trump] lost money on paper but made money on the underlying economics. If that’s the case, then it’s the result of the incentives in the tax code and not necessarily a result of any impropriety. The chances are that he did it right,” he said.One disclosure includes Trump’s foreign bank accounts in Ireland, the U.K., China, and Saint Martin.
Karla Dennis, founder of Karla Dennis and Associates, Inc. in La Palma, Calif., an enrolled tax agent and business consultant, said there is a broader takeaway for Americans: “Affluent people are more aware of the options open to them.” “If you’re self-employed, if you’re a middle-class person, you’re paying this tax [on all your earnings], but if you’re super rich and earn $3 million, you’re only paying it on the first $160,200 of your earnings,” Meadows told MarketWatch. “You have your biggest earners not paying it. You have middle-class people paying it. That’s a hidden tax,” he said.
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