Trump Tax Returns Released

Facts

  • Democrats on the House Ways and Means Committee officially released six years' worth of former Pres. Donald Trump's tax returns on Friday following a party-line vote on the matter last week.
  • The returns stretch from 2015-2020, covering Trump's taxes during his candidacy and time in office. He broke tradition by being the first president since Nixon not to release his tax returns to the public, leading to a legal battle starting once Democrats took the House in 2019.
  • The legal conflict was only settled last month after SCOTUS ruled against the former president's request to keep the tax returns private.
  • The returns, which include redactions of sensitive information such as Social Security and bank account numbers, are nearly 6k pages long, with over 2.7k pages of individual returns for Trump and his wife, Melania Trump, as well as more than 3k pages for Trump's business entities.
  • Within the six-year time span, the returns show Trump paid a total of $4.4M in taxes after an adjusted gross income of -$53.2M. Reasons for this, beyond the negative income, included deductions from cash charitable donations and alternative-fuel tax credits.
  • Meanwhile, some have raised concerns over the Internal Revenue Service's (IRS) auditing of Trump's taxes during his presidency, with a report alleging that the administration only began examining his 2016 taxes in 2019.

Sources: Time, BBC News, Reuters, Associated Press, and Wall Street Journal.

Narratives

  • Democratic narrative, as provided by LA Times. The release of the returns is the final act in a saga that Trump's incessant fighting has dragged out for years. Much of the information Trump sought to keep private became public irrespectively, and the reality is that for all of his claims of being a great businessman, his companies have been losing millions for years. This release remains a blow to the former president.
  • Pro-Trump narrative, as provided by Townhall. To no one's surprise, the big tax return release was just an anticlimactic witch hunt. What it did show is that while he was focused on being president, Trump's companies did take a financial dive, which is why he paid very little in income tax. This was nothing more than a political farce that has opened the door to future harassment.

Predictions