US House Democrats release Trump’s tax returns

US House Democrats released six years of former president Donald Trump’s tax records to the public on Friday, disclosing nearly 6,000 pages of documents he had long fought to keep secret and dealing him another setback as he again seeks the White House in 2024.

The documents include individual returns from Trump and his wife, Melania, along with the former president’s business entities from 2015 to 2020. 

They reveal how Trump used the tax code to lower his tax obligation, and provide information on foreign accounts, charitable contributions and the performance of some of his highest-profile business ventures, which had been hitherto largely shielded from public scrutiny.

The records show that Trump’s income and tax liability fluctuated dramatically during his first presidential bid and subsequent term in office. He and his wife claimed large deductions and losses, and paid little or no income tax in several of those years.

The release of the redacted returns caps a multi-year battle between the Republican former president and Democratic lawmakers that was settled only last month by the US Supreme Court.

Trump, a business magnate who entered the White House in 2017, was the first presidential candidate in decades not to release his tax returns. 

In response to the tax data’s publication — which will now be available for in-depth investigations by journalists and independent tax experts — the former president warned of dire consequences and used the occasion to seek campaign donations.

“The Democrats should have never done it, the Supreme Court should have never approved it, and it’s going to lead to horrible things for so many people,” he said in a statement.

The records’ release comes just days before Republicans retake control of the House and weeks after Trump began another campaign for the White House.

US House Democrats release Trump’s tax returns
Source: Reporters View PH