House committee votes to make public Donald Trump's personal and business tax records
The House Ways and Means Committee voted Tuesday to make public a report about President Donald Trump's tax returns — potentially ending years of speculation.
The House Ways and Means Committee voted Tuesday to make six years of former President Donald Trump’s tax returns public — potentially ending years of speculation about what they might reveal about his business dealings and personal wealth.
The panel voted along party lines to make the returns available and information could be available as soon as Wednesday — the day the House Jan. 6 committee is set to issue its final report on the riot at the U.S. Capitol — which will be the final days of Democratic control of Congress before Republicans take over the House in January.
Later Tuesday, the committee released a 29-page report summarizing its investigation into an IRS policy that mandates audits of returns filed by presidents and vice presidents. The committee found that the IRS had largely not followed its own internal requirement, only beginning to examine Trump's returns after the panel inquired about the process. Just one year of Trump's returns while in office was selected for the mandatory review, and the audit was not complete by the time he left the White House, according to the report.
A separate 39-page report from the Joint Committee on Taxation, or JCT, released Tuesday night included summaries from Trump's personal tax forms and business entities.
For example, in 2019, the last year that the committee obtained records, Trump appeared to owe nothing in taxes, according to the JCT report. That was thanks to Trump claiming $15 million in business losses, which resulted in him having negative $4 million in adjusted gross income. Trump then claimed a $5 million refund, the report says.
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