Following a rather bizarre hearing yesterday, the House Ways and Means Committee finally released an executive summary with regard to scandal-ridden former President Trump’s notorious and long-hidden tax returns and information, following a long battle between the now ex-president and Congress that Trump finally lost as Congress gained access to the infamous financial information.
And already, just from the Committee’s summary alone, things are not looking good for Donald Trump, who is already positively growing in scandal and corruption from every conceivable direction at this point.
Following a battle between Congress and Donald Trump that quite literally took years to hash out and made its way all the way up to the United States Supreme Court, the House Ways and Means Committee released their executive summary on the ex-president’s infamous tax returns late last night. The revelations contained in the summary were not only plentiful but damning for the former president — revealing that Donald Trump’s income and his alleged tax liability saw a seriously dramatic shift throughout his four-year term in the White House, according to new reporting from The Daily Mail.
No one will soon forget Trump’s vehement excuse, hailing all the way back to his 2016 campaign days, for refusing to release his tax returns as is customary and expected of presidential candidates — an ongoing audit from the Internal Revenue Service. However, according to the congressional summary, Trump’s claims of audits were nothing short of a blatant lie.
Stay up-to-date with the latest news!
Subscribe and start recieving our daily emails.
The Daily Mail reports that the IRS began an audit into the now-former president in April of 2019, and was auditing only two years of his tax returns, despite their longstanding policy of auditing presidents every year. The audit conveniently began on the very same day that the Ways and Means Committee began to prod and poke around for Trump’s tax return information.
But when it comes to Donald’s 2016 audit claims? They didn’t exist.
As you’d expect, Trumpworld is desperately trying to run damage control already, with a spokesperson for the scandal-ridden former guy jumping onto the scene to declare the release of the documents to be politically motivated.
Trump Organization spokesman Steven Cheung released a statement to Reuters today saying, “If this injustice can happen to President Trump, it can happen to all Americans without cause.”
Just a few weeks ago, via a court order, Congressional Democrats finally obtained tax returns belonging to Donald Trump, hailing from 2015 to 2020 — serving as a damning crescendo to Trump’s years-long battle to keep the financial information, shrouded in mystery and questions, hidden from Congress and the American people he swore to serve.
Daily Mail reports:
They asked the Joint Committee on Taxation (JCT), a nonpartisan office of tax lawyers and economists, to review the documents and released the JCT findings along with their own report on the IRS audit system.
The former president made tens of millions annually during that period, but was able to chip away at his tax bill by carrying over steep business losses from over the years.
From 2015 to 2016, Trump carried over big losses from over the years to pay little relatively little in federal income tax.”
As if things weren’t bad enough for the former president, the release of his tax information has brought about additional questions with regard to his children as well, after the JCT identified additional areas that the Congressional committee is seeking to investigate, including a $506,000 charitable donation made in 2020 and “party loans” that were given to Ivanka, Eric, and Don Jr. that could be construed as gifts and schedule C income reporting.
Read the full report here.
Featured image via Political Tribune Gallery