Trump paid no federal income taxes in 2020, records show

After a years-long legal fight, the House Ways and Means Committee on Tuesday released a report on the tax returns of former President Donald Trump, which showed that the former president paid $1.1 million in federal income taxes during his first three years in office — but none in 2020. 

The released records documented Trump’s finances from 2015 through his time in the White House. An analysis of the Ways and Means Committee’s report by The New York Times showed that he began his presidency “suffering the sort of large business losses that had defined much of his career and paid almost nothing in income tax.”

It had already been previously reported that Trump paid just $750 in income taxes in both 2016 and 2017, and the latter year saw him pay more in taxes to both India and the Phillippines than the IRS. 

However, things would begin to turn around for Trump in 2018, as he reported $24.3 million in gross income, for which he did indeed pay nearly $1 million in federal taxes. 

The next two years, though, would see stagnation for Trump, particularly in 2020 when he reportedly suffered a loss of $4.8 million, which he apparently used as an impetus to pay no income taxes that year. 

As CNN noted, “Trump has leveraged massive losses he accumulated over the years to zero out his tax liabilities,” something that he apparently did a lot in the early 2000s. This continued during his time as president, with the Times reporting that Trump’s losses while in the White House totaled $60 million. 

After a years-long legal fight, the House Ways and Means Committee on Tuesday released a report on the tax returns of former President Donald Trump, which showed that the former president paid $1.1 million in federal income taxes during his first three years in office — but none in 2020.  The released records documented Trump’s…

After a years-long legal fight, the House Ways and Means Committee on Tuesday released a report on the tax returns of former President Donald Trump, which showed that the former president paid $1.1 million in federal income taxes during his first three years in office — but none in 2020.  The released records documented Trump’s…