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☆ Read how much Trump paid — or didn't pay — in taxes each year
▼ + stars: | 2022-12-21 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and claimed a refund of $5.47 million, according to the report by the staff of the Joint Committee on Taxation. The Trumps paid $750 in taxes. The Trumps paid $999,466 in federal income taxes. In 2019, the Trumps declared $4.44 million in total income, and $2.97 million in taxable income. The tax paid by the Trumps was $0 and they claimed a refund of $5.47 million.

☆ House Democrats vote to make material related to Trump's personal tax returns public
▼ + stars: | 2022-12-21 | by ( Warren Rojas | Kimberly Leonard | ) www.businessinsider.com time to read: +8 min

The Democratic-majority House Ways and Means Committee voted to make materials related to Trump's tax returns public. Some of this was already revealed in 2020 when The New York Times obtained decades of Trump's tax information. "If this injustice can happen to President Trump, it can happen to all Americans without cause," Cheung wrote. US Treasury officials gave Neal Trump's tax filings for 2015-2020 in late November. Neal and other Democratic tax writers have been deliberating about how to handle Trump's tax documents for weeks.

☆ Trump paid no income tax in 2020, reported losses in office, records show
▼ + stars: | 2022-12-21 | by ( Andy Sullivan | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 21 (Reuters) - Donald Trump paid no income tax during the final full year of his presidency as he reported a loss from his sprawling business interests, according to tax figures released by a congressional panel. Democrats on the panel said their review found that tax authorities did not properly scrutinize Trump's complex tax returns to ensure accuracy. In 2017, Trump and his wife reported adjusted gross income of negative $12.9 million, leading to a net income tax of $750, the records showed. They reported adjusted gross income of $24.3 million in 2018 and paid a net tax of $1 million, while in 2019 they reported $4.4 million of income in 2019 and paid $134,000 in taxes. In 2020, they reported a loss of $4.8 million and paid no net income tax.

☆ IRS was 'asleep at the wheel' for failing to audit Trump tax returns, Senate Finance chair says
▼ + stars: | 2022-12-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The IRS "was asleep at the wheel" when it came to handling former President Donald Trump's tax returns, Senate Finance Committee Chair Ron Wyden, D-Ore., said Wednesday. "The presidential audit program is broken," Wyden said in a statement vowing to work to pass legislation to reform that decades-old program. The Ways and Means Committee's report on the presidential audit program was released after the panel's Democratic majority voted to release redacted copies of Trump's federal income tax returns. "If this injustice can happen to President Trump, it can happen to all Americans without cause," Cheung's statement said. Wyden in his statement Wednesday morning argued Trump's tax returns "exemplify the shortcomings of our tax code and consequences of Republicans' decades-long fight to gut the IRS."

☆ The IRS failed to audit Trump during his first two years in office, despite internal policy that mandates a review of presidential finances
▼ + stars: | 2022-12-21 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +2 min

The House Ways and Means Committee on Tuesday voted to release Donald Trump's tax materials. While the full files have not yet been released, a summary report showed the IRS failed to audit. During his first two years in office, Trump was not subjected to mandatory audits, the report said. The preliminary report on his taxes contradicts that any such audit was conducted. Representatives for the IRS and Trump did not immediately respond to Insider's requests for comment.

☆ Only one Trump tax return as president got mandatory IRS audit, report says
▼ + stars: | 2022-12-21 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

And that IRS audit of Trump's 2016 income tax return was not completed by the time he left office in January 2021, the report by the Ways and Means Committee found. And in that sixth year, in 2017, there is "no indication" the entities' tax returns were designated for audit, the report found. "Clearly, the mandatory audit program was dormant, at best, during the prior Administration," the report said. The report found that when Trump was in the White House, the IRS failed to designate for mandatory audit Trump's tax return for 2015, when he was running for president, and then again for the returns filed for the 2017, 2018, 2019, and 2020 tax years. And, "Notably, the IRS sent a letter to the former President notifying him that his tax year 2015return was selected for examination on April 3, 2019, which is the date the Chairman sent theinitial request to the IRS for the former President's return information and related tax return."

☆ Here Are the Key Numbers From Trump’s Tax Returns
▼ + stars: | 2022-12-21 | by ( Charlie Smart | ) www.nytimes.com time to read: +1 min

Year Adjusted Gross Income Tax based onincome and A.M.T. Tax credits Final tax billafter credits 2020 –$4,795,757 $0 $0 $0 2019 4,380,714 558,780 –425,335 133,445 2018 24,339,696 9,356,232 –8,356,766 999,466 2017 –12,916,948 7,435,857 –7,435,107 750 2016 –32,409,674 2,234,725 –2,233,975 750 2015 –31,756,435 2,127,670 –1,485,739 641,931 Tax credits include foreign tax credits, the General Business Credit and other credits. Mr. Trump’s tax bills, after deductions, were based on his income when it was above zero, as well as the alternative minimum tax in four of the six years. He reduced his resulting tax bills with a mix of tax credits that included incentives and givebacks to business owners. Mr. Trump’s income, by source

WASHINGTON, Dec 20 (Reuters) - A Democratic-led U.S. House of Representatives committee met on Tuesday to decide whether to release publicly details of Donald Trump's tax returns, which could lead to more unwelcome scrutiny for the former president as he mounts another White House bid. Democrats have little time to act, as Trump's Republicans are due to take control of the House in January. Candidates are not required by law to release their tax returns, but previous presidential hopefuls of both parties have voluntarily done so for several decades. Trump's tax returns are still subject to confidentiality restrictions, but Democrats who control the committee could vote to make some details public. Another House committee on Monday asked federal prosecutors to prosecute Trump for sparking the deadly Capitol attack on Jan. 6, 2021.

☆ Trump tax returns: House Ways and Means Committee considers potential release
▼ + stars: | 2022-12-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Drew Angerer | Getty Images News | Getty ImagesThe House Ways and Means Committee began meeting Tuesday to consider potentially publicly releasing years' worth of federal income tax returns filed by former President Donald Trump. A police escort delivered documents that were presumed to be Trump's tax returns shortly before the scheduled 3 p.m. hearing. Rep. Kevin Brady of Texas, the ranking Republican on Ways and Means, warned against the potential release of the returns. "Let me be clear, our concern is not whether the president should have made his tax returns public as has been tradition, nor about the accuracy of his tax returns," Brady told reporters. Documents arrive as the House Ways & Means Committee holds a hearing regarding tax returns from former President Donald Trump on Capitol Hill in Washington, Tuesday, Dec. 20, 2022.

☆ U.S. House Democrats to decide whether to release Trump's tax information
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 20 (Reuters) - A Democratic-led U.S. House of Representatives committee on Tuesday is due to decide whether to release details of former President Donald Trump's tax returns, after a years-long court fight and just two weeks before their party surrenders power to Republicans. Candidates are not required by law to release their tax returns, but previous presidential hopefuls of both parties have voluntarily done so for several decades. Trump's tax returns are still subject to confidentiality restrictions, but Democrats who control the committee could vote to make some details public. Democrats on the Ways and Means Committee have said they need to see those records to assess whether the Internal Revenue Service is properly auditing presidential tax returns, and to gauge whether new legislation is needed. Another House committee on Monday asked federal prosecutors to charge Trump with obstruction and insurrection for sparking the deadly Capitol attack.

It is a grave federal offense, anchored in the Constitution itself," said Representative Jamie Raskin, a Democrat on the select committee member, as he announced the charges. "If we are to survive as a nation of laws and democracy, this can never happen again," said Representative Bennie Thompson, the select committee's chairperson, as the meeting began. SEVERAL INVESTIGATIONSThe select committee's work is one of a series of investigations into the riot. The select committee approved its report including the recommendation of charges unanimously, with all of its seven Democrats and two Republicans in favor. Trump was the first presidential candidate in decades to not release his tax returns during either of his campaigns for president.

The committee obtained six years' worth of Trump's tax returns in November, following a years-long court fight for documents that other presidents have routinely made public since the 1970s. The meeting in "consideration" of the Trump documents comes just before Republicans are set to reclaim control of the House — and the committee — next month. While tax returns are confidential under federal law, there are some exceptions — including if the chair of the Ways and Means committee requests them. “No one believes that Chairman Neal requested President Trump’s tax returns so he can study legislation about IRS audits. Every president since Richard Nixon has made their tax returns public.

☆ U.S. House committee set to discuss Trump tax returns on Tuesday
▼ + stars: | 2022-12-16 | by ( Moira Warburton | ) www.reuters.com time to read: +1 min

WASHINGTON, Dec 16 (Reuters) - A U.S. House of Representatives committee will meet on Tuesday to discuss former President Donald Trump's tax returns, which it obtained late last month after a long court fight, according to a source familiar with the matter. That leaves the Democrats little time to decide what, if anything, to do with Trump's returns before losing the power to set the committee's agenda. The committee formally announced a meeting on Tuesday, relating to "documents protected under the Internal Revenue Code" without specifying Trump. Trump was the first presidential candidate in decades to not release his tax returns during either of his campaigns for president. Ways and Means Democrats have said they need to see Trump's records to assess whether the Internal Revenue Service is properly auditing presidential tax returns and to gauge whether new legislation is needed.

☆ Billionaire Ken Griffin sues the IRS after his tax records were disclosed
▼ + stars: | 2022-12-13 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

ProPublica used IRS tax data provided by an anonymous source, and it's unclear how the data was obtained. Griffin reported an average income of $1.7 billion from 2013 to 2018, ProPublica said, citing his tax returns. Griffin was not listed as one of the billionaires who paid zero or low tax rates in any one year, and, in fact, the ProPublica tax information showed Griffin pays a higher effective tax rate than many top earners. The leaked tax returns sparked an uproar in Washington, which continues to escalate. "IRS employees deliberately stole the confidential tax returns of several hundred successful American business leaders," Griffin said in a statement.

☆ Congress has so much to do before Christmas
▼ + stars: | 2022-12-12 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

Second, the newly elected Congress will be sworn in on January 3. Everything resets in the new Congress, and lawmakers will have to start from scratch on anything they don’t finish up this month. One major looming question is whether Senate Republicans and Democrats can agree on a bill to fund the government for a full year or whether they have to punt to the next Congress. If the Electoral Count Act can pass, it could be slipped into that massive spending bill. But that’s a very open question, since that massive spending bill has not yet been put together.

☆ What the pro-business tax agenda is chasing in a changing Congress
▼ + stars: | 2022-12-11 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +3 min

Main Street could find itself stuck in gridlock next year in terms of advancing pro-business tax objectives. For House Republicans, legislative priorities are likely to include extending business-friendly provisions of The Tax Cuts and Jobs Act, passed by the Trump Administration in 2017. Even so, a divided Congress means that major pro-business legislative changes will be difficult to enact. Rather, tax and policy professionals expect House Republicans to focus on a number of positioning moves next year — ones that will establish their pro-business agenda ahead of the 2024 presidential election. "There are a host of provisions in the tax code that businesses would like to see changed or revised," said Rochelle Hodes, a principal in Crowe's Washington National Tax office.

He got away with it because in a 50-50 Senate, Manchin had a ton of leverage and could force Senate Democratic leaders to make numerous concessions or else get nothing passed. Anna Moneymaker / Getty Images fileA 51-49 Senate majority doesn’t completely quell Democratic headaches over having to corral their own. Like Manchin, Sen. Kyrsten Sinema of Arizona has bucked her Democratic colleagues. In a 51-49 Senate, Democrats also will have unilateral power to issue subpoenas. This leaves Senate Democrats in a much rosier position concerning chickens and just about everything else.

☆ McCarthy's struggle to lock down House Speaker roils GOP caucus, delays key committee assignments
▼ + stars: | 2022-12-07 | by ( Christina Wilkie | ) www.cnbc.com time to read: +8 min

A spokesman for McCarthy did not respond to questions from CNBC about the committee vote schedule. Instead, both sides have dug in over the past week, telling reporters they're ready to take the fight all the way to the House floor on Jan. 3. "Oh yeah, I'll take the speaker's fight to the floor," McCarthy told reporters in the Capitol recently. "The goal was never to embarrass Kevin McCarthy on the [House] floor, no one wants that," she said. It also prompted McCarthy to issue a long statement condemning her prior remarks, which he said "do not represent the values or beliefs of House Republicans."

☆ Yellen sees key role for Treasury's racial equity council despite Republican criticism
▼ + stars: | 2022-12-06 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 5 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said a new racial equity advisory committee, which has drawn the ire of Republican lawmakers, would play a big role in helping the department address acute economic disparities faced by communities of color. Yellen told the inaugural meeting of the 25 members of the Treasury Advisory Committee on Racial Equity that the Biden administration remained focused on ensuring that disadvantaged communities were no longer left behind in the U.S. economy. "The Treasury Advisory Committee on Racial Equity will play a major role in our effort," she said. Yellen in 2021 named Janis Bowdler, a Latina activist and former head of the philanthropic arm of JPMorgan Chase & Co (JPM.N), as the department's first-ever counselor for racial equity. A spokesperson for Brady said the lawmakers had not yet received a reply from Yellen or the Treasury.

☆ Exit Interview, Part 1: House
▼ + stars: | 2022-12-06 | by ( Ylan Mui | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExit Interview, Part 1: HouseRepresentative Kevin Brady will finish out his thirteenth and final term in office later this year. As former Chairman of the powerful House Ways and Means committee, Rep. Brady counts the 2017 Tax Cuts and Jobs Act as one of his signature achievements. We'll get his reflections on more than 25 years serving in Congress, his expectations for the ongoing Lame Duck session, and a forecast of what he thinks his colleagues can achieve legislatively in the next Congress, with a razor-thin majority. CNBC's Ylan Mui interviewed him at the 2022 CNBC CFO Council Summit on November 30, 2022.

☆ U.S. Congress tax panel chief backs requiring presidents to make tax returns public
▼ + stars: | 2022-12-02 | by ( Richard Cowan | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 1 (Reuters) - The chairman of the U.S. Congress committee that has been given access to Donald Trump's tax returns on Thursday said he supported legislation requiring future presidents to make such information public. "I think it would be fair to say that it would be a good idea for presidents down the road to be required to release their tax returns," House of Representatives Ways and Means Committee Chairman Richard Neal told reporters. Neal added that he did not know whether U.S. presidential candidates should be included in such a requirement. Neal used his comments to reporters to dispute a "false" suggestion that Democrats on the panel on Thursday were meeting to review the Trump tax returns. The U.S. Supreme Court on Nov. 22 cleared the release of those returns to Neal's committee, which has sought them for nearly four years.

☆ House Democrats reviewing Trump's tax returns split into publish-everything and there-are-rules camps with GOP takeover looming
▼ + stars: | 2022-12-02 | by ( Warren Rojas | ) www.businessinsider.com time to read: +5 min

After finally scoring Trump's tax records, House Democrats have to figure out what to do with them. "I want them all released," Ways and Means Committee member Bill Pascrell told MSNBC ahead of Neal's group-wide meeting. José Luis Villegas/AP"Democrats' relentless pursuit of President Trump's tax returns is nothing more than a partisan attack against a political opponent that serves no legitimate or legislative purpose," Buchanan wrote in an email to Insider. Ways and Means Committee member Dan Kildee said he was backing Neal's call in this case. And while he acknowledged they were racing against the clock, Kildee said Ways and Means Democrats would rise to the challenge.

☆ Trump's tax returns now in the hands of House Democrats after lengthy court battle
▼ + stars: | 2022-11-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ali-Vitali-Circle-Byline-Template.Jpg | Ali Vitali | ) www.nbcnews.com time to read: +3 min

WASHINGTON — A Democratic-led House committee is now in possession of six years of former President Donald Trump’s tax returns after a multiyear court fight. CNN first reported that the committee had received the tax returns. Republicans have made clear they're not interested or concerned about Trump's tax records. Unlike other recent presidents, Trump has refused to make his tax returns public amid scrutiny of his business affairs, repeatedly claiming that he's being audited by the IRS. But the legal battle began in April 2019, shortly after Democrats took control of the House, when Neal asked for Trump’s returns and those of related business entities.

☆ House Panel Gets Access to Trump Tax Returns, Chairman Guarded as to What Comes Next
▼ + stars: | 2022-11-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Treasury Department has complied with a Supreme Court order that allows the administration to make former President Donald Trump‘s tax returns available to the House Ways and Means Committee, the department said Wednesday. The next move falls to committee Chairman Richard Neal (D., Mass. ), who was guarded Wednesday about his plans for analyzing the documents or releasing them publicly.

☆ House Panel Gets Trump Tax Returns, Chairman Guarded as to What Comes Next
▼ + stars: | 2022-11-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Former President Donald Trump for years resisted handing over his personal tax returns to a House committee. WASHINGTON—The Treasury Department has complied with a Supreme Court ruling that allowed the administration to give former President Donald Trump’s tax returns to the House Ways and Means Committee, the department said Wednesday. The next move falls to committee Chairman Richard Neal (D., Mass. ), who was guarded Wednesday about his plans for analyzing the documents or releasing them publicly.

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