The House Ways and Means Committee voted on Tuesday to reveal Donald Trump’s tax records. It has also severely criticized the Internal Revenue Service for its lack of obligatory audits. It was revealed that the IRS had failed to audit Trump’s tax returns during his presidency until the Committee inquired. By doing so they did not follow internal guidelines for American presidents, the panel found out.
The decision by the Democratic-led Committee potentially ends years of assumption about would finally be revealed about the personal wealth and business dealings of the former president.
The voting went along party lines to expose the Trump tax returns with information expected to be available by Wednesday. The House January 6 House Committee is also set to release a final account on the riots instigated by Trump at the US Capitol on the same day. The report comes days before the Republicans assume control of the House following the midterm results.
The panel released a report running 29 pages that summarized the investigation in a tax authorities rule mandating audits of all returns of vice presidents and presidents. The House Committee discovered that the IRS had ignored its internal requirements. They had begun examining Trump’s tax returns after the Committee inquired into the issue.
Trump Tax Returns Reveal He Paid A Few Hundred In Taxes In The Past 5 Years
The authorities selected just a year of the Trump Tax Returns while he was in office for its mandatory review. Even that remained incomplete when he left office in 2020.
The Committee report said it was apparent that during the previous administration, the audit program was not given much priority. It further stated that no resources were utilized to ensure that Trump complied with it.
A record of Trump Tax Returns in 2019 obtained by the Committee revealed that the former president declared that he owed nothing in taxes. Trump reported negative income from 2015 to 2017 and also 2020 without attributing any reason for the drop. He paid a mere $750 in taxes in 2016-17.
