New figures in a report by the Home Methods and Means Committee confirmed that Donald J. Trump paid $1.1 million in federal revenue taxes in his first three years as president, and that he paid no taxes in 2020 as his revenue started to dwindle.
| 12 months | Adjusted Gross Revenue | Tax based mostly on revenue and A.M.T. |
Tax credit | Remaining tax invoice after credit |
|---|---|---|---|---|
| 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 credit embody international tax credit, the Common Enterprise Credit score and different credit.
Mr. Trump’s fortunes modified throughout his presidency, in accordance with the figures within the report, which embody particulars on the previous president’s tax returns from 2015 to 2020. Within the two years earlier than he grew to become president, Mr. Trump suffered heavy enterprise losses, the information confirmed. In his first three years as president, he had an adjusted gross revenue of $15.8 million.
Mr. Trump’s tax payments, after deductions, have been based mostly on his revenue when it was above zero, in addition to the choice minimal tax in 4 of the six years. The A.M.T. limits deductions that may have in any other case helped to erase his tax burden. He decreased his ensuing tax payments with a mixture of tax credit that included incentives and givebacks to enterprise house owners.
Mr. Trump’s revenue, by supply
| Class | 2015 | 2016 | 2017 |
|---|---|---|---|
| Wages | $14,141 | $978 | $373,629 |
| Curiosity | 9,393,096 | 8,994,141 | 6,758,494 |
| Dividends | 1,729,897 | 337,938 | 21,984 |
| Enterprise revenue | –599,030 | 8,797,393 | 1,433,030 |
| Actual property | –7,882,011 | –15,939,523 | –16,746,815 |
| Different enterprise | –76,909,237 | –44,955,324 | –12,306,111 |
| Capital good points | 35,835,453 | 10,941,053 | 7,528,298 |
| Different good points | 6,603,042 | –444,633 | 33,740 |
| Pensions | 77,808 | 77,808 | 84,351 |
| Refunds | 0 | 0 | 0 |
| Whole revenue | –31,736,841 | –32,190,169 | –12,819,400 |
| Class | 2018 | 2019 | 2020 |
|---|---|---|---|
| Wages | $393,957 | $393,928 | $393,229 |
| Curiosity | 9,435,377 | 11,332,436 | 10,626,179 |
| Dividends | 60,254 | 71,921 | 25,347 |
| Enterprise revenue | –430,408 | –225,560 | –29,686 |
| Actual property | –11,992,220 | –16,472,951 | –15,676,469 |
| Different enterprise | 4,826,478 | 0 | 0 |
| Capital good points | 22,015,123 | 9,257,197 | 0 |
| Different good points | 0 | 0 | –501,255 |
| Pensions | 86,532 | 86,532 | 86,532 |
| Refunds | 0 | 0 | 382,065 |
| Whole revenue | 24,395,093 | 4,443,503 | –4,694,058 |
The detailed information within the report present constant losses over the six years, notably in actual property and different enterprise, a class that features losses carried over from earlier years.
