{"id":1790782,"date":"2022-12-30T11:49:17","date_gmt":"2022-12-30T16:49:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1790782"},"modified":"2022-12-30T12:34:36","modified_gmt":"2022-12-30T17:34:36","slug":"trumps-tax-returns-released-by-house-dems","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trumps-tax-returns-released-by-house-dems\/","title":{"rendered":"Trump\u2019s Tax Returns Released by House Dems"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrumps-tax-returns-released-by-house-dems%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1790782&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The House Ways and Means Committee <a href=\"https:\/\/waysandmeans.house.gov\/media-center\/press-releases\/ways-and-means-committee-votes-release-investigation-irs-s-mandatory\">on Friday released<\/a> Six years of <a href=\"https:\/\/www.theepochtimes.com\/t-donald-trump\">Donald Trump<\/a>\u2019s taxes, ending several years\u2019 worth of protracted court battles over releasing the former president\u2019s financial documents.<\/p>\n<p>The committee\u2019s decision to release Trump\u2019s taxes comes as Democrats are slated to cede control of the House next week. Republicans, who gained the majority Nov. 8, are set to assume control of House committees.<\/p>\n<p>The Democrat-led Ways and Means committee voted last week to release the tax returns. It also released two reports. One said that the Internal Revenue Service did not audit the former President for the first two years he served as president. In 2018, and 2019, the federal income tax net was $1.1 million.<\/p>\n<p>According to a review of Friday\u2019s releases, Trump and former first lady Melania Trump reported negative income in four of the six tax years. In 2020, the former president reported a\u00a0loss of $4.7 million and paid $0 in federal taxes. In 2018, and 2019, the couple paid approximately $1.1million in combined federal income taxes.<\/p>\n<p>\u201cWays and Means is entrusted with great responsibilities. Today, the weight of our job is heavy. Congress serves as a check on the Executive Branch, and our Committee is entrusted with oversight of our revenue system. We all come to Ways and Means with the goal of creating a fairer tax code. Because at the root of it all, it is our federal tax system that funds the democracy we all cherish and love,\u201d the House Ways and Means said in a release on Friday in announcing the decision to make Trump\u2019s returns public.<\/p>\n<p>According to the panel, it believed that \u201cmandatory audits were being conducted promptly and in accordance with IRS policies. However, our review found that under the prior Administration the program was dormant. We know now, the first mandatory audit was opened two years into his presidency. On the same day this Committee requested his returns.\u201d<\/p>\n<h2>Response<\/h2>\n<p>Ahead of Friday\u2019s disclosure, Trump\u2019s 2024 campaign released a video and said it was an abuse of power. Previously, Trump and other Republicans have decried the move as politically motivated that doesn\u2019t serve the public\u2019s interest.<\/p>\n<figure id=\"attachment_4940984\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/12\/22\/chairman-neal-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4940984\" style=\"display: none;\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" alt=\"Epoch Times Photo\" width=\"600\" height=\"400\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/chairman-neal-600x400-1.jpg\" \/><\/a><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4940984\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/chairman-neal-600x400-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption>&nbsp;<\/p>\n<p>Rep. Richard Neal (D-Mass.) Washington, Dec. 20, 2022 (Mandel Nagan\/AFP via Getty Images<\/figure>\n<p>\u201cThere is no legitimate legislative purpose for their action. And if you look at what they\u2019ve done, it\u2019s so sad for our country,\u201d Trump spoke in a Friday video. \u201cIt\u2019s nothing but another deranged political witch hunt which has been going on from the day I came down an escalator in Trump Tower.\u201d<\/p>\n<p>Rep. Kevin Brady (R-Texas), the ranking member on the Ways and Means Committee, made a similar statement and warned it\u2019s \u201ca dangerous new political weapon that reaches far beyond the former president and overturns decades of privacy protections for average Americans that have existed since the Watergate reform.\u201d<\/p>\n<p>Trump\u2019s federal income tax returns were released for the years 2015 to 2020, along with tax records for some of his business entities. Trump tried to stop the release of these records in court after the panel sought them since Trump&#8217;s presidency in 2019.<\/p>\n<p>Friday\u2019s disclosure appears to show thousands of pages within several dozen files, including personal returns filed by Trump and his wife Melania, along with the aforementioned business entities such as DJT Managing Member LLC and DJT Holdings.<\/p>\n<p>Martin Press, a top tax lawyer from the Florida-based Gunster law office, said <a href=\"https:\/\/www.usatoday.com\/story\/news\/politics\/2022\/12\/30\/trump-tax-returns-release-experts-deductions\/10955777002\/\">USA Today<\/a> The returns must be seen in the right context.<\/p>\n<p>\u201cAn income tax return is merely that,\u201d Press spoke to the paper. \u201cIt determines what is income and how it is taxed. It is not designed as a balance sheet showing historical or current values of assets.\u201d<\/p>\n<p>For years, Democrats have long sought Trump\u2019s returns and suggested the former president engaged in malfeasance\u2014a narrative that echoed through corporate media outlets. Trump&#8217;s administration refused to comply with a request for documents in 2019, triggering a long court battle that spanned his presidency and ended after he was elected.<\/p>\n<p>Court battles over these documents lasted until November. The U.S. Supreme Court did not block any court rulings and granted access to the Ways and Means group. The law does not require the President to release his returns.<\/p>\n<p>\u201cThe Democrats should have never done it, the Supreme Court should have never approved it, and it\u2019s going to lead to horrible things for so many people,\u201d Trump also stated Friday.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House Ways and Means Committee on Friday released Six years of Donald Trump\u2019s taxes, ending several years\u2019 worth of protracted court battles over releasing the former president\u2019s financial documents. The committee\u2019s decision to release Trump\u2019s taxes comes as Democrats are slated to cede control of the House next week. Republicans, who gained the majority &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1899038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Trump\u2019s Tax Returns Released by House Dems","footnotes":""},"categories":[547],"tags":[5458,3933,3653,7231,3819,7140,8360,3794],"class_list":["post-1790782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-dems","tag-house","tag-released","tag-report","tag-returns","tag-tax","tag-trumps"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Trump\u2019s Tax Returns Released by House Dems","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1790782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1790782"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1790782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1899038"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1790782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1790782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1790782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}