For our holiday reading enjoyment, the House Ways and Means Committee has released a portion of Donald Trump’s tax returns from 2015 through 2020.
The key takeaway is that, in three of those years, one of the richest men in America paid less in federal income tax than you and I did:
A preliminary analysis of Trump’s taxes by Congress’ brain trust on tax issues, the Joint Committee on Taxation, found that the former president paid little to no taxes for several years by claiming mammoth business losses. Trump paid $750 in 2016 and 2017 and paid nothing in 2020, JCT said [Benjamin Guggenheim, “Trump’s Tax Returns Released, Launching Fresh Scrutiny of His Finances,” Politico, 2022.12.30].
For the record, in 2016, my household paid $8,787. In 2017, we paid $9,121. In 2020, we paid $13,550. Our household income has never reached six figures, yet every year we have proudly paid the basic price of liberty for ourselves and our fellow Americans.
Now sure, in those years, we didn’t claim “negative income” the way the Trump household did. But if we had “negative income”, we’d be broke, homeless, and hungry. The Trumps had “negative income” yet were able to maintain multiple properties and an extravagantly luxurious lifestyle.