Trump’s federal income tax payments dropped to absolute zilch in his final year as president, according to a report from the House Joint Committee on Taxation released Tuesday evening. In 2018 and 2019, the former president paid $1.1 million in federal income tax, but that dropped to $0 in 2020, according to the report released after the committee finally obtained six years worth of tax returns. Trump allegedly finagled his way out of his tax bracket by claiming massive annual losses on properties, as high as $32 million in both 2015 and 2016, effectively zeroing out his tax liabilities despite reporting millions in taxable income. The ex-president has also been known to carry forward the losses to keep his tax payments low, as revealed by a New York Times investigation, which illustrated how the so-called master businessman utilized a nearly $1 billion loss in the early 90’s to counter gains over the following 18 years. The Democrat-led committee said it would release the former president’s returns in full in the coming days.
