TRUMP PAID ZERO TAXES IN YEAR 2020

TRUMP PAID ZERO TAXES IN YEAR 2020

Trump paid zero taxes in year 2020. Gary Burtless, a senior fellow at the Brookings Institution was quoted as saying "Nearly all of the U.S. residents who owe no IRS income taxes or very low taxes have relatively little current taxable income. Most of these people are retired, and have modest current taxable income." After obtaining Trump's tax returns, which he promised he would turnover as a Presidential Candidate, then didn't, it took three years of litigation to obtain them, and they showed in 2020 the Trump's paid zero in income tax. Less than the average school teacher, or firefighter. The report was released by the Joint Congressional Committee on Taxation. Trump and his wife, Melania, paid $0 in income taxes for 2020, according to the report. The report raised multiple red flags, namely his carryover losses, loans to his children that may or may not be considered taxable gifts, and deduction related tax write offs. That year, as Covid rang out, the Trumps reported a loss of $4.8 million. For 2018 and 2019, the then President's reported income increased and they paid approximately $1.1 million in federal taxes each year. Trump paid zero taxes in year 2020.

This year some 72 million American households, nearly 40% of the total, ended up paying no income taxes, which was less than the 60% during the height of the Covid crisis, according to the Tax Policy center. In 2021, nearly 56% of households, or 99 million, paid no federal income tax, the non-partisan think tank said in a report released earlier this year. But the reason the Trump's paid no taxes is due to the losses they reported, as opposed to the vast majority of Americans who simply do not have the income to support having to pay any taxes at all.

IRS FRESH START PROGRAM

If you have Unfiled Tax Returns, or a tax debt, you may want to contact us to explore your options for dealing with those issues, including the IRS Fresh Start Program, among one of the options available.