Unlike previous presidential candidates, former President Trump refused to release his tax returns in order to conceal the details of his wealth and the activities of his real estate company, the Trump Organization, and he fought Democrats’ efforts to obtain them.
Candidates are not required by law to release their tax returns, but previous presidential candidates from both parties have done so voluntarily for decades.
Democrats on the committee said they need to see the records to determine whether the IRS is properly auditing presidential tax returns and whether new legislation is required.
Another House committee asked federal prosecutors on Monday to charge Trump with inciting the deadly Capitol Hill attack on January 6, 2021. When Republicans take control of the chamber, they are expected to dissolve or redirect that panel.
According to news media reporting and trial testimony about Trump’s finances, the president from 2017 to 2021 reported heavy losses from his business enterprises over several years to offset hundreds of millions of dollars in income. As a result, he had to pay very little in taxes.
On December 6, the Trump Organization was found guilty in New York of a 15-year criminal scheme to defraud tax authorities. The company faces fines of up to $1.6 million, but Trump is not personally liable.
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