Democrats in Congress released six years of former President Donald Trump’s tax returns on Friday, the culmination of a yearslong effort to learn about the finances of a onetime business mogul who broke decades of political precedent when he refused to voluntarily release the information as he sought the White House.
The returns, which include redactions of some personal sensitive information such as Social Security and bank account numbers, are from 2015 to 2020. They span nearly 6,000 pages, including more than 2,700 pages of individual returns from Trump and his wife, Melania, and more than 3,000 pages in returns for Trump’s business entities.
Their release follows a party-line vote in the House Ways and Means Committee last week to make the returns public. Committee Democrats argued that transparency and the rule of law were at stake, while Republicans countered that the release would set a dangerous precedent with regard to the loss of privacy protections.
Trump did not release his returns when he ran for president and had waged a legal battle to keep them secret while he was in the White House. But the Supreme Court refused last month to keep the Treasury Department from turning them over to the tax-writing Ways and Means Committee.
“The Democrats should have never done it, the Supreme Court should have never approved it, and it’s going to lead to horrible things for so many people,” Trump said in a statement Friday. “The radical, left Democrats have weaponized everything, but remember, that is a dangerous two-way street!”
He said the returns “once again show how proudly successful I have been and how I have been able to use depreciation and various other tax deductions as an incentive for creating thousands of jobs and magnificent structures and enterprises.”
The release, just days before Trump’s fellow Republicans retake control of the House from the Democrats, raises the potential of new revelations about Trump’s finances, which have been shrouded in mystery and intrigue since his days as an up-and-coming Manhattan real estate developer in the 1980s. The returns could take on added significance now that Trump has launched a campaign for the White House in 2024.
They are likely to offer the clearest picture yet of his finances during his time in office.
Trump, known for building skyscrapers and hosting a reality TV show before winning the White House, did give some limited details about his holdings and income on mandatory disclosure forms. He has promoted his wealth in the annual financial statements he provides to banks to secure loans and to financial magazines to justify his place on rankings of the world’s billionaires.
Trump’s longtime accounting firm has since disavowed the statements, and New York Attorney General Letitia James has filed a lawsuit alleging Trump and his Trump Organization inflated asset values on the statements as part of a yearslong fraud. Trump and his company have denied wrongdoing.
It will not be the first time Trump’s tax returns have been under scrutiny.
In October 2018, The New York Times published a Pulitzer Prize-winning series based on leaked tax records that showed that Trump received a modern-day equivalent of at least $413 million from his father’s real estate holdings, with much of that money coming from what the Times called “tax dodges” in the 1990s.
A second series in 2020 showed that Trump paid just $750 in federal income taxes in 2017 and 2018, as well as no income taxes at all in 10 of the past 15 years because he generally lost more money than he made.
In its report last week, the Ways and Means Committee indicated the Trump administration may have disregarded a post-Watergate requirement mandating audits of a president’s tax filings.
The IRS only began to audit Trump’s 2016 tax filings on April 3, 2019 — more than two years into his presidency — when the committee chairman, Rep. Richard Neal, D-Mass., asked the agency for information related to the tax returns.
