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'Trump, wife Melania paid no income tax during last year as President'

US House Committee releases former US President's tax returns for five years

Trump Taxes Donald Trump | AP

A US House Committee on Friday found that former US President Donald Trump, wife Melania did not pay any federal income tax in 2020, Trump's last full year in office. The Committee studied Trump's tax returns between 2015 and 2020.

According to reports, from 2015-2020, Trump and Melania reported negative income and no or little tax liability for several years. The Committee report found that the Internal Revenue Service failed to conduct a mandatory audit of Trump's returns during his first couple of years in office.

Trump fought a legal battle to keep his financial documents private. However, in November, the US Supreme Court ruled in favour of the Committee and granted it access to Trump's tax returns.

Trump, known for building skyscrapers and hosting a reality TV show before winning the White House, broke political norms by refusing to make public his returns as he sought the presidency though he did give some limited details about his holdings and income on mandatory disclosure forms.

Instead, Trump has touted his wealth in the annual financial statements he gives to banks to secure loans and to financial magazines to justify his place on the rankings of the world's billionaires.

 In 2019, the House ways and means committee, which has the legal authority to see any taxpayer’s federal returns, requested the documents from the treasury department, The Guardian reported. However, the Trump administration refused to provide them, which set off a legal battle that lasted for three years.

(With PTI inputs)

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