Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Trump paid $1.1 million in taxes during presidency, but $0 in 2020, report shows


December 22, 2022

In his first three years as president, Donald Trump paid $1.1 million in federal income taxes before paying no tax as his income dwindled and losses once again mounted in 2020, according to tax data released Tuesday by a House committee.

The data, which include details of Trump's federal tax returns from 2015 through his full term in the White House, show that he began his presidency suffering the sort of large business losses that had defined much of his career and paid almost nothing in income tax. But his fortunes changed in 2018, as he reported $24.3 million in adjusted gross income and paid nearly $1 million in federal tax.

Trump's tax returns show that he was in the black the following year as well, reporting $4.4 million in income and paying $133,445 in tax. But in 2020, as the country staggered under the coronavirus pandemic, his finances reversed course: Trump reported a loss of $4.8 million and zero income tax.


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