Trump tax returns released by US Congress reveal large business losses

© Mandel Ngan, AFP

US lawmakers released Donald Trump's tax returns on Friday, ending a yearslong battle by the former president to keep his finances private as he prepares for another run at the White House in 2024.

The Republican leader -- who lost his re-election bid as he served a single term from 2017-2021 -- broke with tradition by refusing to release the records, triggering feverish speculation about what they might contain.

The House Ways and Means Committee released a summary earlier in December of six years of filings, from 2015 to 2020, as part of investigations into the presidential audit program.

>> Trump Organisation found guilty of tax fraud by New York jury

The documents showed that Trump wasn't being regularly audited by the Internal Revenue Service (IRS) and that, despite reporting millions in earnings, he paid little in tax by claiming large business losses.

"The 'Trump' tax 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," Trump said in a written statement to CBS News.

The returns themselves released Friday were not expected to yield sensational new revelations, but Democrats hope they will add detail on Trump's businesses and particularly any foreign concerns that might present conflicts of interest.

The summary showed that the 76-year-old billionaire mostly claimed enormous annual deficits.


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