As a parting shot at former President Donald Trump before the GOP takes over the House of Representatives by a slim margin in January, House Democrats in the House Ways and Means Committee released the former President’s tax returns following a party line vote.
Some sensitive personal information, such as Social Security and bank account numbers, were redacted from the returns. The returns cover 2015 to 2020.
The split in the House on whether to release the Trump tax returns was largely a party line one, with the GOP arguing that releasing the documents would set a dangerous precedent and lead to even lower privacy protections for public figures. Democrats, on the other hand, argued that the release was necessary for transparency.
The release was important because former President Trump did not follow precedent and release his tax returns when he was elected president. He even stopped them from making their way to Congress until the Supreme Court ruled last month that he had to hand them over to the House Ways and Means Committee, which proved Trump’s fears true by releasing the documents.
Predictably, Trump exploded when discussing that release of his private tax returns in an emailed statement to supporters, saying:
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. The great USA divide will now grow far worse. The Radical Left Democrats have weaponized everything, but remember, that is a dangerous two-way street! 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.
Forbes: “Trump’s assets are worth an estimated $4.3 billion…The former president owns real stuff—mansions, golf courses, office buildings—that throw off real cash, even if his tax returns might suggest otherwise…The D.C. hotel opened in 2016 and, by 2018, Trump had already declared tax losses of $55.5 million there, according to the Times. Still, the property is worth something. One investor offered $175 million for it before the coronavirus decimated the hotel industry. The Trumps turned that offer down. Forbes now figures the hotel is worth closer to $168 million.”—Wrong, just sold the Hotel for almost $400 Million. Many of their other numbers are wrong too, but by even bigger proportions. But that’s O.K., being wrong doesn’t matter to the Fake News!
Trump posted an image of his statement to Truth Social, but otherwise has so far refrained from commenting on the matter on his social media platform.
PBS, commenting on the importance of the release, said “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.“
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