US House committee releases Trump's tax records

NEW YORK

A US House committee released on Friday former President Donald Trump's tax returns covering six years from 2015-2020.

The Democratic-controlled House Ways and Means Committee made thousands of pages public following a lengthy court battle.

Trump has long refused to release his tax filings.

Trump's adjusted gross income was $53.2 million from 2015 to 2020 and his total federal tax liability was $4.4 million, according to a report the House committee published last week before releasing Trump's tax returns.

The former president claimed large business losses and paid little income tax, the report showed.

Trump paid only $750 in income taxes in 2016 and 2017, about $1 million in 2018 and just over $133,000 in 2019.

The former president claimed that he lost $4.8 million in 2020, the final year of his presidency and paid nothing.

In its report, the committee also accused the IRS of failing to audit Trump's tax returns.

"Our findings turned out to be simple. IRS did not begin their mandatory audit of the former president until I made my initial request," Chairman of the Ways and Means Committee Richard Neal said.

Trump denounced the release of his tax returns, saying that: "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."

According to the newly released documents, Trump also had several foreign bank accounts in China, the UK and Ireland between 2015 and 2016, but he reported that he had a foreign bank account in the UK in 2018.