Updated September 29, 2020 Corruption & Self-Dealing
Major Abuse of Power
Tax Returns Investigation: $1 Billion in Losses, Tax Avoidance Schemes Documented
The 2019 NYT investigation used IRS data from 1985-1994, finding Trump declared $1.17 billion in losses — an average of $117 million per year — largely from casino and real estate failures. The losses were so large that Trump paid no income tax in eight of the ten years. The 2020 investigation of complete tax returns found Trump paid $750 in federal income taxes in 2016 and $750 in 2017 through aggressive deductions, carried-forward losses, and tax credits. Trump had for decades refused to release his tax returns, claiming he was under IRS audit. He remained the only presidential candidate in modern history to refuse release until his returns were eventually obtained by courts after litigation.