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The documents contradict many of Trump's public claims to have a flourishing and prosperous business empire, [51] showing that as a result of reporting losses in many years and receiving a $72.9 million tax refund, Trump paid no net federal income taxes in 11 of 18 years of the past two decades. After the refund, Trump had an average tax bill ...
During the six months following enactment of the Trump tax cut, year-on-year corporate profits increased 6.4%, while corporate income tax receipts declined 45.2%. This was the sharpest semiannual decline since records began in 1948, with the sole exception of a 57.0% decline during the Great Recession when corporate profits fell 47.3%. [193]
The IRS only began to audit Trump’s 2016 tax filings on April 3, 2019 — more than two years into his presidency — when the Ways and Means chairman, Rep. Richard Neal, D-Mass., asked the ...
“Tax revenues boomed in 2021 and some ... the first year the Trump tax cuts were in effect. But in 2019, growth dipped back again. Pffft. The same trend is evident in the next chart, showing ...
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In the first year the changes were implemented, the average federal tax rate fell from 20.8% to 19.3% for all filers, according to the conservative Tax Foundation.
Trump also proposed several new key tax initiatives, such as removing the current $10,000 limit on the state and local tax (SALT) deduction, eliminating taxes on Social Security and tip income ...
After a Supreme Court ruling on February 22, 2021, cleared the path for Trump's tax records to be reviewed by a grand jury, [165] the Mazars accounting firm turned over millions of pages of documents, including Trump's tax returns from January 2011 to August 2019, to the office of the Manhattan district attorney (DA). [160]