Nearly six years after Donald Trump was sworn in as the 45th president of the United States, voters will finally get to see Trump's tax forms by the end of the week.
What Happened: Sources familiar with the matter have said the House Ways and Means Committee will publish the former president's tax forms from 2015 through 2020 as part of the congressional record on Friday morning, according to CNN. Trump broke with convention by not voluntarily releasing his tax forms while in office or while campaigning for president.
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The House Ways and Means Committee requested Trump's tax forms in 2019 and 2021, but Trump refused to turn over the forms until federal courts recently ruled the House could request up to six years of Trump's returns from the IRS.
Why It's Important: Americans will get their first direct glimpse into Trump's income, deductions and taxes paid during his time in office. However, the Joint Committee on Taxation already released a report on Trump's filings earlier this month.
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Forbes estimates Trump's net worth at $3.2 billion, but his tax forms reportedly show he declared negative annual income in 2015, 2016, 2017 and 2020. Trump also paid a total of $1,500 in income taxes in the years 2016 and 2017.
Trump and former first lady Melania Trump reportedly paid no federal income tax and claimed a $5.47-million refund in 2020.
Sitting presidents are required to have their tax returns internally audited by the IRS during their time in office, but the Ways and Means Committee said the IRS had begun an audit of only one of Trump's tax returns during his time as president.
Trump critics will likely use his tax forms as an example of him avoiding taxes and generating huge net losses despite branding himself as a savvy businessman. Trump supporters will likely argue that his ability to navigate the tax code to avoid a heavy tax burden is simply an example of that savvy, as Trump has said himself.
When Hillary Clinton accused him of not paying income taxes in a 2016 debate, Trump responded by telling voters "that makes me smart."
Benzinga's Take: The Joint Committee on Taxation has reportedly voiced concerns over the validity of some of Trump's claims, including deductions tied to large charitable donations.
Yet the initial House report on the returns certainly didn't include any bombshells that would immediately impact Trump or his chances in the 2024 presidential election in a meaningful way.
Online prediction market PredictIt currently puts Trump's odds of winning the 2024 election at just 16%, behind incumbent President Joe Biden at 32% and Florida Gov. Ron DeSantis at 31%.
Photo via Shutterstock.
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