Returns released by House show provisions of tax code that were used
The tax law that Donald Trump signed in late 2017 echoed through his finances in the following years, limiting some tax benefits for him and opening some tax-planning opportunities, according to the former president’s tax returns.
Like many other taxpayers from high-tax states such as New York, Mr. Trump was affected by the $10,000 limit on deducting state and local taxes that was imposed by the wider tax law he championed. In 2018, for example, while he was in the White House, he reported paying over $10 million in state and local taxes but could only deduct the $10,000. The House Ways and Means Committee released six years of Mr. Trump’s tax returns Friday.