Here's What To Expect From Trump's Tax Returns Release On Friday

Former President Donald Trump's tax returns are set to be released Friday morning by the House Ways and Means Committee during a House pro forma session, according to a report.

The former president's tax forms from 2015 through 2020 will be published as part of the House's congressional record. The pro forma session will occur around 9 a.m. ET on Friday, a source with knowledge of the matter told CNN.

This comes after the committee last week released a report where it asserted that the Internal Revenue Service (IRS) failed to audit the former president's taxes while he ran for and served in the Oval Office.

What To Expect From The Release Of Trump's Tax Forms

Should the committee release Trump's forms, it could answer a long-running question surrounding his wealth. He has repeatedly claimed to be a billionaire. An estimate from Forbes put the former president's net worth at $3.2 billion as of Tuesday.

Financial analysts and other wealthy billionaires, however, have questioned his claims, citing his frequent bankruptcies and business failures.

"I'm not so sure Donald knows what he's not good at. What he's done well is put his name on big buildings, right? He appears to have done well putting his name through a licensing arrangement on hotels and buildings. He's good at that. Now, whether or not that's made him a billionaire, I don't know," March Cuban, the Dallas Mavericks owner and "Shark Tank" investor, told WABC's "The Bernie and Sid Show" in 2016.

The release of Trump's tax forms could also lead House Democrats to advance a legislation requiring the IRS to perform a yearly audit of the sitting president's finances. It is, however, unlikely that Republicans — who will control the House beginning January — will be inclined to investigate the IRS's failure to audit Trump's taxes.

In addition, the release of Trump's forms could shed more light on potential conflicts of interest between his businesses and his responsibilities as president.

What We Know Of Trump's Taxes So Far

A report published by the Joint Committee on Taxation on Tuesday showed that Trump paid $1.1 million in federal income taxes between 2016 and 2019. However, he paid nothing in 2020 after his business reported big losses during the COVID-19 pandemic.

The tax returns also showed Trump declaring a negative income in 2015, 2016, 2017 and 2020. In particular, the form showed Trump and his wife Melania reported negative revenues of $4.69 million, paid zero dollars in taxable income and claimed a refund of $5.47 million in 2020.

The report echoed information made public in an investigative article published by The New York Times in September 2020, where it was alleged that Trump claimed massive losses for years, allowing him to pay nothing in federal income taxes in 10 out of 15 years starting in 2000.