Trump tax returns to be released by congressional committee

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Former President Trump’s tax returns are expected to be released this Friday, according to a spokesperson for the House Ways and Means Committee.

Fox News received confirmation from the spokesperson on Tuesday that the committee plans to release the tax returns by the end of the week.

Former President Trump announces he is running for president for the third time at Mar-a-Lago in Palm Beach, Florida, Nov. 15, 2022. (AP Photo/Andrew Harnik)

The financial documents, which should cover Trump's four years in the White House, are widely expected to reveal insights into the state of Trump's finances as he mounts a third bid for president in 2024.

DEMOCRATS RELEASE REPORT ON TRUMP TAX RETURNS, REVEALING INCOME, TAXES PAID, IRS AUDIT

Ways and Means Committee Democrats released a report on Trump's taxes last week that showed the former president paid little to no federal income taxes on his multimillion-dollar income from 2015 to 2022, as he claimed millions in business losses.

The analysis within last week’s reports concluded that any lack of proper taxation on Trump's earnings appeared to have been ultimately a failing of the IRS and not the result of pressure or obfuscation from the White House.

Internal Revenue Service federal building Washington, D.C. (iStock)

Trump's family of enterprises used reported losses, foreign tax credits, deductions, charitable donations and many other financial maneuvers to great effect in offsetting taxation on profits.

DONALD TRUMP REACTS AFTER SUPREME COURT ORDERS RELEASE OF TAX RETURNS TO HOUSE DEMOCRATS

These business tactics frequently shrank his otherwise sizable tax requirements down to miniscule amounts — sometimes less than $1,000, according to the committee.

The committee claims that the IRS failed to audit Trump effectively while he was in office. However, there is no evidence of collusion between the Trump administration and the IRS nor are there any records of the former president pushing back against reviews of his tax information.

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Fox News' Timothy Nerozzi contributed to this report.