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News & Current Events Discuss Trump paid $38 million in taxes in 2005: White House at the General Forum; Originally Posted by Senior Lol. This is 2 pages from 2005. Where are the complete 2006-2016 tax returns? Trump wrote ...

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Old 03-15-2017, 10:28 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by Senior View Post
Lol. This is 2 pages from 2005. Where are the complete 2006-2016 tax returns?


Trump wrote off $100+ million in 2005.

Looking at these 2 pages, it becomes crystal clear why Trump (under the aegis of tax reform) wants to abolish the 'Alternative Minimum Tax' (AMT) which is intended to prevent wealthy Americans from paying no income taxes at all.

If we apply Trumps current intent to abolish the AMT to his 2005 return, Trump then has a tax rate of only 4%. Without the ATM, Trump would only have paid ~$7 million in taxes in 2005 on $153 million in income. Without the AMT, Trump would have paid $31 million less in taxes.

Trump/GOP idea of tax reform? The wealthy always get wealthier at the expense of the middle/lower income brackets.
Actually President Trump thinks the AMT should be abolished because it is a loophole of which the wealthy take advantage.

Your distortion of the facts is noted.

Heres how the Fake news press is approaching the Rachel Maddow blunder...;
Donald Trump Reveals Tax Records, Paid $38 Million in 2005 | TMZ.com
In Truth President Trump revealed no such thing. The tax returns were supposedly found by an obscure reporter in his mailbox. He gave them to MSNBC so Rachel could spill the beans.

Didn't work did it?
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Old 03-15-2017, 10:29 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by ShivaTD View Post
So Trump still hasn't released any of his tax returns but two pages of his tax returns were "acquired" (stolen from somewhere) and, from the information we have, it had to be his personal 1040 form that's two pages long.
https://www.irs.gov/pub/irs-prior/f1040--2005.pdf

It apparently reflects a $100 million loss on lines 12, 13, and/or 14 so his total personal income was really $250 million because he wrote off $100 million and ended up paying $38 million, or roughly 25% in taxes. This only relates to his personal income taxes and did not include his corporate income or losses that are filed separately.

2005 tax rates:
Top Rate on Regular Income: 35%
Top Rate on Capital Gains: 16.1%

For Trump to only pay 25% on net personal income it's obvious that part of it was taxed as regular income and part of it was taxed as capital gains income.

Assuming that in 2005 he filed as "Married Filing Separately" (that goes along with his belief to never share anything with his wife) then he paid the same tax rate of 25% that a working person would pay on net earnings of $29,700 to $59,975.

I haven't retained my tax records from 2005 but I made a lot more than $60,000 for the year (my earnings were slightly more than $100,000) so I it would appear that I had a higher tax burden relative to income than Donald Trump. That's not surprising because I had a higher tax burden relative to income when I checked out Mitt Romney's taxes for 2011 that he released.

The lower tax burden for the wealthy when compared to working Americans has been a primary goal of Republicans for decades and they've been very good at ensuring that the very wealthy Americans have a lower tax burden than the rank-in-file Americans that vote Republican.

It makes little sense to me why so many Republicans, that get up everyday to go to work, vote for politicians that intentionally impose a greater tax burden on them than they do on the super-wealthy flying around in corporate jets (that they don't have to pay for) making tens or hundreds of millions of dollars.

Just something Republican members should pause to think about. If Trump was carrying his "fair share" of tax burden relative to income he would have paid $87.5 million in personal income taxes for 2005 (35% of $250 million in gross income). I know, it would have been very hard for him to have lived on only $60-some million for his personal expenditures that year.

I know it's probably wrong of me to think that anyone should be forced to live on only $60 million a year but I'm a very cruel person apparently.

Shiva, Trumps tax return is what it is. He had deductions. Surprise, surprise. He paid taxes. Surprise, surprise. The tax return reveals no smoking gun, surprise, surprise. The Democrat's will not put this to rest. Surprise, surprise.

This return reveals what many, including me, have been saying all along. Personal returns for business owners are a compilation of the returns of the businesses. Income from ABC corp. $10. Loss from XYZ corp, $2.

It also reveals the lengths to which leftists will go to find something. Even violate the law.

You got played, big time, You look like fools. Big Time. It would not surprise me if it was President Trump doing the playing.
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Old 03-15-2017, 10:48 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by winston53660 View Post
"The only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax," Clinton said.
Trump quickly retorted: "That makes me smart."

Later, when Clinton told Trump was that "maybe ... you haven't paid any federal income tax for a lot of years," the real estate mogul, who claims to be worth up to $10 billion, said that he was a better steward for his money than the government.

"It would be squandered, too, believe me," Trump said.

Trump brags about not paying taxes: 'That makes me smart'

http://www.youtube.com/watch?v=uBZR1-onmAo

And now mysteriously 2 pages of a 1040 pop up....
Yep, only a Liberal would be stupid enough to pay more than they had to.

Do you think the Clintons paid more than they had to?
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Old 03-15-2017, 10:53 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

I have been waiting for years to hear about some rich left winger that wrote an extra check to the government over and above what they had to pay.

Does anyone think that will ever happen? You know, to set an example for the rich to pay more?
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Old 03-15-2017, 10:54 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by Dog Man View Post
Yep, only a Liberal would be stupid enough to pay more than they had to.
Uhmm yeah okay, so?


Quote:
Do you think the Clintons paid more than they had to?
I doubt it, again so?
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Damn shame it couldn't have been a father / son event. IMHO.
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Old 03-15-2017, 10:57 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by winston53660 View Post
Uhmm yeah okay, so?




I doubt it, again so?
But Trump should have, correct?
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Old 03-15-2017, 11:05 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by Dog Man View Post
Yep, only a Liberal would be stupid enough to pay more than they had to.

Do you think the Clintons paid more than they had to?
Yet, it appears that THE Donald paid a higher rate than many of those liberals who have demanded the rich pay their "fair share." And have claimed he doesn't.

I have a rhetorical question,,,; Why does this fact escape the left?
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Old 03-15-2017, 11:08 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by jimbo View Post
But Trump should have, correct?
Where did this come from?
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Originally Posted by TiredRetired View Post
Damn shame it couldn't have been a father / son event. IMHO.
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Old 03-15-2017, 11:16 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by winston53660 View Post
Where did this come from?
Hasn't that been the argument all along? That Trump hasn't paid his fair share? Hillary said it in her campaign.

Flashback: Clinton Says Trump Might Be Avoiding Releasing Taxes To Hide 'That He's Paid Nothing in Federal Taxes' - Breitbart

Fact is, the return thingy has always been a "look over there" issue.
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Old 03-15-2017, 11:21 AM
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Default Re: Trump paid $38 million in taxes in 2005: White House

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Originally Posted by jimbo View Post
Hasn't that been the argument all along? That Trump hasn't paid his fair share? Hillary said it in her campaign.

Flashback: Clinton Says Trump Might Be Avoiding Releasing Taxes To Hide 'That He's Paid Nothing in Federal Taxes' - Breitbart

Fact is, the return thingy has always been a "look over there" issue.
The left should be going after the Clintons for the 100's of millions they collected from foreign governments. What did they do with all that free money? Did they pay taxes on it? Oh that's right, it is all going to Administration costs.
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