Political Wrinkles  

Go Back   Political Wrinkles > General Forum > News & Current Events
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

News & Current Events Discuss Trump paid $38 million in taxes in 2005: White House at the General Forum; I have waited two hours for one of the genius pundits from the left to post the bombshell story of ...

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 03-14-2017, 11:48 PM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 11,214
Thanks: 6,428
Thanked 9,078 Times in 5,200 Posts
Default Trump paid $38 million in taxes in 2005: White House

I have waited two hours for one of the genius pundits from the left to post the bombshell story of the day.

Trump Tax returns are out! Not a peep???

What the hell. After demanding Trump publish his tax return for 6 months, MSNBC got a purloined copy and Rachel Maddow spent her show promising a bombshell. End the end, it's a fizzle because surprise, SURPISE,,,; turns out Trump made a lot of money in 2005 and sadly for the lefties,,, he paid a lot of taxes.

He paid a higher rate than Comcast ( owners of NBC and MSNBC)
He paid a higher rate than the Clintons or the Obama's
He paid a higher rate than Mitt Romney


It would seem he did not avoid paying his fair share, at least when compared to those other jokers. What the hell is with this guy?

The best Maddow could do was put forth the concept that a real estate deal with a Russian oligarch, netted a nice profit and somehow formed a nexus which linked that 2005 deal to the 2116 election.

BAM! we have a "Russian Connection!"


WOW is right! The lead shocker of the day may well be the boomerang the slices through the MSNBC staff.

Trump paid $38 million in taxes in 2005: White House | Reuters


__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE

Last edited by FrancSevin; 03-14-2017 at 11:56 PM..
Reply With Quote
The Following User Says Thank You to FrancSevin For This Useful Post:
  #2 (permalink)  
Old 03-15-2017, 12:07 AM
foundit66's Avatar
Moderator
 
Join Date: Oct 2007
Location: California
Gender: Male
Posts: 24,868
Thanks: 9,820
Thanked 14,915 Times in 9,032 Posts
Default re: Trump paid $38 million in taxes in 2005: White House

[moderator mode]
matched thread title to article title.
[/moderator mode]
__________________
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
~Abraham Lincoln
Reply With Quote
  #3 (permalink)  
Old 03-15-2017, 09:16 AM
CindyB's Avatar
PW Enlightenment
 
Join Date: Aug 2012
Location: Las Vegas, Nevada
Gender: Female
Posts: 7,195
Thanks: 7,091
Thanked 4,426 Times in 2,679 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

Wow, no comments from the Trump haters,I'm shocked. LOL
__________________
CindyB - Proud Trump Supporter
Peace Through Strength
Reply With Quote
The Following 4 Users Say Thank You to CindyB For This Useful Post:
  #4 (permalink)  
Old 03-15-2017, 09:49 AM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 11,214
Thanks: 6,428
Thanked 9,078 Times in 5,200 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

Quote:
Originally Posted by foundit66 View Post
[moderator mode]
matched thread title to article title.
[/moderator mode]
Exercise of power again?

That's all you got

Nothing was wrong with the original title.

Even Rachel did better with her load of poop
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE
Reply With Quote
The Following 3 Users Say Thank You to FrancSevin For This Useful Post:
  #5 (permalink)  
Old 03-15-2017, 09:55 AM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 11,214
Thanks: 6,428
Thanked 9,078 Times in 5,200 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

Quote:
Originally Posted by CindyB View Post
Wow, no comments from the Trump haters,I'm shocked. LOL
Cindy, I'm sure this prose from the anointed one is still stuck in their craw;

" Perhaps Mr Trump is not as rich as he claims....
....Perhaps we will see he pays no taxes at all."

Hillary Clinton claim about Donald Trump paying no federal taxes ignores the years when he did | PolitiFact



Hillary claimed many times that THE Donald paid no taxes.
"And yet he goes around talking about 'make America great.' You know, that means paying for our military. That means paying for our roads. That means paying for the V.A. That means a lot of things. And if you've got someone running for president who's afraid to release his tax returns because it will expose the fact that he pays no federal income tax, I think that's a big problem," Clinton said.

And Yet not only was Trump one of the most successful businessmen in the world, he was also likely one of the most successful tax payers in our nation.

BTW, that year Bernie Sanders paid at the 13% rate. I think he might want to amend his return and send in his fair share.
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE

Last edited by FrancSevin; 03-15-2017 at 10:00 AM..
Reply With Quote
The Following User Says Thank You to FrancSevin For This Useful Post:
  #6 (permalink)  
Old 03-15-2017, 09:58 AM
ShivaTD's Avatar
Progressive Libertarian
 
Join Date: May 2014
Location: Immigrant to Arizona
Gender: Male
Posts: 5,967
Thanks: 1,428
Thanked 2,124 Times in 1,674 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

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.
__________________
BREAKING NEWS
Mexico agrees to pay for the impeachment.
~ Vicente Fox
Reply With Quote
  #7 (permalink)  
Old 03-15-2017, 10:06 AM
ShivaTD's Avatar
Progressive Libertarian
 
Join Date: May 2014
Location: Immigrant to Arizona
Gender: Male
Posts: 5,967
Thanks: 1,428
Thanked 2,124 Times in 1,674 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

Quote:
Originally Posted by CindyB View Post
Wow, no comments from the Trump haters,I'm shocked. LOL
What's a Trump hater?

I oppose Trump's stated political agenda of "deconstructing (destroying) our government" and abandoning the Constitution but hatred is a personal emotion and Trump doesn't deserve any of my emotions that I save for more enjoyable pursuits.
__________________
BREAKING NEWS
Mexico agrees to pay for the impeachment.
~ Vicente Fox
Reply With Quote
  #8 (permalink)  
Old 03-15-2017, 10:08 AM
Dog Man's Avatar
Down Boy!
 
Join Date: May 2013
Location: Southern Nevada
Gender: Male
Posts: 8,649
Thanks: 2,354
Thanked 3,481 Times in 2,514 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

Quote:
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.
What did Trump do wrong in your opinion? How much tax should people like Gates and Buffet pay? They make much more than Trump ever did.
Reply With Quote
  #9 (permalink)  
Old 03-15-2017, 10:21 AM
Senior's Avatar
Political Independent 👌
 
Join Date: Oct 2016
Location: Midwest
Posts: 2,093
Thanks: 1,455
Thanked 1,230 Times in 850 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

Quote:
Originally Posted by FrancSevin View Post
Trump Tax returns are out! Not a peep???
Lol. This is 2 pages from 2005. Where are the complete 2006-2016 tax returns?

Quote:
Originally Posted by FrancSevin View Post
What the hell. After demanding Trump publish his tax return for 6 months, MSNBC got a purloined copy and Rachel Maddow spent her show promising a bombshell. End the end, it's a fizzle because surprise, SURPISE,,,; turns out Trump made a lot of money in 2005 and sadly for the lefties,,, he paid a lot of taxes.
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.
__________________
*
Semper Gumby / USMC - Always Be Flexible
*
When the ramp drops, the bullshıt stops
Reply With Quote
  #10 (permalink)  
Old 03-15-2017, 10:25 AM
winston53660's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Posts: 10,221
Thanks: 1,853
Thanked 4,261 Times in 3,190 Posts
Default Re: Trump paid $38 million in taxes in 2005: White House

"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'


And now mysteriously 2 pages of a 1040 pop up....
__________________
Originally Posted by TiredRetired View Post
Damn shame it couldn't have been a father / son event. IMHO.
Reply With Quote
Reply

Tags
$38, 2005, and, from, here, house, left, million, msnbc, not, odd, paid, reported, taxes, the, trump, white, word

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 07:27 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0