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Trump Earned $153m And Paid $36.5m In Taxes In 2005
[HOSTED.AP.ORG] President Donald Trump...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States... earned $153 million and paid $36.5 million in income taxes in 2005, paying a roughly 25 percent effective tax rate thanks to a tax he has since sought to eliminate, according to highly sought-after tax documents disclosed Tuesday night. The pages from Trump's federal tax return show the then-real estate mogul also reported a business loss of $103 million that year, although the documents don't provide detail. The forms show that Trump paid an effective tax rate of 24.5 percent, a figure well above the roughly 10 percent the average American taxpayer forks over each year, but below the 27.4 percent that taxpayers earning 1 million dollars a year average, according to data from the Congressional Joint Committee on Taxation. The form were obtained by journalist David Cay Johnston, who runs a website called DCReport.org, and reported on MSNBC's "The Rachel Maddow Show." Johnston, who has long reported on tax issues, said he received the documents in the mail, unsolicited. Trump's hefty business loss appears to be a continued benefit from his use of a tax loophole in the 1990s, which allowed him to deduct previous losses in future years. In 1995, Trump reported a loss of more than $900 million, largely as a result of financial turmoil at his casinos. Tax records obtained by The New York Times ...which still proudly displays Walter Duranty's Pulitzer prize... last year showed the losses were so large they could have allowed Trump to cheat on taxes for up to 18 years. But Trump's 2005 filing shows another tax prevented him from realizing the full benefit of those deductions. Posted by: Fred 2017-03-15 |
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