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| Trump Earned $153m And Paid $36.5m In Taxes In 2005 |
| 2017-03-15 |
| [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 |
| #10 IRS audit teams practically live at businesses like Trump's. Posted by: Raj Practically nothing, they do LIVE there in a business sense. I've worked at a couple of places where the IRS has their own offices right next to the internal auditors and the external auditors. They usually all seemed quite friendly, especially when the business was a defense contractor. |
| Posted by: AlanC 2017-03-15 16:04 |
| #9 IRS audit teams practically live at businesses like Trump's. Posted by: Raj Nothing personal, it's just business. ~ Otto "Abbadabba" Berman |
| Posted by: Besoeker 2017-03-15 12:26 |
| #8 Another thing the media will never tell you - IRS audit teams practically live at businesses like Trump's. |
| Posted by: Raj 2017-03-15 11:50 |
| #7 Bobby, She claimed it was legal for her to do so under the First Ammendment Not true, another lie. By federal law, it is illegal to publish an unauthorized tax return: “It shall be unlawful for any person to whom any return or return information (as defined in section 6103(b)) is disclosed in a manner unauthorized by this title thereafter willfully to print or publish in any manner not provided by law any such return or return information. Any violation of this paragraph shall be a felony punishable by a fine in any amount not exceeding $5,000, or imprisonment of not more than 5 years, or both, together with the costs of prosecution.” |
| Posted by: Deacon Blues 2017-03-15 10:42 |
| #6 I love the fact that Obama and Sanders paid less. Hard to hit Trump for paying too little when he paid more than the lefty heroes. |
| Posted by: rjschwarz 2017-03-15 10:42 |
| #5 You also have to defend your deductions if the IRS decides to retroactively shred them. |
| Posted by: magpie 2017-03-15 10:24 |
| #4 Carrying losses forward is NOT a loophole... |
| Posted by: Bright Pebbles 2017-03-15 09:47 |
| #3 Tax records obtained by The New York Times last year showed the losses were so large they could have allowed Trump to cheat on taxes for up to 18 years It's not cheating if the IRS allows it, bugwit. |
| Posted by: Deacon Blues 2017-03-15 07:48 |
| #2 The spin on NBC news this morning is that President Trump's deductions ae legal, but lower than the level that the average American pays, that it is not illegal to hire someone to do your returns for you, and that he has not released his recent returns. The news reader sounded utterly deflated. |
| Posted by: trailing wife 2017-03-15 07:36 |
| #1 Gee, I wonder if any of this was NOT allowed by the IRS rules and laws passed by Congress? I wonder if any in the media give a meadow muffin about legality? |
| Posted by: Bobby 2017-03-15 07:23 |