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WickedsDesire -> RE: Trump taxes, oh my. (3/15/2017 7:16:59 AM)
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I was going to do this thread but was waffling to someone for a bit........so the key points were
Donald Trump's 2005 tax return leak reveals $38m bill
US President Donald Trump paid $38m (£31m) in tax on more than $150m (£123m) income in 2005, a leaked partial tax return shows.
The two pages of tax return, revealed by US TV network MSNBC, also showed he wrote off $103m in losses. It gave no details on income sources.
The White House said publishing the tax return was against the law.
Mr Trump refused to release his tax returns during the election campaign, breaking with a long-held tradition.
The release showed Mr Trump paid the Internal Revenue Service $38m in 2005, an effective tax rate of 24%.
This is higher than the average American citizen would pay but below the 27.4% averaged by higher-earning taxpayers.
The bill comprises $5.3m in federal income tax and an extra $31m in what is called alternative minimum tax (AMT).
AMT was set up nearly 50 years ago to stop the wealthiest people from using deductions and loopholes to avoid paying taxes. Mr Trump has called for it to be abolished.
The two-page form only gives basic figures and offers no insight into the sources of his earnings.
It also does not give details on any charity donations.
Last October, the New York Times revealed parts of Mr Trump's 1995 tax returns that showed losses of $916m (£753m). The newspaper said this could have affected his returns for up to 18 subsequent years, allowing him to legally avoid paying federal income taxes.
The forms disclosed on Tuesday do not say whether the £103m write-down that Mr Trump recorded in 2005 is connected to the losses in 1995.
Every US presidential candidate since 1976 has released their tax returns although there is no legal requirement to do so.
Throughout his presidential campaign and since his election, Mr Trump has refused to release his returns.
He has said he is under audit by tax authorities and that his lawyers advise against releasing the documents.
Slippernotes
1. Overlooking tax shenanigans, $103 million write down, and unknown donation to charity; which are made for tax purposes usually. Then 25% is impressive at face value
2. Clinton's were up about 28% I think, and that last republican candidate, now who was that - was it Al Gore, cruz? Was about %12-14ish - fuking feeble.
3. The figures are from 2005 without the details or extent of shenanigans - there may be none at all well bar those aforementioned dodges...but 25% is impressive
4. He has not released any tax returns there is no good reason for that
5. "I will release tax returns after Audit"
6. "I will release tax returns after she releases emails"
7. looking for a video clip two tics...in essence he was on a televised debate asking, nay screeching away at one of his rivals to release his tax returns - anyone remember his name?
8. boasted at paying as little tax as possible citing its "brilliant"
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