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Subject: So uhm no big deal, but apprently we're going to see Trump's tax returns tonight rss

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Claire Anderson
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Clairebot wrote:


OK I'm legitimately interested.
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rylfrazier wrote:
Clairebot wrote:


OK I'm legitimately interested.


Likewise, but I'll believe it when I see it...
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Welcome Rolling Stones
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I paid more taxes than the Donald.
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The only way this could be in any way exciting or surprising is if he's been playing the long con all this time, knowing there is nothing in there. But even in that scenario withholding them just makes him kind of an ass.
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Seth Brown
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Is apparently his returns from 2005. :/
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Osirus wrote:
Is apparently his returns from 2005. :/


Well that's interesting but also very annoying.
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Trump loves leaks!

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Steve Cates
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So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.
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Jeff Brown
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So why 2005? Why not the last 12 years since?

 
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I'm guessing this 2 page only tax return was leaked directly by the White House. Their statement about it seems fishy, and would likely be different if they were upset about it.

No, the Donald released 2 pages of paper that do not make him look bad.
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ironcates wrote:
So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.


His effective Tax rate was about 4%. I paid significantly more than that in 2005. I just looked it up. My effective rate state and federal was about 18% in income taxes. That's not even counting sales.
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Steve Cates
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SybotCB wrote:
ironcates wrote:
So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.


His effective Tax rate was about 4%. I paid significantly more than that in 2005. I just looked it up. My effective rate state and federal was about 18% in income taxes. That's not even counting sales.

38/150=25.3% ? Is 4% an alternative math fact or something?
http://www.huffingtonpost.com/entry/trump-tax-returns-rachel...
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Koldfoot wrote:

Fake news. Fake news.! Fake news.!

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ironcates wrote:
SybotCB wrote:
ironcates wrote:
So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.


His effective Tax rate was about 4%. I paid significantly more than that in 2005. I just looked it up. My effective rate state and federal was about 18% in income taxes. That's not even counting sales.

38/150=25.3% ? Is 4% an alternative math fact or something?
http://www.huffingtonpost.com/entry/trump-tax-returns-rachel...

From your link:

Quote:
The documents show Trump and his wife Melania paying $5.3 million in regular federal income tax—a rate of less than 4%. However, the Trumps paid an additional $31 million in the so-called “alternative minimum tax,” or AMT. Trump has previously called for the elimination of this tax.

 
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damiangerous wrote:
ironcates wrote:
SybotCB wrote:
ironcates wrote:
So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.


His effective Tax rate was about 4%. I paid significantly more than that in 2005. I just looked it up. My effective rate state and federal was about 18% in income taxes. That's not even counting sales.

38/150=25.3% ? Is 4% an alternative math fact or something?
http://www.huffingtonpost.com/entry/trump-tax-returns-rachel...

From your link:

Quote:
The documents show Trump and his wife Melania paying $5.3 million in regular federal income tax—a rate of less than 4%. However, the Trumps paid an additional $31 million in the so-called “alternative minimum tax,” or AMT. Trump has previously called for the elimination of this tax.


Yeah, so what? He paid 38 on 150 million. 25.3% His deduction didn't help him and those families he employs.
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Ken
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SybotCB wrote:
ironcates wrote:
So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.


His effective Tax rate was about 4%. I paid significantly more than that in 2005. I just looked it up. My effective rate state and federal was about 18% in income taxes. That's not even counting sales.


This is a fairly silly statement. His effective tax rate would have been 4% if there weren't the AMT. With the AMT it was just a tick over 25%.

AMT was instituted for returns like this - to prevent excess deductions from artificially depressing tax revenues. And he paid it, so his tax rate is based upon it.

Fun fact - Mr. Trump has previously suggested that the AMT should be repealed. Now that would be problematic to push forward with a return like this out there.
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Goddamn Al Capone's Vault.
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Ouch, Maddow was played. Indeed, as referenced above, some of us old enough remember Geraldo's similar huge, live debacle. Hubris isn't pretty.

Score a big one for Team Trump, even if they weren't the ones who "leaked" those meager two pages.

__
Edit: Corrected autocorrect: "Maddow"
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From what I've seen of it so far, it's a small summary leaked by a private individual (not the government). Old and not much meat on the bones.

Agree maddow should have looked at it first and not rushed to report it.
 
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ironcates wrote:
So he paid 38 million in taxes in 2005. How much did you all pay. I paid significantly less than 1 million for those who care.

What percentage did you pay? That's the issue.
 
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David Dearlove
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Koldfoot wrote:
The AMT was created to specifically tax a few dozen people in the 60s.

It was not adjusted for inflation until recently. (Under Obama)

20+ million people were projected to be affected by the AMT at some point before it was changed.

It needs to go away.

It's been tweeked, but it is a relic that needs to go away. Dozens to millions. It no longer serves its purpose.

It seems to have exactly served it's purpose here. I expect 2005 is the year Trump fired his accountants and 2006 he returned to a much lower rate of taxes.
 
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Adrien Boyeldieu
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Koldfoot wrote:
The AMT was created to specifically tax a few dozen people in the 60s.

It was not adjusted for inflation until recently. (Under Obama)

20+ million people were projected to be affected by the AMT at some point before it was changed.

It needs to go away.

It's been tweeked, but it is a relic that needs to go away. Dozens to millions. It no longer serves its purpose.


Considering Trump would only have paid 4% tax without it:

1) Would you consider 4% a fair rate of tax for the 1%?

2) If not, what would you replace it with?

3) If you would replace it, is that in the current tax plans of the GOP?

(I'm an outside observer and know very little about U.S. tax laws, so I am genuinely interested in this topic, as a tax adviser in the UK, without an axe to grind.)
 
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