AmericanThinker: Even some of the best conservative fiscal analysts call Donald Trump’s 2005 income tax rate 25%. In truth, it was closer to 75%. A knowledgeable friend writes:
I mistakenly assumed the income figure of $150 million that was tossed around (on which he paid $36 million in taxes) was Adjusted Gross Income (AGI). Now seeing the actual 2 pages of his return,
I see that the media was even more disingenuous than I had thought in choosing the $150 million number. In fact, that return shows AGI of $49 million, on which he paid $36 million in taxes [roughly 73.5%]. The media somehow decided it was perfectly appropriate to add back $103 million in what I’ll call losses, the negative amount shown as Other Income, explained in Statement 1 – which is not available to us or the media. We don’t know what explains the $103 million in “losses” that the media decided to ignore.
But how do they come off pretending it isn’t there?
While this is all too complicated for the media to figure out and much of the public to understand and it might be nice to know the source of the $103 million negative Other Income, it’s great to see that even in the worst case painted by the media, per the Drudge headline: TRUMP PAID HIGHER TAX RATE [25%] THAN MSNBC COMCAST [24%]… MUCH HIGHER THAN OBAMA [19%]… AND BERNIE [13%]!
I also wonder if Donald Trump faced any income tax liability from New York State. Any percentage sent to Albany would be added to 25% or 73.5%. MORE
Been saying this all along. Gross vs Net. I have my doubts as to whether that 4 page document is legit. Shit, I own a business and my personal and cooperate returns weigh 5 pounds.
The cooperate taxes you pay, and personal for that matter are derived from adjusted gross income. This guys got depreciation up the wazoo. There’s got to be a tax guy here at IOTW.
How come son Barron wasn’t listed as a dependent?
Wasn’t born yet.
izlamo delenda est …
I’m not a tax expert but – for all those who say Trump isn’t as rich as he says – I know this (and so does every tax specialist): when you have a privately owned business, the objective is to maximize positive cash flow (which shows lenders and investors how healthy your project is) and minimize profits so you’re not giving away hard earned money to government parasites.
Trump’s tax advisors took every legal deduction to get his income as low as possible and he still had to pay $38 million.
The guy is superwealthy.
TY Tim, Lol, I guess I was thinking it was 2015 returns.
I don’t understand why his taxes are our business.
I wish Spicer would ask every reporter in the room to reveal THEIR tax returns. And I’d like to see charlie roses, matt lauers, stephynopoluse, gail king, nora o’donnells and all the rest.