View Full Version : Trump's Taxes
I see that after a hysterical build-up, Rachel Maddow brandished two pages stolen from Trump's 2005 return. He apparently paid $38 million on income of $150 million, and we were invited to be shocked by that revelation.
If 25% of one's income isn't enough for the commonweal, what is sufficient?
I agree. It made him look like a socialist compared to the Helmsley's of the world. I don't feel I'm in a position to judge his tax return. God knows I'm not an accountant. This was kind of a non-issue for me, except for the fact that I guess I have to be satisfied with this little crumb of financial transparency.
iris lilies
3-15-17, 9:00am
He's not as smart with his taxes as the mainstream media kpet leading is to believe.what a disappointment. Another Donald fail.
He's not as smart with his taxes as the mainstream media kpet leading is to believe.what a disappointment. Another Donald fail.
I hear the AMT got him. As smoking guns go, it doesn't seem all that damning. They should probably go back to trying to prove he's a Russian agent.
From what I can tell from the news he would have "only" paid 5 million were it not for the AMT, which he wants to repeal. From my amateur perspective I can't see any big issues with his returns. It's better than Mitt's effective tax rate of 14%. However, I can see a strong case made to protect the AMT from repeal. I'm just swagging it, but without the AMT it would have made his effective tax rate closer to 10% or less?
ApatheticNoMore
3-15-17, 10:46am
2 pages aren't even the whole thing right? 2 pages are just the 1040 without a single other form, so can't be. So it's incomplete information. True though there might be no there there with Trump tax returns but it would kind of help to actually have adequate information before saying so.
The tax rate probably isn't that much different from what Joe Schmoe is paying when you figure he is paying payroll taxes as well etc., lots of taxes on working after all (20% at minimum). The AMT is a real mess and I'm with Trump on repeal of that. Mostly because taxes have become too complex, too complex for tax software, too complex for an accountant anyone who isn't rich can afford (not a problem Trump has) etc.. His tax rate being only 10% or less without the AMT really just makes the case for repealing most deductions IMO. Cap out dependents and don't allow any other deductions at all except maybe health care (yea U.S. healthcare system bankrupts people right and left and unless we are going to get something better and we aren't now, at least that provides some help). Tax income the same regardless of source.
OR EVEN making the AMT the ONLY tax system *might* make sense. Two tax systems become too complex for trying to figure out with tax software etc.. One decent alternative they do in some places if for the government to just send you a tax bill of what you owe, I might not love the bill, but oh how I would long for the ease of that compared to our current accountant enrichment system.
I am much more interested in his tax returns from the last 2 or 3 years...2005? Who cares?
I see that after a hysterical build-up, Rachel Maddow brandished two pages stolen from Trump's 2005 return. He apparently paid $38 million on income of $150 million, and we were invited to be shocked by that revelation.
On the bright side, Geraldo Rivera no longer holds the record for most media buildup with nothing to show for his Al Capone's vault story.
In this administration, how can we believe anything? And I agree with nswef........what good is info from 12 years ago?
ApatheticNoMore
3-15-17, 12:24pm
the only thing interesting if it existed, and it would probably be in the last few years, would be quid pro quo. Who is paying Trump off afterall? And it might not be able to be found in a total of 2 pages. Russians, ha that's about the only conspiracy about Russians I'd actually believe, that Trump is bought and sold would be so in the nature of Trump that ... but yea not enough information now.
flowerseverywhere
3-15-17, 12:38pm
One of the theories was that trump had it released. You may not like him, but he is not stupid and is very aware how to manipulate things. It's like a reality show these days.
I think most most of us know he has a lot of money and probably pays a lot of taxes in one way or another. Unfortunately who knows how much he is profiting from his executive actions and dealings with foreign powers. Could be zero, could be billions.
I hate all these tactics on both sides. All smoke, mirrors, innuendos, accusations and so on. I think she should have said I have Trumps "tax returns". The quotations make everything subject to individual interpretation.
iris lilies
3-15-17, 1:12pm
Hmmm, and I have a theory that I am a principal dancer with AMerican Ballet Theater, but that doesnt make it true.
I think it's more than clear that Trump is profiting bigly from being President (real estate and licensing deals), and has profited from his deals with Russians.
I think it's more than clear that Trump is profiting bigly from being President (real estate and licensing deals), and has profited from his deals with Russians.
Enough has happened that an investigation into whether the emoluments clause is being violated, I think, is more than warranted.
Teacher Terry
3-15-17, 1:56pm
Creaker, I totally agree with you.
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frugal-one
3-15-17, 6:37pm
I see that after a hysterical build-up, Rachel Maddow brandished two pages stolen from Trump's 2005 return. He apparently paid $38 million on income of $150 million, and we were invited to be shocked by that revelation.
If 25% of one's income isn't enough for the commonweal, what is sufficient?
Wasn't it said that because of this he did to have to pay ANY taxes for years. Also, see that he had another year where he claimed a $900,000 loss. This was a diversion to take the press away from reporting more on his affiliation with the Russians.
I just completed my income taxes for tax year 2016. It showed negative income after allowed (and nothing at all fancy) deductions and exemptions. And I got a *credit* of about $9000, which is cash money that will be sent right to my bank from Alan's pocket apparently, just for being such a good citizen.
There is simply no way to discern my real investment positioning or my net worth from my income tax forms, even though I went through quite a lot of printer ink and paper to print them out. (I have to mail in physical forms, I am not allowed by our overlords to file electronically, because one of their internal databases has my last name mis-spelled (using a spelling that is unique upon the earth) and thus the cross-checks of my social security number and my name fail. The only way to fix this is to go hat-in-hand to one of their offices (a one day trip) with originals of my identifying documents, and thus this task will never get done...).
I also completed my financial disclosure forms for my state elected office, to conform with our disclosure rules. This filing lets you know just about everything there is to know.
Weird that a local-level elected position with very limited authority and scope has more intense disclosure/ethics requirements than, say, the position of President of the USA...
But the whole "tax forms" thing is a bit precious - the 1040 and supporting documentation alone tell you so very little.
There's conjecture out there that he leaked his own taxes. He's a known leaker. (And leakee, if Russian gossip can be believed.)
Who knows what the truth is, but if he were going to leak it would make sense to pick a 'bland' year like the one that is now public.
Who knows what the truth is, but if he were going to leak it would make sense to pick a 'bland' year like the one that is now public.
You would need to look at many years in a row to get even a vague idea of the underlying financial situation.
I go for multiple years without *any* income on my 1040, then there's the occasional year with quite a bit. I do this on purpose, and I'm pretty sure most people with the ability to do so do the same.
Who knows what the truth is, but if he were going to leak it would make sense to pick a 'bland' year like the one that is now public.
Also the first 2 pages in a tax return is basically just a summary, all you really get is how much was listed as income and how much was paid in taxes - I would think any real details are going to be in the schedules and attached forms, and they aren't available.
iris lilies
3-15-17, 10:40pm
You would need to look at many years in a row to get even a vague idea of the underlying financial situation.
I go for multiple years without *any* income on my 1040, then there's the occasional year with quite a bit. I do this on purpose, and I'm pretty sure most people with the ability to do so do the same.
well what IS the point of asking for Trump's tax returns? I havent really figured it out.
But it appears that top two pages will not make the mob happy. Creaker and others wont be satisfied until more is put out there. And then it will come under a cloud. And it will apoear to have been altered. And it will never be seen as the real tax return.
Kinda like the Obama birth certificate.
Maybe we should've asked to see trump's birth certificate. Maybe he was actually born in russia... But seriously, I think the issue is just how entangled he is with russia. For all we know he's either gotten some sweatheart income from them, or perhaps worse, has some mega debt to russian banks.
I could sit here and come up with scenarios all day long that would compromise his integrity towards the US (even worse than his already near total lack of integrity). Maybe his tax returns won't tell us, but his adamant desire to keep them hidden will forever raise suspicion. If he were just some random buffoon I wouldn't care, but he's the buffoon in chief of the most powerful country in the world. His decisions literally have the power to decide the life and death of millions of people. With that comes a loss of privacy.
well what IS the point of asking for Trump's tax returns? I havent really figured it out.
But it appears that top two pages will not make the mob happy. Creaker and others wont be satisfied until more is put out there. And then it will come under a cloud. And it will apoear to have been altered. And it will never be seen as the real tax return.
Kinda like the Obama birth certificate.
I think the tax returns have become much less important - the original intent of releasing tax returns (why previous presidents have done this) was to show where there might be financial conflicts of interest. I think that can clearly be shown without tax returns at this point.
I also completed my financial disclosure forms for my state elected office, to conform with our disclosure rules. This filing lets you know just about everything there is to know.
Weird that a local-level elected position with very limited authority and scope has more intense disclosure/ethics requirements than, say, the position of President of the USA...
Imagine the endless, relentless legal ankle-biting that would be directed at this or any president if people had such a wealth of technicalities to work with.
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