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(Some of) Il Douchebag taxes released.

Toni said:
Personally I hold with those who believe that Trump is responsible for the 'leaking' if this very partial tax return. Why would he do that? I can think of 2 or three reasons:

1. This 'proves' he's a very wealthy man who paid his taxes
2. It serves as a well timed distraction for the real news about what his administration is doing. Example : the EPA is slated for a 24% budget decrease--which will be bumped an extra ten percent or so. For starters.

Plus this drives more media attention to Trump and how rich and successful he is, rather than what he is doing, trying to do and most of all, failing to do.
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Yeah, this is about distracting from a shitty health care bill, Russia, investigations into Trump's bullshit wiretapping claims, fuck... the list is too long.
 
Toni said:
Plus remember the difference between paid and owed and keep in mind that shell companies exist for a very good or bad reason .
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A) This is an individual return
B) It has a section on taxes paid. He paid $36.1 million during the year. The other $2.3 million would be due upon submitting the return.
 
dismal said:
Just a point of order, the tax return actually shows an AGI of $48.6 million on which Trump paid taxes of $38.4 million. A zesty 79% average tax rate.

This is easily determined by the modestly trained eye by reading the return, but $150 million because journalism and stuff, I guess.

https://www.scribd.com/document/341920994/Donald-Trump-s-2005-tax-return#from_embed
Click to expand...
Geesh, I wish I could reduce my AGI to a third of what I actually made, but I work for a living.

The AMT exists to keep people like Trump from being able to sodomize the tax code and reduce their federal taxes to an effective rate of 2%. Seeing that the AMT isn't 80%, your comparison of his AGI to his $38 million tax bill is apples to oranges.
 
Jimmy Higgins said:
dismal said:
Just a point of order, the tax return actually shows an AGI of $48.6 million on which Trump paid taxes of $38.4 million. A zesty 79% average tax rate.

This is easily determined by the modestly trained eye by reading the return, but $150 million because journalism and stuff, I guess.

https://www.scribd.com/document/341920994/Donald-Trump-s-2005-tax-return#from_embed
Click to expand...
Geesh, I wish I could reduce my AGI to a third of what I actually made, but I work for a living.

The AMT exists to keep people like Trump from being able to sodomize the tax code and reduce their federal taxes to an effective rate of 2%. Seeing that the AMT isn't 80%, your comparison of his AGI to his $38 million tax bill is apples to oranges.
Click to expand...

Your AGI is what you actually made, according to the IRS.

But I hope you get your wish and lose a bunch of money, if that's what's going to really make you feel better.
 
ElectEngr said:
Still waiting on the IRS to release my 2016 Tax refund...8-(

Later,
ElectEngr
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I got mine, about a week. Was surprised, it about as fast as the State. Wahoo! More money for me not to spend and save. :( Saving money sucks.
 
Jimmy Higgins said:
Toni said:
Personally I hold with those who believe that Trump is responsible for the 'leaking' if this very partial tax return. Why would he do that? I can think of 2 or three reasons:

1. This 'proves' he's a very wealthy man who paid his taxes
2. It serves as a well timed distraction for the real news about what his administration is doing. Example : the EPA is slated for a 24% budget decrease--which will be bumped an extra ten percent or so. For starters.

Plus this drives more media attention to Trump and how rich and successful he is, rather than what he is doing, trying to do and most of all, failing to do.
Click to expand...
Yeah, this is about distracting from a shitty health care bill, Russia, investigations into Trump's bullshit wiretapping claims, fuck... the list is too long.
Click to expand...

Yeah, and don't forget Yemen. Oh wait, everyone already forgot about Yemen...
 
Jimmy Higgins said:
Word is the White House may have leaked it, due to the pretty clean responses the White House had for its leaking. Also, this tax return is probably the least incriminating one that could have been released. So if someone wanted to expose Trump, this wouldn't be the thing to release. Also, it said "Client Copy" on it.
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I hear ya, and the American Voter went "Oh look, shinny" basically.

Later,
ElectEngr
 
As I keep seeing stories on this report "Trump had $150 million of income" and calculate what %taxes he paid thereon, I wonder if they have anyone with even a slight knowledge of US taxation employed in US journalism.

Taxes are calculated on income as the IRS defines income, not some bastardized version of income where you count the taxable gains and ignore a deductible loss.
 
dismal said:
As I keep seeing stories on this report "Trump had $150 million of income" and calculate what %taxes he paid thereon, I wonder if they have anyone with even a slight knowledge of US taxation employed in US journalism.

Taxes are calculated on income as the IRS defines income, not some bastardized version of income where you count the taxable gains and ignore a deductible loss.
Click to expand...

So why are you ignoring that "deductible loss", dismal? You shouldn't be so upset - those two pages are indeed a nothing burger, other than to illustrate Cheato's selfish motives for wanting to do away with the AMT.
We still don't know who paid him, who he paid, or any of the details salient to his conflicts of interest. So the clouds continue to gather. Stocking yup on popcorn. :)
 
Elixir said:
dismal said:
As I keep seeing stories on this report "Trump had $150 million of income" and calculate what %taxes he paid thereon, I wonder if they have anyone with even a slight knowledge of US taxation employed in US journalism.

Taxes are calculated on income as the IRS defines income, not some bastardized version of income where you count the taxable gains and ignore a deductible loss.
Click to expand...

So why are you ignoring that "deductible loss", dismal? You shouldn't be so upset - those two pages are indeed a nothing burger, other than to illustrate Cheato's selfish motives for wanting to do away with the AMT.
We still don't know who paid him, who he paid, or any of the details salient to his conflicts of interest. So the clouds continue to gather. Stocking yup on popcorn. :)
Click to expand...

The IRS defines income, not me. They count gains and losses as income. They apply the tax on the AGI.

A reasonable and rational question would be: Why would you ignore one category of income on this return? Why would gains count but not losses? And why then proceed to calculate %'s on something the IRS itself does not define as income?

I have so far attributed it to the ignorance of journalists, but clearly you do not have access to this excuse.
 
Jimmy Higgins said:
The AMT exists to keep people like Trump from being able to sodomize the tax code and reduce their federal taxes to an effective rate of 2%. Seeing that the AMT isn't 80%, your comparison of his AGI to his $38 million tax bill is apples to oranges.
Click to expand...

The AMT exists because Congress doesn't want to fix the tax code.
 
dismal said:
Elixir said:
So why are you ignoring that "deductible loss", dismal? You shouldn't be so upset - those two pages are indeed a nothing burger, other than to illustrate Cheato's selfish motives for wanting to do away with the AMT.
We still don't know who paid him, who he paid, or any of the details salient to his conflicts of interest. So the clouds continue to gather. Stocking yup on popcorn. :)
Click to expand...

The IRS defines income, not me. They count gains and losses as income. They apply the tax on the AGI.

A reasonable and rational question would be: Why would you ignore one category of income on this return?
Click to expand...

I don't. Simple as that.
That summary is almost devoid of information pertinent to Cheato's dealings. Except that it lays bare his motive for wanting to do away with the AMT.
Clear enough? Whine on... :)
 
Jimmy Higgins said:
ElectEngr said:
Still waiting on the IRS to release my 2016 Tax refund...8-(

Later,
ElectEngr
Click to expand...
I got mine, about a week. Was surprised, it about as fast as the State. Wahoo! More money for me not to spend and save. :( Saving money sucks.
Click to expand...

Unfortunately, not a good thing. The fast returns means the IRS doesn't have time to check things, this increases the fraud rate.
 
Loren Pechtel said:
Jimmy Higgins said:
I got mine, about a week. Was surprised, it about as fast as the State. Wahoo! More money for me not to spend and save. :( Saving money sucks.
Click to expand...
Unfortunately, not a good thing. The fast returns means the IRS doesn't have time to check things, this increases the fraud rate.
Click to expand...
Now you tell me! :mad:

- - - Updated - - -

Loren Pechtel said:
Jimmy Higgins said:
The AMT exists to keep people like Trump from being able to sodomize the tax code and reduce their federal taxes to an effective rate of 2%. Seeing that the AMT isn't 80%, your comparison of his AGI to his $38 million tax bill is apples to oranges.
Click to expand...
The AMT exists because Congress doesn't want to fix the tax code.
Click to expand...
I'd say it is probably too complicated at this point and it is much easier to say "Screw it, you have to pay at least this much." Clearly it worked because it made a guy who reported $150 million income have to pay more than an effective rate of 2%.
 
Jimmy Higgins said:
Loren Pechtel said:
Unfortunately, not a good thing. The fast returns means the IRS doesn't have time to check things, this increases the fraud rate.
Click to expand...
Now you tell me! :mad:

- - - Updated - - -

Loren Pechtel said:
Jimmy Higgins said:
The AMT exists to keep people like Trump from being able to sodomize the tax code and reduce their federal taxes to an effective rate of 2%. Seeing that the AMT isn't 80%, your comparison of his AGI to his $38 million tax bill is apples to oranges.
Click to expand...
The AMT exists because Congress doesn't want to fix the tax code.
Click to expand...
I'd say it is probably too complicated at this point and it is much easier to say "Screw it, you have to pay at least this much." Clearly it worked because it made a guy who reported $150 million income have to pay more than an effective rate of 2%.
Click to expand...

A guy who reported $48 million of income. It's not that hard people. Open up the tax return file. Find the line that says "Adjusted Gross Income".

Tip: It's line 37. Or 38.

https://www.scribd.com/document/341920994/Donald-Trump-s-2005-tax-return#from_embed
 
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