(Some of) Il Douchebag taxes released.

[ElectEngr]

Unfortunately, not a good thing. The fast returns means the IRS doesn't have time to check things, this increases the fraud rate.

Now you tell me!

I called the IRS about the delay. The lady I talked to said the IRS sent me a letter back on Feb 2, asking for more information and I should get it within 60 days. Now I'm scared. It sounded like an audit. And I still haven't gotten the letter yet.

Later,
ElectEngr

 

[jonatha]

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

Looks to me like he had closer to $150 million in income, and used up the last of his billion dollar loss carryforward (money that he lost in the 1990s, although possibly the money in question didn't come from his own pockets to egin with) to offset it.

Tax of $5M on taxable income of $31M is a low enough rate to suggest that a large fraction of his taxable income came from the capital gains.

 

[Elixir]

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

Looks to me like he had closer to $150 million in income, and used up the last of his billion dollar loss carryforward (money that he lost in the 1990s, although possibly the money in question didn't come from his own pockets to egin with) to offset it.

Yes, that is what it "looks" like. But as a stand-alone document it's virtually meaningless. I don't know why dismal is putting himself through all those contortions to assure us (without any knowledge) that the $103m deduction was a straightforward loss such as you or I would report. The only salient facts it brings to light are that he had close to $150m in income in 2005 prior to deductions, 40-something million after deductions, and absent the AMT he would have only paid some $5m in taxes vs the $38m he actually paid. And to quell dismal's screaming, the $38m he paid included (and is mostly comprised of) taxes on the 103m he deducted per the AMT schedule.

Tax of $5M on taxable income of $31M is a low enough rate to suggest that a large fraction of his taxable income came from the capital gains.

Like that house he sold to the Russian oligarch, for twice what he paid, in a declining real estate market? Never mind. Nothing to see there...

 

[whichphilosophy]

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.

Another thing, apparently the AMT is extremely important because otherwise, $150 million income would have led to $3 million tax bill, that'd be 2 percent for those playing at home. No wonder Trump wants to get rid of the AMT.

What the taxes show is a man living on another planet.

With no connection what-so-ever to the world of the vast majority of Americans.

No matter how much pain he causes don't worry, he won't feel any of it.

..or is it the tax laws are from another planet

 

[whichphilosophy]

Looks to me like he had closer to $150 million in income, and used up the last of his billion dollar loss carryforward (money that he lost in the 1990s, although possibly the money in question didn't come from his own pockets to egin with) to offset it.

Yes, that is what it "looks" like. But as a stand-alone document it's virtually meaningless. I don't know why dismal is putting himself through all those contortions to assure us (without any knowledge) that the $103m deduction was a straightforward loss such as you or I would report. The only salient facts it brings to light are that he had close to $150m in income in 2005, and absent the AMT he would have only paid some $5m in taxes vs the $38m he actually paid.

Tax of $5M on taxable income of $31M is a low enough rate to suggest that a large fraction of his taxable income came from the capital gains.

Like that house he sold to the Russian oligarch, for twice what he paid, in a declining real estate market? Never mind. Nothing to see there...

Now that last bit is a good point if you are checking for irregularities. Find a loose thread or something that doesn't match. Sometimes the investigator will hit pay dirt.

 

[Elixir]

What the taxes show is a man living on another planet.

With no connection what-so-ever to the world of the vast majority of Americans.

No matter how much pain he causes don't worry, he won't feel any of it.

..or is it the tax laws are from another planet

Don't worry - Cheato will "fix" it as he alone can: so that if he has another year with that kind of income he'll only pay $5m in taxes. Problem solved!

 

[Elixir]

Like that house he sold to the Russian oligarch, for twice what he paid, in a declining real estate market? Never mind. Nothing to see there...

Now that last bit is a good point if you are checking for irregularities. Find a loose thread or something that doesn't match. Sometimes the investigator will hit pay dirt.

No shit, Sherlock. The problem being that there are mountains of paydirt, and a processing capability of a few yards an hour. Cheato will likely die of old age long before anyone unravels the web of deceit and corruption that he has woven.

 

[Toni]

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.

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.

The wiretapping claim is also distraction/waving a red flag in front of the raging bull that is his fan base.

 

[Jimmy Higgins]

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.

The wiretapping claim is also distraction/waving a red flag in front of the raging bull that is his fan base.

I don't know. I think it is a censuring worthy offense by him.

 

[RavenSky]

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.

^^^ all of this plus it allows him and his followers to bloviate further about the "dishonest media"

He has a history of "leaking" stuff about himself when he thinks it makes him look good. I am very firm in my opinion that he released these 2 pages himself.

He is a fucking embarrassment to this country. I just keep reminding myself that a lot of other countries have suffered under worse, and survived.

 

[RavenSky]

Breaking: Trump is rich and pays lots of taxes.

In 2005.

Thanks to a provision in the tax code that he wants to eliminate.

And perhaps only because he had to in order to allow Melania to be naturalized.

I just had a tin foil hat thought... maybe Melania leaked the 2 pages.

 

[dismal]

Looks to me like he had closer to $150 million in income, and used up the last of his billion dollar loss carryforward (money that he lost in the 1990s, although possibly the money in question didn't come from his own pockets to egin with) to offset it.

Yes, that is what it "looks" like. But as a stand-alone document it's virtually meaningless. I don't know why dismal is putting himself through all those contortions to assure us (without any knowledge) that the $103m deduction was a straightforward loss such as you or I would report. The only salient facts it brings to light are that he had close to $150m in income in 2005 prior to deductions, 40-something million after deductions, and absent the AMT he would have only paid some $5m in taxes vs the $38m he actually paid. And to quell dismal's screaming, the $38m he paid included (and is mostly comprised of) taxes on the 103m he deducted per the AMT schedule.

Tax of $5M on taxable income of $31M is a low enough rate to suggest that a large fraction of his taxable income came from the capital gains.

Like that house he sold to the Russian oligarch, for twice what he paid, in a declining real estate market? Never mind. Nothing to see there...

LOL. In your religious fervor you seem to be missing the big picture.

I'll say it again: when it comes to income taxes, THE IRS DEFINES INCOME. Not me. Not you.

If you want to discuss someone's income on their income tax form as reported to the IRS there is an easy and convenient way to do this. You go to the line called "Total Income".

Any non-standard, non-IRS definition of income in a discussion about IRS forms and income has no basis.

YOU ARE THE ONE ENGAGING IN CONTORTIONS.

I am looking at his reported income.

What his reported Adjusted Gross Income, according to IRS rules, is on that form is an objective fact.

 

[Jimmy Higgins]

In 2005.

Thanks to a provision in the tax code that he wants to eliminate.

And perhaps only because he had to in order to allow Melania to be naturalized.

I just had a tin foil hat thought... maybe Melania leaked the 2 pages.

That seems doubtful as the return indicates he paid a sizeable sum of money in taxes. It looks probably as good to Trump as any of his returns could. So he most likely sent it out.

 

[RavenSky]

I just had a tin foil hat thought... maybe Melania leaked the 2 pages.

That seems doubtful as the return indicates he paid a sizeable sum of money in taxes. It looks probably as good to Trump as any of his returns could. So he most likely sent it out.

I do agree with you.

If Melania released it, she would release the one that made him look the worst. That's assuming, of course, that she even has access to any of them.

 

[Keith&Co.]

That's assuming, of course, that she even has access to any of them.

In that White House? I would suspect that she's no more than one handjob away from everything but the nuclear codes, Bannon's bourbon and Trump's winkie.

 

[Malintent]

The form that was "leaked" had the words "Client copy" stamped on it. This means:
a) the document is not official, and may not reflect the same information on the version of the form that was submitted to the IRS
b) the document was in Trump's possession prior to being leaked.

Also,
c) It is over a decade old, and therefore has little, if any, relevance.
d) the vast majority of taxes paid were for "Alternative Minimum Tax", which means that he had too many deductions, according to the IRS

Trump is trying to remove the Alternative Minimum Tax such that his 2005 taxes paid would have been around 7M instead of around 34M, as an example.

show of hands... anyone here ever have to pay alternative minimum tax, and would get a benefit along with the other richest people in America if that was eliminated?

 

[Elixir]

Yes, that is what it "looks" like. But as a stand-alone document it's virtually meaningless. I don't know why dismal is putting himself through all those contortions to assure us (without any knowledge) that the $103m deduction was a straightforward loss such as you or I would report. The only salient facts it brings to light are that he had close to $150m in income in 2005 prior to deductions, 40-something million after deductions, and absent the AMT he would have only paid some $5m in taxes vs the $38m he actually paid. And to quell dismal's screaming, the $38m he paid included (and is mostly comprised of) taxes on the 103m he deducted per the AMT schedule.

Tax of $5M on taxable income of $31M is a low enough rate to suggest that a large fraction of his taxable income came from the capital gains.

Like that house he sold to the Russian oligarch, for twice what he paid, in a declining real estate market? Never mind. Nothing to see there...

LOL. In your religious fervor you seem to be missing the big picture.

I'll say it again: when it comes to income taxes, THE IRS DEFINES INCOME.

So what? I don;t need to define income to know what I'm looking at. But I guess you don't have another line to offer in defense of Cheato trying to get rid of the AMT.

 

[jonatha]

The form that was "leaked" had the words "Client copy" stamped on it. This means:
a) the document is not official, and may not reflect the same information on the version of the form that was submitted to the IRS
b) the document was in Trump's possession prior to being leaked.

Also,
c) It is over a decade old, and therefore has little, if any, relevance.
d) the vast majority of taxes paid were for "Alternative Minimum Tax", which means that he had too many deductions, according to the IRS

Trump is trying to remove the Alternative Minimum Tax such that his 2005 taxes paid would have been around 7M instead of around 34M, as an example.

show of hands... anyone here ever have to pay alternative minimum tax, and would get a benefit along with the other richest people in America if that was eliminated?

There will be a lot of people who are in the top 5% (not just the top .001%) that will have been hit by it.

Although they did fix it recently (under Obama) to index the AMT standard deduction for inflation, which will improve matters in that regard going forward.

 

[Loren Pechtel]

I just had a tin foil hat thought... maybe Melania leaked the 2 pages.

That seems doubtful as the return indicates he paid a sizeable sum of money in taxes. It looks probably as good to Trump as any of his returns could. So he most likely sent it out.

Given the irrelevance of the year involved I think it's pretty clear that he leaked the only thing he had that didn't look bad.

 

[blastula]

Yeah, but you missed the point.

Before yesterday: Trump can't release any of his tax returns because of an ongoing audit.

As of <1 hour after Maddow's tweet: look what I have here, it's the very tax return Rachel is about to reveal on her show, and isn't it innocuous and boring, nothing to see here!

In other words, the White House took the bait and proved to everyone what mostpeople already knew, which is they can release the tax returns anytime they want and the audit excuse is bogus.

No I get the point: You have desperate fever-dreams about Trump's taxes.

That Trump hasn't released them means it's crazy to think there's something incriminating there?

Are you a graduate of Trump University?