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brooklynite

(94,737 posts)
Tue Mar 14, 2017, 09:17 PM Mar 2017

Report: Trumps 2005 Taxes Revealed

Source: The Daily Beast

Donald Trump earned more than $150 million in the year 2005—and paid just a small percentage of that in regular federal income taxes. Daily Beast contributor David Cay Johnston has obtained what appear to be the first two pages of Trump’s 2005 federal income tax return, and published an analysis of those pages on his website, DCReport.org. The Daily Beast could not independently verify these documents.

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.

“Before being elected President, Mr. Trump was one of the most successful businessmen in the world with a responsibility to his company, his family and his employees to pay no more tax than legally required,” the White House said in a statement. “That being said, Mr. Trump paid $38 million dollars even after taking into account large scale depreciation for construction, on an income of more than $150 million dollars, as well as paying tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes and this illegally published return proves just that.”

Trump’s 2005 return also shows that he’d continued to benefit from the roughly $916 million loss he reported in his 1995 return—published last year by The New York Times. Using a loophole Congress closed in 1996, Trump converted that loss into a tax credit for the same amount he could offset against income.

Read more: http://www.thedailybeast.com/cheats/2017/03/14/report-trump-s-2005-taxes-revealed.html?via=desktop&source=copyurl

36 replies = new reply since forum marked as read
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Report: Trumps 2005 Taxes Revealed (Original Post) brooklynite Mar 2017 OP
Drip, drip, drip. nt msanthrope Mar 2017 #1
So how's this a huge story? What damage does this do? NightWatcher Mar 2017 #2
Exactly still_one Mar 2017 #3
It's not fmdaddio Mar 2017 #5
Welcome to DU, fmdaddio! calimary Mar 2017 #34
No damage. This is useless, other than showing that tax returns can be had. George II Mar 2017 #6
Afraid you are correct. TimeToGo Mar 2017 #7
I KNEW she was going to do that 3-4 minutes into it - I was screaming at the television........ George II Mar 2017 #28
It will probably help him hibbing Mar 2017 #8
None. Agschmid Mar 2017 #26
12 years ago?!?!? ThingsGottaChange Mar 2017 #4
This message was self-deleted by its author ColemanMaskell Mar 2017 #9
It showed the Trumps paid only 4% in regular tax, but... Rollo Mar 2017 #10
tRumps playing them like a cheap piano nt elmac Mar 2017 #11
Not much new to learn. Yonnie3 Mar 2017 #12
Who (and where) he owes money and financial involvement with foreign entities is what's important Lanius Mar 2017 #16
I wish I was wealthy enough for the AMT to be a bother. Yonnie3 Mar 2017 #22
I think you're right on all of those points for why he won't release his returns. Lanius Mar 2017 #24
That's what I wanted - Schedules A and B primarily (i.e., sources of income and deductions)..... George II Mar 2017 #29
Nice to hear from David Cay Johnston on The Rachel Maddow Show Kolesar Mar 2017 #13
We already know that as of last year he was 500+ million in debt... Crash2Parties Mar 2017 #14
Weird that Wikileaks can get Top Secret CIA files and can't hack Trump's taxes Midnight Writer Mar 2017 #15
Especially since the IRS's computer system is ancient More_Cowbell Mar 2017 #18
I don't really care about his 2005 returns jmowreader Mar 2017 #17
Why would either of those be instructive? brooklynite Mar 2017 #19
Because of his income went down from $150M to zero HoneyBadger Mar 2017 #30
It shows the true nature of the man jmowreader Mar 2017 #36
News leak designed to take the news focus off of the health care bill. nt. andym Mar 2017 #20
Because the media only covers one story at a time? brooklynite Mar 2017 #21
The media cover many stories of course. But there's only so much oxygen for the talking heads. andym Mar 2017 #23
That's why Trump has been doing so well in the past month? brooklynite Mar 2017 #25
Yes. That's why his gallop polling recovered until the health care bill was released and analyzed andym Mar 2017 #31
ITA. Like he leaked the pics of Melania, he conveniently leaked rtn after the $1B write off expired iluvtennis Mar 2017 #32
I think this was a set up to give the INdemo Mar 2017 #27
Remember that in 2006 he took a $100M write-off on Trump State Park TexasTowelie Mar 2017 #33
I bet Trump had this "leaked" inwiththenew Mar 2017 #35

fmdaddio

(192 posts)
5. It's not
Tue Mar 14, 2017, 09:29 PM
Mar 2017

This will backfire "Bigly" I'm afraid. This will make the media look bad to boot. What is Racheal trying to do discredit the tax return issue for good? Just Great!! I hope I'm wrong about this.

calimary

(81,500 posts)
34. Welcome to DU, fmdaddio!
Tue Mar 14, 2017, 11:00 PM
Mar 2017

You know that old cliche. Something that seems too good to be true probably is.

TimeToGo

(1,366 posts)
7. Afraid you are correct.
Tue Mar 14, 2017, 09:42 PM
Mar 2017

I'm beside myself -- it seems she was being played. When she spent 20 minutes telling us why it's important to look at taxes (duh), I knew we had nothing.

George II

(67,782 posts)
28. I KNEW she was going to do that 3-4 minutes into it - I was screaming at the television........
Tue Mar 14, 2017, 10:25 PM
Mar 2017

......."JUST SHOW IT TO US!!!" In those three or four minutes she must have mentioned Watergate and Nixon a dozen times.

I couldn't take her melodrama and those frowny eyes all the time waiting for her to get to the point. Finally about six minutes into it I switched over to "The Big Bang Theory"!

I stopped watching her about five years ago because I couldn't take all the fake melodrama and faces, and drawing circles on her freaking notes, etc. TOO phony for me.

hibbing

(10,109 posts)
8. It will probably help him
Tue Mar 14, 2017, 09:44 PM
Mar 2017

His supporters will see the millions he did pay in taxes and think he's overtaxed.


Peace

Response to ThingsGottaChange (Reply #4)

Rollo

(2,559 posts)
10. It showed the Trumps paid only 4% in regular tax, but...
Tue Mar 14, 2017, 09:47 PM
Mar 2017

$38 million in "Alternative Minimum Tax".

I'm wondering when Trump will deconstruct the IRS to change that to "Alternative Reality Tax", which instead of charging the Trumps $38 million, will gift to them $38 million in refundable tax credit.

Oh yeah. Alternative Reality Tax.

You heard it here first!

Yonnie3

(17,485 posts)
12. Not much new to learn.
Tue Mar 14, 2017, 09:53 PM
Mar 2017

We already knew about the 1995 loss being carried forward from the NY Times. What I was hoping for was the attached schedules. With them we might have found out about who (and where) he owes money and any financial involvement he has with foreign entities.

Lanius

(601 posts)
16. Who (and where) he owes money and financial involvement with foreign entities is what's important
Tue Mar 14, 2017, 10:02 PM
Mar 2017

Although it's nice to see he paid less than 4% in regular federal income tax and $31 million in alternative minimum tax. And his desire to eliminate the AMT would mean he and those like him would get off with paying a much lower tax rate than most of us, even without his 1995 loss.

Yonnie3

(17,485 posts)
22. I wish I was wealthy enough for the AMT to be a bother.
Tue Mar 14, 2017, 10:19 PM
Mar 2017

The way Trump's business is structured with a lot of separate LLCs that do business with a lot of other companies might mean the attachments to his 1040 form wouldn't directly show what we want to know. It would take a lot of detective work to find the dirt. I suspect that the reasons he doesn't want the tax information out there are (in no specific order):

He's not quite so rich
Large offshore income and/or debt
Lack of any charitable giving
He has been able to pay no (or small amounts of) taxes in many years.

George II

(67,782 posts)
29. That's what I wanted - Schedules A and B primarily (i.e., sources of income and deductions).....
Tue Mar 14, 2017, 10:27 PM
Mar 2017

...without them the damned 1040 is useless.

Crash2Parties

(6,017 posts)
14. We already know that as of last year he was 500+ million in debt...
Tue Mar 14, 2017, 09:56 PM
Mar 2017

(republican math foo)

He's a Billionaire!!! A 10x Billionaire!!!

jmowreader

(50,562 posts)
17. I don't really care about his 2005 returns
Tue Mar 14, 2017, 10:04 PM
Mar 2017

He was still making money in real estate in 2005. Let's look at 2012 or 2013.

Trump has a BIG problem with early-teens returns: at that time, his income came from two primary sources: his work as an ersatz television star, and licensing his name.

brooklynite

(94,737 posts)
19. Why would either of those be instructive?
Tue Mar 14, 2017, 10:07 PM
Mar 2017

Those were strictly marketing deals. Nothing likely to be untoward.

jmowreader

(50,562 posts)
36. It shows the true nature of the man
Tue Mar 14, 2017, 11:42 PM
Mar 2017

Trump portrays himself as the World's Greatest Real Estate Expert. Problem is, for many years he hasn't done a hell of a lot with real estate - mainly marketing. Which makes more sense than his being a "real estate expert" but he doesn't like facing reality.

andym

(5,445 posts)
23. The media cover many stories of course. But there's only so much oxygen for the talking heads.
Tue Mar 14, 2017, 10:20 PM
Mar 2017

and editors. Trump's been playing them like a fiddle. The story about Obama's wiretapping almost completely wiped the stories from the "front page" and news talk shows about Sessions lying to Congress for example.

andym

(5,445 posts)
31. Yes. That's why his gallop polling recovered until the health care bill was released and analyzed
Tue Mar 14, 2017, 10:32 PM
Mar 2017
http://www.gallup.com/poll/201617/gallup-daily-trump-job-approval.aspx
His approval was in the mid 40's% this month until the last two days-- way higher than it should be.
He was at 45 approve/49 disapprove on 3/11-- way too good considering what he has been saying and doing, one would think. He was doing far better than he deserved to be, by playing games with the press.

As soon as the health care bill really hit the public's consciousness-- boom! 39/55 and dropping like a rock.

iluvtennis

(19,874 posts)
32. ITA. Like he leaked the pics of Melania, he conveniently leaked rtn after the $1B write off expired
Tue Mar 14, 2017, 10:46 PM
Mar 2017

INdemo

(6,994 posts)
27. I think this was a set up to give the
Tue Mar 14, 2017, 10:25 PM
Mar 2017

White House a talking point for the Trump deplorables that this was just another act of interference by the Democrats.
First of all with that much earned income and expenses there would have to have included a schedule 'E,Schedule A and profit loss statement.
This was bait put out there by the White House and the producers of MSNBC fell for it,
Nothing to show except a bunch of numbers of supposedly income and taxes paid.
NBC would be wise not to ask about this at press briefing tomorrow becasue this is exactly what Spicer wants.

TexasTowelie

(112,441 posts)
33. Remember that in 2006 he took a $100M write-off on Trump State Park
Tue Mar 14, 2017, 10:59 PM
Mar 2017

which is not shown on this tax return.

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