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White House: Trump paid $38 million in taxes on more than $150 million in income


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White House: Trump paid $38 million in taxes on more than $150 million in income

 

 

 
AOL.COM EDITORS
Mar 14th 2017 9:31PM
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The White House announced that President Donald Trump paid $38 million in taxes on more than $150 million in income on Tuesday evening.

The announcement came in response to MSNBC host Rachel Maddow's report that she had obtained Trump's 2005 tax returns.

Maddow shared a copy of the president's 1040 form, confirming that he paid more than $38 million on income of more than $150 million.

Maddow invited tax reporter David Johnston of DC Report, who obtained the returns, onto her show to explain them in more detail.

Johnston said that the Trumps paid $5.3 million in federal income tax that year, while paying an additional $31 million in what's known as the "alternative minimum tax."

President Trump has at times called for the elimination of the alternative minimum tax, a point Johnston made repeatedly during the interview. Without the alternative minimum tax, the tax rate would have been less than 4 percent. With the alternative minimum tax, he paid more than 20 percent.

Johnston also claimed during his interview that Trump has done business with a drug king pin and mobsters, saying that those prior interactions justify the release of Trump's returns so the American people can know more of about the president's financial dealings.

"You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago," the White House said in a statement released shortly before the report.

"It is totally illegal to steal and publish tax returns," the White House statement continued. "The dishonest media can continue to make this part of their agenda, while the President will focus on his, which includes tax reform that will benefit all Americans."

"For the record, the First Amendment gives us the right to publish this return," Maddow said in response to that statement.

Maddow said during the program that Johnston of DC Report shared the returns with her. Johnston said he received the returns in the mail.

Trump became the first major party presidential candidate in modern history to refuse to release his tax returns during the 2016 campaign cycle. He justified that decision by saying he was under audit and could not until it was done.

Since taking office, members of his administration have repeatedly reiterated he had no intentions to, insisting that voters and citizens were not interested in it.

Prior reports have shown that at certain points in his career Trump paid no federal income taxes. That includes at least twice in the late 1970s, according to a Washington Post report from last year.

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1 minute ago, coorslite21 said:

Why would MSNBC and Rachel Maddow,,,,(sp)....want to create a diversion like this??......I understand she was the one who broke the story.....

She was played......An anonymous source left the tax return in Johnston's mailbox and MSNBC was his first stop.  Put the focus on something other than Donald's missteps, a perfect example of Trump's diversionary prowess.  As always, just my opinion, of course.  

GO RV, then BV 

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5 minutes ago, Shabibilicious said:

She was played......An anonymous source left the tax return in Johnston's mailbox and MSNBC was his first stop.  Put the focus on something other than Donald's missteps, a perfect example of Trump's diversionary prowess.  As always, just my opinion, of course.  

GO RV, then BV 

So the pride of MSNBC, and her producers, who let her run with the story were all played for fools......Trump must be pretty smart, wouldn't you agree?

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2 minutes ago, coorslite21 said:

So the pride of MSNBC, and her producers, who let her run with the story were all played for fools......Trump must be pretty smart, wouldn't you agree?

Depends.  Take it a step further......If he had to run a diversion, he brought it on himself.  Microwaves see everything.  :lol:

GO RV, then BV

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Well, she sure ain't Jenny from the Block......but back to Trump........so that low life that HillBillary said  he was unAmerican because he paid no taxes........ actually he paid $38 million in one year and he paid at 25% ........what a dope........Romney was only paying 14%.........wonder what the Clinton's paid that year....amount and percentage.......do you know????....... (It makes her look bad...!!)

Edited by coorslite21
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4 minutes ago, coorslite21 said:

Well, she sure ain't Jenny from the Block......but back to Trump........so that low life that HillBillary said  he was unAmerican because he paid no taxes........ actually he paid $38 million in one year and he paid at 25% ........what a dope........Romney was only paying 14%.........wonder what the Clinton's paid that year....amount and percentage.......do you know????....... (It makes her look bad...!!)

No, I don't know.  Of course, we must see all of Donald's tax returns to come to any accurate conclusions.  One year's returns is just that....1 year.  

GO RV, then BV

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1 minute ago, Shabibilicious said:

No, I don't know.  Of course, we must see all of Donald's tax returns to come to any accurate conclusions.  One year's returns is just that....1 year.  

GO RV, then BV

Yes, only one years worth......but you know the definition of insanity......doing the same things over and over and expecting different results.......do you think he paid 25% every year thinking somehow his taxes would go down??

Yes......go RV, the BV..........good concept there!!

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5 minutes ago, coorslite21 said:

Yes, only one years worth......but you know the definition of insanity......doing the same things over and over and expecting different results.......do you think he paid 25% every year thinking somehow his taxes would go down??

Yes......go RV, the BV..........good concept there!!

By that line of reasoning.....a career employee can have 1 spectacular year and simply phone the rest in until retirement.....Nobody cares.  :huh:

GO RV, then BV

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1 hour ago, coorslite21 said:

Well, she sure ain't Jenny from the Block......but back to Trump........so that low life that HillBillary said  he was unAmerican because he paid no taxes........ actually he paid $38 million in one year and he paid at 25% ........what a dope........Romney was only paying 14%.........wonder what the Clinton's paid that year....amount and percentage.......do you know????....... (It makes her look bad...!!)

Romney paid 14% because he had no earned income only investment income. You pay investment income through the Capital Gains tax which was roughly 15% at the time. People don't know the difference between passive income and active/earned income they all think it is paid the same. Something people need to learn here especially once they cash in on the RV and begin investing.  I am not defending Romney because personally I think he is a RINO and ranks down there with McLame and his butt buddy Lucy Graham from SC. 

The one percent difference was due to deductions that everyone has the opportunity to take. Anyone that doesn't try to reduce the amount of taxes they pay is nothing more than a fool. As the say a fool is always quick to part ways with their money.

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America

Trump Paid About $38 Million In Federal Taxes In 2005, Leaked Returns Say

 

March 14, 201710:35 PM ET
 

ap_170555882568531_wide-8bb48baf863178a1
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The White House confirmed an MSNBC report Tuesday that President Trump paid $38 million in federal taxes in 2005.

Donald Trump and his wife Melania earned about $150 million in 2005 and paid federal taxes of about $38 million, the White House said tonight.

The Trump administration made the revelation after copies of the tax returns anonymously were put in the mailbox of journalist David Cay Johnston.

The numbers have not been independently verified by NPR.

Fact-Check: Donald Trump Can't Release His Taxes While Being Audited?

Unlike other recent presidents, Trump has steadfastly refused to release his tax returns, saying he was under federal audit, which has led to enormous speculation about how much he really earns and where he gets his money.

The two-page return doesn't really answer many questions, but does begin to shed a little light on Trump's finances.

 

Trump paid just $5.3 million in regular federal tax, perhaps because he was continuing to benefit from large losses he suffered when his real estate empire collapsed in the 90s.

But because of the alternative minimum tax, or AMT, he actually ended up paying $38 million.

Trump has proposed eliminating the AMT, which is aimed at preventing taxpayers from paring down their tax bills by using an inordinate number of deductions and exemptions.

The returns released tonight were mailed to Johnston, a Pulitzer Prize-winning journalist, who appeared this evening on The Rachel Maddow Show on MSNBC.

Johnston, who recently founded the website DCReport.org, said the two-page return had been sent to him "over the transom" and suggested he didn't know who sent them.

A White House spokesman criticized the release in a statement:

"You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago. 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. 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. Despite this substantial income figure and tax paid, it is totally illegal to steal and publish tax returns. The dishonest media can continue to make this part of their agenda, while the President will focus on his, which includes tax reform that will benefit all Americans."

 
How Donald Trump Would Be Able To Not Pay Income Taxes For 18 Years

 

The $38 million figure quoted by the White House included payroll taxes, Johnston said. When they are excluded, the Trump's total federal bill amounted to about $36.5 million.

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8 hours ago, Shabibilicious said:

She was played......An anonymous source left the tax return in Johnston's mailbox and MSNBC was his first stop.  Put the focus on something other than Donald's missteps, a perfect example of Trump's diversionary prowess.  As always, just my opinion, of course.  

GO RV, then BV 

He's been playing libretards from the day he announced his candidacy. But then again not only is it fun but seems pretty easy thing to do.  

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1 hour ago, Shabibilicious said:

And then there's his flock.  B)

Hypno-Eyes.gif

GO RV, then BV

Obutthead and insane liberals Democrats have flocks. Flocks implies a religious connotation to the following. And everyone with two brain cells understands that the Democrat Party worships Satan. Therefore they have flocks. Donald Trump has followers. Intelligent people who want to live their lives raise their children and grow old together without the government interference. It's truly sad that you and Boston angler have such a problem with that.

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42 minutes ago, yota691 said:

Figures you would come out with this type of BS, BA....When you gonna realize Trump for the People...:blink:

I don't see any BS. He wants to cut taxes. We all like that idea. Cutting the AMT will save people billions. The problem lies in the fact he wants to up spending and cut income. If anyone can explain how that reduces debt I would like to know. Yesterday ending the raising of the debt ceiling. It is amazing no media left or right is talking about how America runs out of cash by Memorial Day. Nope, the keep using distractions like healthcare and travel bans to keep the public unaware, that a perfect storm is about to crush our country. So go ahead and enjoy the BS Trump, Pelosi, McConnell, Ryan, Reid and anyone else you can think of while we are set up for an historic crash. I have mentioned several time to book any profits you have made in stocks and get out. Precious metals are going to soar. Not the paper ETF they want you to buy, but actual metals... GLTA

 

B/A

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7 minutes ago, ladyGrace'sDaddy said:

Obutthead and insane liberals Democrats have flocks. Flocks implies a religious connotation to the following. And everyone with two brain cells understands that the Democrat Party worships Satan. Therefore they have flocks. Donald Trump has followers. Intelligent people who want to live their lives raise their children and grow old together without the government interference. It's truly sad that you and Boston angler have such a problem with that.

You mean intelligent people who use words such as........Obutthead?  :lol:  I have no doubt that people with "two brain cells" believe exactly what you described.  ;)

GO RV, then BV

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