How Trump wrote off 103 millon income from being taxed in 2005

As you know, Trump earned 253 million pre tax income in 2005, of which only 150 million was taxable. 103 million was written off from being taxed. It's not a carry forward from the 900+ million loss in 1995. In 1995 he reported a loss of 900+ million and all of which were written off so there was no carry forward to future years. There's a lot of details in there, all of which are public information. I share it below.

So bloody what!

He filed his tax return, completed for him by whomever, it was all within the rules.

What is your beef?

Just another hate thread!

Haters gona hate because they hate.

Grow up!

P

If you are right after the correction on 253 million Trump paid 15% tax, still 2% more than Bernie.

Im sure I heard Obamas tax was 14% I will have to look for sources though, assumptions are a bi*ch.

Edit- Apologies Obama's tax rate was 19%

a reply to: allsee4eye

Well when you're that rich you don't do your taxes...You hire someone really good at doing them. Unfortunately we have allowed our tax code to become so complex that one not experienced and trained in the art miss a lot of things like loopholes in said complex code...Some probably not even intentional in their creation. The guy over at liberty tax or H&R block don't get paid enough to care and look for it and it also takes you bringing all the records for them to see. Rich people don't keep their own records they hire somebody to do it. That allows them the leg up in the first place. It's by no means a level field and I wish that would be addressed by someone or some party...Cause that's who would get my support. They need to be way way simpler.

Honestly, after seeing how much Trump paid in 2005 I can say that if that is his usual rate then compared to the rest of the country, and especially compared to other very wealthy people, Trump paid a pretty fair rate. Most billionaires pay about 11%. Trumps was what, 25%?

That's assuming of course, that that's what he pays each year. I have suspicions that this info was cherry picked. Trump himself would have had the ability to release a specific years worth of taxes, and I find it really interesting how the White House knew in advance exactly what documents MSNBC had in order to preempt the report. The conspiracy side of me thinks that Trump picked a year which would look very favorable to him and intentionally leaked it.

a reply to: muSSang

Also more than Romney. Romney pays 14% tax rate.

I'm sure Bernie and Romney also write off income from being taxed. I doubt anyone has all of his / her income being taxable.

a reply to: Aazadan

I think the 11% is on total income. Trump pays about 15% on total income, about 25% on taxable income. There's no reason to believe his tax rate on taxable income changes from year to year.

Huge issue here.

zzzzzzzzzzzz

I only got one thing to say on this.....

Hahahahaahahahahahaha

Yesh... my rate with 0 exemptions would be 18% from Federal withholding alone.

With exemptions, if you include FICA and state, I'm paying just over 24% on gross - even more on taxable.

Funny thing when you earn a whole lot of money, SSI tax gets capped at earning $118,500 ($7347 max) - so that % withholding dramatically falls off; even though income tax rises.

I'm well under that, so a full +6.2% for me!

Whats even more funny is that people are trying to find dirt on him at any cost, and are failing by the dozens, lel!

He pays the taxes he's required to pay.
So do I.

a reply to: Bluntone22

Exactly! And so I. I hate that minimum tax thing as badly as he does and hope that he does convince Congress to repeal it. I'd be fine with a flat tax. I would be glad to give the feds 10% if I didn't have to go through every receipt and record and all the crappola I have to go through to get all those pages filled in to the satisfaction of a bunch of bureaucrazies in DC. After all, God only demands 10%!

a reply to: diggindirt

How would you feel about this? We do away with brackets entirely and reduce the entire thing to one formula you can type into your calculator. Each person pays according to the percentage of total income they earned for the year. If one person earns 1% of the total income in the US, then they're liable for 1% of the tax burden. No deductions, no brackets, no corporate tax. Just a single income tax to cover everything.

Your income/Total earned income*Federal budget.

Using 2015 numbers, total income was approximately 16.406 trillion. The budget was 3.36 trillion.

If you earned $25,000 that would mean

25,000/16,406,000,000,000*3,360,000,000,000

$5,120.08 is your federal tax burden. You could contrast this with the tax tables for 2015 which would have had you paying $3,228.75. Of course, it's also eliminating many other taxes you pay throughout the year like the gas tax, and corporate taxes which are factored into the products you're buying.

And you're never going to get it down to 10%. That's just not realistic. Things cost money.

a reply to: allsee4eye

Sooo, what you are saying is Trump is a successful businessman AND has a good team of accountants?

Who would have thought it?

How much Hillary pay in taxes in 2005?
Or rather how much did her "foundation" pay?

Earnings in the 2005 fiscal year for the Clinton Global Initative / Clinton Foundation were:
$75,000 ping pong balls(by balls I think they meant parties)
$250M in just pizza(both of the cheese and walnut variety)
$90M worth of lost Pizza Map Handkerchiefs
$75M in private airfare on the Epstein Express

Taxes on those earnings were paid mostly from the Clinton Foundation's Haitian subsidiary...

-Chris

a reply to: Aazadan

And you're never going to get it down to 10%. That's just not realistic. Things cost money.

Things cost ridiculously more money when the words 'government contract' are involved.

10% tax means I'm essentially working 1 month for free. Might as well call it community service.

originally posted by: rockintitz
Things cost ridiculously more money when the words 'government contract' are involved.

10% tax means I'm essentially working 1 month for free. Might as well call it community service.

Government contracts don't cost anything. Any tax money that gets siphoned out, is spent on the contractors which is money that reenters circulation. It's redistribution, but it's also a source of job creation, and ultimately neutral to the taxpayer.

A 10% income tax simply isn't realistic unless you start adding in a whole bunch of other taxes to compensate. 74% of the federal budget cannot be reduced (and is too low as is). Even if we completely eliminated every other program out there, NASA, education, roads, medicare, medicaid, food stamps, fda, epa, research, state department, fbi, cia, veterans affairs, dept of energy, and so on. We would only reduce the budget by $1 for every $4 spent. In order to get down to a 10% income tax we would need to eliminate nearly 60% of the federal budget while also keeping every other tax in place.

Redacted


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Unless I'm mistaken,

Massive write offs is the equivalent of saying his spent his whole paychecks on his businesses.

I'm not justifying anything Trump wrote off, just pointing out attacking large write offs in proportion to their income is literally stupid, because it's an extremely justifiable process. I have a business that writes off 80% of it's own income for less taxes, it's just not controversial because it's not making 100 million dollars.

Yes, I can see why this would make you angry.

But if you owned a business, you would write off every possible expense, and if you wanted to pay less taxes, you would make more of these types of expenses occur. The result would be huge yearly paychecks, while you're broke all year, forwarding your own personal money towards your company.

a reply to: Aazadan

You obviously don't know what the flat tax is or you wouldn't have babbled on and on that way. Have a look here: www.investopedia.com...

If 10% "isn't enough" then there need to be some really, really major cuts of spending. Because we need to get real. People should not be forced to send 25% of their income to the government. It's ridiculous. Everyone needs to have skin in this game---not just high income earners.