JimBowie1958
Old Fogey
- Sep 25, 2011
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Lol, Madcow really scooped the pooper with this one, roflmao.
Twitter Just SHREDDED Rachel Maddow Over Trump Tax Return 'Story'
Leave it to Madcow!
Twitter Just SHREDDED Rachel Maddow Over Trump Tax Return 'Story'
MSNBC's unapologetic liberal “journalist” Rachel Maddow lit the internet on fire Tuesday night when she teased via Twitter that she’d gotten her hands on President Donald Trump’s tax returns – a scoop that would have been pretty juicy, considering Trump never released his tax returns during the presidential campaign as all other modern-era presidents have done....
If only it'd been true.
What Maddow and the fine folks over at MSNBC actually managed to do was get part of a copy of Trump’s 2005 tax return. Which was already 12 years old. And which the White House had already released.
And which the Wall Street Journal had already reported on – a year ago.
Needless to say, the Twittersphere wasn’t all too happy as Maddow droned on...and on...and on during her open monologue, bashing Trump (and throwing out all manner of random, unsubstantiated speculations regarding his finances) without actually giving anyone any new information.
Op-Ed: Donald Trump just got a nice victory, thanks, of all people, to Rachel MaddowIf only it'd been true.
What Maddow and the fine folks over at MSNBC actually managed to do was get part of a copy of Trump’s 2005 tax return. Which was already 12 years old. And which the White House had already released.
And which the Wall Street Journal had already reported on – a year ago.
Needless to say, the Twittersphere wasn’t all too happy as Maddow droned on...and on...and on during her open monologue, bashing Trump (and throwing out all manner of random, unsubstantiated speculations regarding his finances) without actually giving anyone any new information.
On her Tuesday show, Rachel Maddow teased a scoop: She had Donald Trump's 2005 tax returns. It was the first time his federal returns would be released.
Small digression: MSNBC's Maddow didn't have them. Investigative reporter David Cay Johnston got them, and went on her show to talk about it.
Anyway, when she finally revealed what was in the taxes, it was not a huge deal. Trump earned about $150 million in income in 2005, and paid $38 million in taxes, thanks to the alternative minimum tax, which he wants to kill.
This gives Trump an effective tax rate of about 24 percent, which Johnston pointed out was roughly equal to what he and his wife, who are an upper middle class couple, pay.
And, sure, for a billionaire, you can argue that he should pay more in taxes. But, $38 million is a big number. As is $150 million in income.
Report: Trump’s 2005 Taxes RevealedSmall digression: MSNBC's Maddow didn't have them. Investigative reporter David Cay Johnston got them, and went on her show to talk about it.
Anyway, when she finally revealed what was in the taxes, it was not a huge deal. Trump earned about $150 million in income in 2005, and paid $38 million in taxes, thanks to the alternative minimum tax, which he wants to kill.
This gives Trump an effective tax rate of about 24 percent, which Johnston pointed out was roughly equal to what he and his wife, who are an upper middle class couple, pay.
And, sure, for a billionaire, you can argue that he should pay more in taxes. But, $38 million is a big number. As is $150 million in income.
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 “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.
All that hype to merely confirm what everyone already knew?“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.
Leave it to Madcow!
