Is that really Trump's tax return?
Someone put what is allegedly a copy of the first two pages of Donald Trump's tax return in the hands of a reporter who passed the documents on to Rachel Maddow of MSNBC. You can see the pages here.
Everyone is spinning the facts in those two pages. One way is that the fact 45 paid over $31 million in Alternative Minimum Tax (AMT) in 2005 proves he has a personal stake in eliminating the AMT. After all, had the AMT not existed in 2005, 45 would have paid only $5.3 million in tax on income of over $152 million. A mere pittance.
45's son is touting the information that his father paying over $36 million in tax proves that he is a remarkably successful businessman.
Two numbers leapt off the page at me:
Line 12 - Business income of $42,395,804
Line 58 - $1,887,596
The reason that these two numbers are interesting is that something is missing in making them connect. The self-employment tax on that amount of self-employment income from line 12 is only $1,135,423. So either this isn't a real tax return, or there is other income present that is subject to self employment income.
Look at line 17. Based on the missing $752,173 in self-employment tax, there is over $25 million in that line's $67.3 million that is subject to self-employment income. Or to put it more simply, partnership income.
That's right, in 2005 the Cheeto-in-Chief was in at least one business partnership with someone else. We have suspected all along that with his numerous S-corporations he had ties to other business people, but now we know there are business partnerships in which Trump and others have an interest.
Who are these people? Are there any conflicts of interest involving 45 and these still-unidentified partners?
Inquiring minds want to know.
* * *
On the other hand, this disclosure, described by the White House as illegal, disproves the notion that Donald Trump pays no income taxes. Over $36 million in one year.
That takes the wind out of the sails of those who are demanding that 45 release his tax returns because he pays no income taxes.
Is this a deflection, orchestrated by Herr Drumpf and his minions to distract us from other things? Perhaps.
Everyone is spinning the facts in those two pages. One way is that the fact 45 paid over $31 million in Alternative Minimum Tax (AMT) in 2005 proves he has a personal stake in eliminating the AMT. After all, had the AMT not existed in 2005, 45 would have paid only $5.3 million in tax on income of over $152 million. A mere pittance.
45's son is touting the information that his father paying over $36 million in tax proves that he is a remarkably successful businessman.
Two numbers leapt off the page at me:
Line 12 - Business income of $42,395,804
Line 58 - $1,887,596
The reason that these two numbers are interesting is that something is missing in making them connect. The self-employment tax on that amount of self-employment income from line 12 is only $1,135,423. So either this isn't a real tax return, or there is other income present that is subject to self employment income.
Look at line 17. Based on the missing $752,173 in self-employment tax, there is over $25 million in that line's $67.3 million that is subject to self-employment income. Or to put it more simply, partnership income.
That's right, in 2005 the Cheeto-in-Chief was in at least one business partnership with someone else. We have suspected all along that with his numerous S-corporations he had ties to other business people, but now we know there are business partnerships in which Trump and others have an interest.
Who are these people? Are there any conflicts of interest involving 45 and these still-unidentified partners?
Inquiring minds want to know.
* * *
On the other hand, this disclosure, described by the White House as illegal, disproves the notion that Donald Trump pays no income taxes. Over $36 million in one year.
That takes the wind out of the sails of those who are demanding that 45 release his tax returns because he pays no income taxes.
Is this a deflection, orchestrated by Herr Drumpf and his minions to distract us from other things? Perhaps.
posted by me at 4:59 AM
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