General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBREAKING: Benedict Donald's 2005 Tax Returns show him wanting to get rid of AMT benefits......HIM!!!
That's what should be highlighted tonight....
Hopefully we can continually get the word out since there's some official post AMT tax returns people can get their hands on.
leftstreet
(36,116 posts)(I don't mean that as snark)
Just don't get why it's newsworthy when a rich asshole does something like that
BainsBane
(53,072 posts)and he's determined to trash the entire country for his own profit.
uponit7771
(90,364 posts)leftstreet
(36,116 posts)I'm just not getting it, but I didn't watch her program so I'm probably missing something
https://www.wsj.com/articles/donald-trump-got-a-big-break-on-2005-taxes-1458249902
Donald Trump Got a Big Break on 2005 Taxes
Conservation easement on a New Jersey golf club triggered deduction of $39.1 million
By Richard Rubin
March 17, 2016 5:25 p.m. ET
137 COMMENTS
Donald Trump was able to deduct $39.1 million from his 2005 federal income taxes by pledging not to build houses on a New Jersey golf course he owns, according to public records.
An appraisal conducted for the 2005 transaction determined that Trump National Golf Club in Bedminster, N.J. was worth $49.5 million if it could be split into 33 estates, but just $10.4 million as a golf course. Tax law lets property owners impose permanent conservation restrictions and then claim charitable deductions for the reduction in value. Those restrictions curb what future owners may do with a property.
In 2005, according to the Internal Revenue Service, 2,186 taxpayers claimed so-called conservation easements for a total of $1.8 billion. That means Mr. Trumps $39.1 million would have represented about 2% of all such deductions nationwide that year.
Mr. Trump, now the front-runner for the Republican presidential nomination, subsequently built a second golf course on the property, which once belonged to automobile executive John DeLorean. He said last year in his federal financial disclosure that the property was worth more than $50 million.
uponit7771
(90,364 posts)... source
FrenchieCat
(68,867 posts)uponit7771
(90,364 posts)The Velveteen Ocelot
(115,869 posts)to prevent them from using certain loopholes. Without the AMT Trump would have had to pay only 4% in federal tax.
The Velveteen Ocelot
(115,869 posts)Johnson pointed out that Trump paid $32m in alternate minimum tax but would have paid only 4% had it not been for the AMT. One question that was raised was whether Trump will try to affect tax policy to benefit himself. Getting the AMT repealed would certainly be to his benefit. I think the point of the show was to stress the importance of a full release of Trump's recent returns, and to keep raising questions about why he won't do it.
uponit7771
(90,364 posts)KittyWampus
(55,894 posts)uponit7771
(90,364 posts)Ohioblue22
(1,430 posts)all branches of the government are his supporters so.....
uponit7771
(90,364 posts)... his tax policiy
Ohioblue22
(1,430 posts)and he's protected by all 3 branches. so is this just fitzmas again
KittyWampus
(55,894 posts)are suddenly here to pile on.