Trump paid $38 million in income taxes in 2005

#President #Trump #US #incomeTax #AMT #economy #business

President Trump paid $38 million in federal income tax in 2005 on more than $150 million, for an effective rate of 25 percent, and reported a $105 million write-down.

Trump was reported to face a massive loss of $916 million in 1995, which enabled him to avoid paying income taxes for decades.

The information obtained by Johnston shows that Trump and Melania paid $5.3 million in regular income taxes and another $31 million in ‘alternative minimum tax’ (a supplemental tax designed to cut down on filers with excessive deductions).

Taxpayers requesting many itemized deductions must pay the AMT in certain circumstances. The AMT rejects specific deductions, including for dependents and assorted real-estate write-downs. In his tax-reform plan, Trump has called for eliminating the AMT.

Read the full article here.

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