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.

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Indian GDP data turning too Chinese?

#GDP #India #Investment #finance #economy

If you believe the government’s statisticians, who said on Tuesday that India’s GDP grew at 7 percent in the very quarter that the government withdrew high-value currency notes from circulation.

Many of the independent economists forecast-ed that the GDP growth will come between 6 to 7 percent after the withdrawal of around 86 percent of the country’s currency and the reduction in the usage of bank accounts. However, according to the government’s numbers, taking away most of the India’s cash, made the private consumption rose by 10.1 percent over the quarter.

In fact, after three-quarters of accelerating decline by 1.9 percent, 3.1 percent and then 5.6 percent respectively, Investment shot up by 3.5 percent. This was when banks were stocking ATMs instead of handing out loans.

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