Tag: Taxes

Trump’s Tax Proposal, is it right?

#Trump #President #WhiteHouse #Taxes #US #corporations #business

According to the a new proposal by the White House, the tax rate for corporations and pass-through business will be reduced to 15 percent. This could be a major windfall for the Trump Organization. As previously noted, Trump has refused to release his tax returns, hence making it impossible to know how much his businesses could save.

Besides this, President Trump also wants to repeal the ‘Alternative Minimum Tax’, a parallel system that kicks in when taxpayers request many itemized deductions and rejects specific deductions, including for assorted real estate write-downs that Trump tapped in past years. This is the tax that raised Trump’s taxes from $7 million to $38 million according to the leaked 2005 tax return of Trump.

Also, dropping the tax rate from 39.6 percent to 15 percent will cost government budgets around $1.5 trillion in a decade, i.e. more than a $150 billion in a single year.

Read the full article here

Wow. He is certainly a good businessman, and that’s why too-business minded people can’t run a government, where they have to care for everyone.

Trump on 2005 tax return leak

#Trump #President #US #2005TaxReturn #Taxes #Johnston

Trump attacked reporter David Cay Johnston, who had obtained part of his 2005 tax return and released it the day before on an MSNBC program, on twitter. Trump said that the reporter wasn’t ever heard of and disagrees with Johnston’s story that Johnston had found the tax statement in his mailbox sent by an anonymous person.

On the contrary, Johnston won a Pulitzer Prize in 2001, and heads a web-page called DCReport.org.

The White House criticized MSNBC by saying that You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago.

However, many of the American citizens are displeased that Trump broke the long-established tradition among White House candidates by refusing to release his tax returns.

Read the full article here.