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- #41
ToddsterPatriot, the issue, and the point of my post is not employees' Social Security retirement coverages.MartyBegan, unlike our previous presidents, president Trump has chosen not to publicly reveal his tax returns. Refer toMartyBegan, due to the alternative minimum tax, Donald Trump's federal 2005 taxes were increased in excess of 588%. That's why he's so opposed to the AMT?ToddsterPatriot, no; the it's not fine! The alternative minimum tax's purpose was to prevent granting the wealthy favorable effective income tax rates of great disparity; i.e. to not tolerate the more wealthy being granted obscene, indecent, inequitably favoring tax rates.
Many of the working-poor cannot afford medical insurance for themselves and/or their dependents; all employees, (including the working poor) will continue paying 7.65% FICA upon their entire wages; the proposed reduced income tax bracket rates are to be 12%/ 25%/ 35%/. But a millionaire's effective income tax rate could conceivably be less than 11% and you ask, “so what”?
Since you find the need to ask, there's apparently no reason for us to discuss the Alternative Minimum Tax.
Supposn
The AMT as currently set up really only impacts upper middle/lower upper people, and mostly in high cost Blue States.
My Brother and Sister-in-law, both lawyers, but hardly rich, always have to deal with it, and they were never the intended target.
Respectfully, Supposn
Why is that fair?
Donald Trump’s Tax Documents From 2005
If I could see the accompanying statement where his attorneys explains such a loss, I might be more sympathetic.
Line #21, Other income: - $103, 201, 242. - Loss
Line #38, Adjusted gross income: $ 49, 592, 825.
But his accountants whittled down the taxes foran
adjusted gross income of almost 50 million dollars, to
Line #44, Tax: $ 5, 310, 616.
That's an effective rate of 10.7%, (i.e. less than 11% of his adjusted gross income.
To put that in prospective, a low wage employee that may pay little or no income taxes,
pays 7.65% of his entire wages only for FICA payroll tax. Does that seem fair?
MartyBegan, unlike our previous presidents, president Trump has chosen not to publicly reveal his tax returns. Refer toMartyBegan, due to the alternative minimum tax, Donald Trump's federal 2005 taxes were increased in excess of 588%. That's why he's so opposed to the AMT?ToddsterPatriot, no; the it's not fine! The alternative minimum tax's purpose was to prevent granting the wealthy favorable effective income tax rates of great disparity; i.e. to not tolerate the more wealthy being granted obscene, indecent, inequitably favoring tax rates.
Many of the working-poor cannot afford medical insurance for themselves and/or their dependents; all employees, (including the working poor) will continue paying 7.65% FICA upon their entire wages; the proposed reduced income tax bracket rates are to be 12%/ 25%/ 35%/. But a millionaire's effective income tax rate could conceivably be less than 11% and you ask, “so what”?
Since you find the need to ask, there's apparently no reason for us to discuss the Alternative Minimum Tax.
Supposn
The AMT as currently set up really only impacts upper middle/lower upper people, and mostly in high cost Blue States.
My Brother and Sister-in-law, both lawyers, but hardly rich, always have to deal with it, and they were never the intended target.
Respectfully, Supposn
Why is that fair?
Donald Trump’s Tax Documents From 2005
If I could see the accompanying statement where his attorneys explains such a loss, I might be more sympathetic.
Line #21, Other income: - $103, 201, 242. - Loss
Line #38, Adjusted gross income: $ 49, 592, 825.
But his accountants whittled down the taxes foran
adjusted gross income of almost 50 million dollars, to
Line #44, Tax: $ 5, 310, 616.
That's an effective rate of 10.7%, (i.e. less than 11% of his adjusted gross income.
To put that in prospective, a low wage employee that may pay little or no income taxes,
pays 7.65% of his entire wages only for FICA payroll tax. Does that seem fair?
////////////////////////////////////////////////////////////////////////
Unfortunately for Donald Trump,
Line #45, Alternative minimum tax: $31, 261, 179.
Line #48, Foreign taxes credits: - $ 23, 940. Cr
Line #57 Self employmet tax: $ 1, 887, 596.
--------------------
Line #63, Total tax: $38, 435, 451.
Now if you think that almost 38 million dollars in taxes seems a bit to high for less than 50 million dollars of adjusted gross income, I may agree with you; except that President Trump chooses not to continue the example of our prior presidents; president Trump does not release his tax forms and the Trump family retains active control of his enterprises and his assets.
We can only speculate on his claimed loss in excess of 103 million dollars or what's in that the remainder of his forms and accompanying letters of explanations that would justify an effective tax rate of 77.5%? The maximum tax rate wasn't near that high in 2005. What's President Trump hiding?
Respectfully, Supposn
But his accountants whittled down the taxes foran
adjusted gross income of almost 50 million dollars, to
Line #44, Tax: $ 5, 310, 616.
He had itemized deductions of $17 million.
Did you miss that?
We can only speculate on his claimed loss in excess of 103 million dollars or what's in that the remainder of his forms and accompanying letters of explanations that would justify an effective tax rate of 77.5%?
Line #45, Alternative minimum tax: $31, 261, 179.
To put that in prospective, a low wage employee that may pay little or no income taxes,
pays 7.65% of his entire wages only for FICA payroll tax. Does that seem fair?
Does the low wage worker want to collect Social Security?
What should they pay in FICA tax to support their retirement?
////////////////////////////////////////////////////////////////////////
Unfortunately for Donald Trump,
Line #45, Alternative minimum tax: $31, 261, 179.
Line #48, Foreign taxes credits: - $ 23, 940. Cr
Line #57 Self employmet tax: $ 1, 887, 596.
--------------------
Line #63, Total tax: $38, 435, 451.
Now if you think that almost 38 million dollars in taxes seems a bit to high for less than 50 million dollars of adjusted gross income, I may agree with you; except that President Trump chooses not to continue the example of our prior presidents; president Trump does not release his tax forms and the Trump family retains active control of his enterprises and his assets.
We can only speculate on his claimed loss in excess of 103 million dollars or what's in that the remainder of his forms and accompanying letters of explanations that would justify an effective tax rate of 77.5%? The maximum tax rate wasn't near that high in 2005. What's President Trump hiding?
Respectfully, Supposn
But his accountants whittled down the taxes foran
adjusted gross income of almost 50 million dollars, to
Line #44, Tax: $ 5, 310, 616.
He had itemized deductions of $17 million.
Did you miss that?
We can only speculate on his claimed loss in excess of 103 million dollars or what's in that the remainder of his forms and accompanying letters of explanations that would justify an effective tax rate of 77.5%?
Line #45, Alternative minimum tax: $31, 261, 179.
To put that in prospective, a low wage employee that may pay little or no income taxes,
pays 7.65% of his entire wages only for FICA payroll tax. Does that seem fair?
Does the low wage worker want to collect Social Security?
What should they pay in FICA tax to support their retirement?
I'm opposing the contemptible proposal to eliminate the alternative minimum tax.
The AMT appears to have accomplished its purpose within the alleged 2005 Donald Trump income tax return published by the NY Times. The AMT prevents wealthier income tax filers from employing existing IRS regulations and provisions to the extent that they can evade paying what's been deemed as a “minimum” effective income tax rate relative to their total incomes, or their adjusted gross incomes, or other factors.
I regret that the AMT regulations were not drafted in a simpler manner. Part of the difficulty is that there's no simple manner to determine the net annual income of comparatively less than simple entities. The tax regulation should not have been drafted in a manner that's too often no less complex than the the finances of the taxpayers.
But AMT's complexity is a separate issue.
Respectfully, Supposn