Wednesday, March 15, 2017

Now We Know: Trump Paid More Than His Fair Share Of Taxes In 2005

When MSNBC's Rachel Maddow started promoting her big scoop about President Trump's tax returns, she made it seem like it would be the shocker story of the year.
Trump resolutely refused to release his tax returns during the campaign, a break from tradition for presidential candidates. So many in the media were anxiously awaiting what they expected were embarrassing revelations.
Turns out that in 2005 — the only return Maddow got her hands on — Trump paid a huge amount of taxes: $38 million to be exact.
Based on his income for the year, that worked out to a tax rate of nearly 25% on every dime Trump made.
The reporter who obtained the tax form, David Cay Johnston, tried to make this seem like Trump was getting some huge break from the tax code.
"Donald Trump was paid that year like a member of the 0.001%," he said, "but he paid taxes like the 99%. And by at least one measure, he paid like the bottom 50%."
Whatever Johnston's credentials are as a financial journalist, reading IRS data isn't one of them.
It turns out that, if anything, Trump paid more than his share of taxes that year. Or, at least, his tax rate was much higher for those in his income bracket. 

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