What? That biased Ol' Google doesn't bring up Breitbart?
Carney: NYT Is Wrong — Donald Trump Paid Millions in Taxes in 2017
Why not use
DuckDuckGo — Privacy, simplified. ? Very first thing that pops up, and it shows that Phil was close. Maybe got his 5 and 7 mixed up. It shows that in 2017 Trump paid 7.4 million in taxes.
figures below, drawn
from the New York Times’s own analysis of Trump’s tax-return data for 2017,
show that Trump paid $7,435,857 in taxes in 2017.
The
Times says the tax return data show that Trump’s earnings were negative for the year, so he owned nothing in regular income taxes. But
h8e was subject to the Alternative Minimum Tax (AMT), a parallel tax system aimed at making sure wealthy people cannot use deductions to eliminate their tax liability altogether. According to the
Times, “the A.M.T. formula disallowed $45 million in losses that Mr. Trump had carried over from prior years.”
As a result, Trump was left with an AMT bill of $7,435,857, according to the Times.
There was no way for Trump to avoid this tax liability. He had to pay it down using his assets. And he did.
What confused the Times is Trump did not pay the liability with a check. He used a credit issued to him earlier by the government, a credit that can only be used to pay taxes.
It turns out that Trump has a big tax credit issued to him by the U.S. government with the intention that it would someday be used to pay his taxes.
More simply: Trump used a government-created tax asset to pay his taxes.
The loss carryforward provision in the tax code allows an individual to spread current losses into subsequent years to offset future tax bills.
This is an extremely common tax workaround that businesses use, according to Ebong Eka, CPA. For example,
Amazon used the carryforward tax provision in addition to other tax credits to offset more than $11 billion in profits — a move that drew criticism from Sen. Bernie Sanders and Rep. Alexandra Ocasio-Cortez in 2019.
For
its first 17 quarters, Amazon consistently operated at a loss, losing a combined $2.8 billion during that span. Amazon's strategy was to direct more funds towards growing the company and acquiring market share. And Amazon's strategy took it from an online book seller to the e-commerce giant it is today.
Everyday people can use a similar tax ruleDonald Trump Tax Return Revealed on Rachel Maddow | Time
https://www.bloomberg.com/news/artic...me-white-house
Back in 2005 Trump paid 25% in taxes to the tune of 38 MILLION dollars.
The document shows that Trump paid $5.3 million in taxes and another $31.2 million due to his obligations under the
Alternative Minimum Tax (AMT),which is designed to ensure a baseline tax payment for some payers.
He also pays taxes in MANY other countries due to his properties.
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