Trump’s tax plan, if passed, will strangle the government down to the point where services and social safety net programs would no longer be able to be funded. It’s no surprise that Trump’s tax plan reduces his personal taxes and the taxes of big businesses. This will probably spark a recession, or possibly cause the next global great depression.
A simultaneous report on the Daily Beast, where Johnston is a contributor, showed Trump and his wife Melania paid a cumulative $5.3 million in regular income taxes, a rate of under 4%, and another $31 million in the “alternative minimum tax,” a tax for individuals and organizations with special circumstances that allow them to pay a lower rate.
That means, in 2005, Trump paid net federal taxes of roughly 25.33%. As the Daily Beast noted, Trump appears to have taken advantage of a $916 million loss from his casino businesses in 1995 to lower his overall tax burden even as late 2005.
The two pages of Trump’s 2005 were released on Johnston’s website, though it was crashing from heavy traffic as of Tuesday evening.
In response, the White House gave an identical quote to several media organizations confirming that Trump paid $38 million on his 2005 tax bill, Reuters’ Jennifer Ablan reported. The White House added the president had a responsibility to “pay no more than legally required.” Read more (3/14/17 9:35 PM)
As they say, nothing in life is certain but death and taxes — yes, even if you’re undocumented. On Sunday,
Arizona State University student and undocumented American Belén Sisa posted a selfie with her 1040 tax form in hand to bust the myth that undocumented Americans don’t contribute to the economy.“I cannot receive financial aid from the state or federal government for school, I cannot benefit from unemployment, a reduced health care plan or a retirement fund,” Sisa wrote.
“Wanna tell me again how I should be deported, contribute nothing and only leech off this country while the 1% wealthiest people in this country steal from you every day?” Read more.(3/29/2017 5:20 PM)
Protesters say the returns could reveal if Trump has any conflicts of interest and if he has contributed his fair share of taxes.
The protests, which included a march on Mar-a-Lago — Trump’s private Florida resort where he is spending the weekend — also featured prominent U.S. leaders, including Rep. Maxine Waters (D-Calif.). Read more. (4/15/17, 4:46 PM)