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)
“This is an expensive way to conduct business, and the President should recognise that,” said conservative watchdog Judicial Watch president Tom Fitton, speaking to the Washington Post.
“The unique thing about President Trump is that he knows what it costs to run a plane.
“Going down [to Mar-a-Lago] ain’t free.”
The three Mar-a-Lago trips in Palm Beach cost the federal treasury around $10m, based on figures used in an October government report analysing White House travel.
This includes cash for coast guards to patrol the exposed shoreline. Palm Beach County Sheriff Ric Bradshaw also says it has cost local taxpayers $360,000 in police overtime for his three weekends in Florida since 20 January.
Judicial Watch estimated Mr Obama’s travel expenses totalled an average $12.1m in each of his eight years in the White House.
President Donald Trump was the first presidential nominee since 1976 to not release his full tax returns — and New Jersey is working to make sure it doesn’t happen again.
New Jersey’s state legislature passed legislation on Thursday in response to Trump’s withheld tax returns.
The bill, which is now up to Gov. Chris Christie to approve, would require all candidates for president and vice president to release tax returns “for at least the five most recent taxable years” in order to appear on the state ballot. The bill also prohibits New Jersey electors from voting for candidates that have not released their tax returns.
“This is an issue of national security as well as transparency,” Assemblyman John McKeon, one of the bill’s main sponsors, told NJ.com. Read more (3/17/17 1:29 PM)