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I should have kept reading: Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 — a total of $24.3 million, excluding refunds he receive
by mmcconnell1618 6y ago
I should have kept reading: Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 — a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010.
- makomk 6y agoSo basically, the big headline "$750 in income tax" claim that's been repeated everywhere else and gone viral on social media is technically true but also massively misleading to the tune of millions of dollars? Guess that figures for media coverage of anything remotely involving Trump in 2020. Also, this Reuters piece is terrible at the time of writing my reply: https://uk.reuters.com/article/uk-usa-trump-taxes-idUKKBN26J2DB https://uk.reuters.com/article/uk-usa-trump-taxes-idUKKBN26J... It makes it sound like the New York Times piece contradicts his claim to have paid many millions of dollars in taxes, when it actually seems to confirm it - but that detail is buried, obfuscated, and omitted from most of the coverage elsewhere of the NYT's reporting.
- mmcconnell1618 6y agoIt looks like Trump has paid millions in taxes at some times but also has more than $1 billion in losses that have offset almost all of his taxes for decades. My takeaway is that he has been able to rake in huge amounts of money (like $200 million+ from the Apprentice) but he then pours it into businesses that appear to lose money on paper. He lives his life on the back on these businesses so his lifestyle is almost 100% deductible. He's found away to keep spending an extra 20% to 30% by avoiding income tax. However, he's also spending like a drunken sailor and currently has more than $400 million in loans due in just a few years with personal guarantees.