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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhite House responding to his 2005 tax returns being released. He
paid 38 million in taxes on income of 150 million and more.
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White House responding to his 2005 tax returns being released. He (Original Post)
applegrove
Mar 2017
OP
leftstreet
(36,117 posts)1. I don't think he 'paid' that, he deducted it
https://www.wsj.com/articles/donald-trump-got-a-big-break-on-2005-taxes-1458249902
By Richard Rubin
March 17, 2016 5:25 p.m. ET
137 COMMENTS
Donald Trump was able to deduct $39.1 million from his 2005 federal income taxes by pledging not to build houses on a New Jersey golf course he owns, according to public records.
An appraisal conducted for the 2005 transaction determined that Trump National Golf Club in Bedminster, N.J. was worth $49.5 million if it could be split into 33 estates, but just $10.4 million as a golf course. Tax law lets property owners impose permanent conservation restrictions and then claim charitable deductions for the reduction in value. Those restrictions curb what future owners may do with a property.
In 2005, according to the Internal Revenue Service, 2,186 taxpayers claimed so-called conservation easements for a total of $1.8 billion. That means Mr. Trumps $39.1 million would have represented about 2% of all such deductions nationwide that year.
By Richard Rubin
March 17, 2016 5:25 p.m. ET
137 COMMENTS
Donald Trump was able to deduct $39.1 million from his 2005 federal income taxes by pledging not to build houses on a New Jersey golf course he owns, according to public records.
An appraisal conducted for the 2005 transaction determined that Trump National Golf Club in Bedminster, N.J. was worth $49.5 million if it could be split into 33 estates, but just $10.4 million as a golf course. Tax law lets property owners impose permanent conservation restrictions and then claim charitable deductions for the reduction in value. Those restrictions curb what future owners may do with a property.
In 2005, according to the Internal Revenue Service, 2,186 taxpayers claimed so-called conservation easements for a total of $1.8 billion. That means Mr. Trumps $39.1 million would have represented about 2% of all such deductions nationwide that year.
unblock
(52,387 posts)4. He got a tax break for doing nothing
Just giving up a right. He found an appraiser who said that right was very valuable and no doubt paid that appraiser bigly.
Or, knowing Donnie, at least *promised* to pay him bigly.
sinkingfeeling
(51,482 posts)2. Effective rate of 25%. I paid a higher rate in 2005.
former9thward
(32,097 posts)3. You must have made a lot of money that year.
A lot.
sinkingfeeling
(51,482 posts)5. Not a tremendous amount, but don't get to deduct a ton of
stuff. Just donations and state and local taxes. Also I file as single.
former9thward
(32,097 posts)8. I have made a lot of money some years but never paid close to 25%.
And I file single.
Squinch
(51,053 posts)6. Then he should prove it.
Greywing
(1,124 posts)7. WH running scared IMO
Thrill
(19,178 posts)9. Sounds like it's probably going to show he didn't pay any income tax