TAXES | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

TAXES

Apr 07 07:14

US wanting other countries to raise corporate tax so it can profit is a bizarre super-capitalist demand

In typical ‘world-leading nation’ fashion, the US is now requesting that other countries raise corporate tax to a ‘global standard’ minimum. While good to combat tax havens, it’s only being done with America’s profits in mind.

On Monday, US Secretary of the Treasury Janet Yellen made a speech calling for a minimum global standard on corporate tax – effectively a demand that all countries of the world “cooperate” with the United States in order to raise their levies on businesses to a level which suits Washington. She stated that the goal of such a tax was to protect American interests by preventing companies from “shifting their earnings offshore” in the wake of planned raises designed to pay for Biden’s infrastructure plan. Yellen said the US sought to make a “level playing field” and berated a “30 year race to the bottom” on taxes.

Apr 07 07:12

The IMF And World Bank, Who Pay No Taxes, Are About To Talk About Tax Hikes And Inequality

The IMF and World Bank spring meetings are about to kick off, where those who pay no income tax get to talk about tax evasion, tax hikes, inequality, and Building Back Better. US Treasury Secretary Yellen will use the platform to push for a global standardization - upwards - of corporate tax rates. National Security Advisor Sullivan has also tweeted in support:

“The US is committed to end the race to the bottom on corporate tax rates and prevent corporations from shifting jobs overseas. A core piece of our national security strategy is national competitiveness: creating jobs & raising wages at home, not incentivizing tax havens.”

That as Democratic Senator Manchin says he doesn’t support the tax increase from 21% to 28% proposed by his own party, with 25% being the limit; and Republicans attack POTUS and FLOTUS for having used a corporate vehicle to reduce their tax on $13m of 2017-19 income from book royalties and speaking fees.

Apr 07 06:10

Biden Talks Tough On Tax Loopholes, But He & His Family Exploited Them For Decades

While recently touting his infrastructure project, President Biden griped "the wealthiest 1% of Americans saw their net worth increase by $4 trillion," he then ripped loopholes and deductions corporations utilized to avoid taxes.

However, a raging letter from the leader of a House conservative caucus about Biden’s own tax loopholes could foretell what Republicans will cover in their oversight agenda should they flip the House of Representatives in 2022.

Apr 05 06:25

US NATIONAL DEBT PASSES $28 TRILLION, +$4.7 TRILLION IN 13 MONTHS. GENERAL TREASURY ACCOUNT DOWN BY $480 BILLION IN 2 MONTHS, $620 BILLION TO GO

What does it mean for the markets that the government now spends the proceeds from debt sales last spring that the Fed had monetized back then?

Apr 02 05:49

Tucker: Biden raises your taxes while he dodges his own

Apr 02 03:25

Buttigieg: ‘We’re Not Asking for High Taxes’ — We’re Asking Corporations and Wealthy ‘Pay Their Fair Share’

In a Thursday interview on MSNBC’s “Stephanie Ruhle Reports,” Secretary of Transportation Pete Buttigieg discussed President Joe Biden’s $2 trillion infrastructure plan.

Host Stephanie Ruhle asked Buttigieg if he is “prepared” for Republicans to run against the tax hike being necessary to pay for the massive plan.

Buttigieg advised that the Biden administration is “not asking for high taxes” but rather corporations and the wealthy “pay their fair share.” He argued the tax hike is “wildly popular among the American people.”

Webmaster's Commentary: 

We are all taxed way too much, people and corporations alike.

Apr 01 10:35

Tax Hikes are Coming

Apr 01 07:20

TheTinyDot

Mar 31 14:31

Lunatic left-wing transportation secretary Pete Buttigieg wants to tax Americans for every mile they drive

“The birth tax, the just for living tax, the death tax, the big butt tax, the white skin tax, the Christian tax, the family tax, the straight person tax, the deplorable tax, the free thinker tax, the sunlight usage tax, the just because you are you tax …”

Mar 31 07:20

Joe Biden Scraps Plans To Back Elizabeth Warren's Wealth Tax As Green New Deal Cost To Surpass $3tn

The news comes amid talks in Washington on funding Biden's initiative, with Democrats and Republicans remaining divided on whether to approve the tax hikes.

US president Joe Biden has scrapped plans to impose a wealth tax to fund his administration's Build Back Better Initiative valued up to $3tn, Politico reported on Wednesday, citing people familiar with the matter.

The wealth tax was led by numerous Democrats led by Sen Elizabeth Warren [D-Mass] and aimed to raise funds for US programmes and narrow rising income inequality, the report said.

The plans would seek a 2 percent annual tax for earners over $50m and 3 percent for people worth more than $1bn.

Webmaster's Commentary: 

So, Biden blocks taxes on the wealthy. Imagine my shock. Just imagine it.

Mar 31 06:49

Biden will today announce 7% corporate tax hike to 28% - the largest jump since the 90s - and 'target profits in tax havens' to raise $2TN for his huge climate-friendly infrastructure proposal

President Joe Biden will unveil Wednesday his long awaited Build Back Better initiative, an infrastructure and social welfare plan with an expected price tag of more than $4 trillion that will be mostly funded by corporate tax hikes.

Biden expects the nation's corporations to pay for $2 trillion in reengineering infrastructure in the midst of an economically and financially devastating pandemic.

The plan will include a 7% corporate tax hike – the largest increase since the 1990s – from the current rate of 21%.

Mar 30 07:46

REPORT: Biden Preparing $1 TRILLION Tax Hike to Pay for CoVID, Infrastructure, Climate Change

The Biden administration is reportedly preparing a $1 trillion tax hike to help finance the White House’s latest policy push including immigration, CoVID, infrastructure, climate change, and income inequality.

“When President Joe Biden’s team began putting together his infrastructure and jobs package this February, the White House National Economic Council circulated an internal proposal calling for about $3 trillion in new spending and $1 trillion in new tax hikes, according to three people with knowledge of the matter,” reports the San Diego Union Tribune.

“The choice to limit the impact on the federal deficit may help the White House counter critics who say that the nation’s spending imbalance is out of control. But it also sets up the administration for an enormous political challenge in convincing Congress to pass a package of tax increases on wealthy Americans and companies that together would represent the largest tax hike in generations,” adds the newspaper.

Webmaster's Commentary: 

Mar 29 10:51

Impact Of Tax Hikes On Stock Market

Mar 29 06:51

Transportation Secretary Mayor Pete Is Pushing For A "Vehicle Mileage Tax"

At what point to Democrats start to realize that they're running out of things to tax?

Could today be a wake up call? Perhaps the fact that Mayor Pete, now Transportation Secretary, is honestly pitching the idea of a vehicle mileage tax that would increase the further one travels, might wake some people up to the idea that we've gone too far?

Buttigieg told CNBC Friday that the idea was on the table to help pay for President Biden's upcoming infrastructure plans. "He spoke fondly of a mileage levy," CNBC wrote.

Mar 26 13:43

The top IRS agent in Philly charged with sexual assault

The top IRS criminal agent in Philadelphia, who has been the public face of the agency in many recent tax fraud cases, has been charged with sexually assaulting a coworker at an event in St. Louis last month.

Gregory Allen Floyd, 54, was charged with sexual abuse, a misdemeanor. According to the St. Louis police report, Floyd was at an outing with several other IRS employees in the city's downtown area on Sept. 28 when he became "increasingly sexually aggressive" toward the female agent.

As Floyd and the coworkers were leaving, Floyd grabbed the woman around the waist, pushed his hand between her legs and began groping her, the police report said.

Mar 23 05:55

Richest 1% Of Americans Hiding 20% Of Income From IRS

America's richest 1% aren't paying taxes on up to one-fifth of their income, according to Bloomberg, citing a new study which concludes that US tax evasion is far more widespread than previously estimated.

Mar 19 09:26

IRS delays tax filing deadline to May 17 because of COVID-related changes

The IRS said Wednesday it is delaying the April 15 tax filing deadline to May 17 giving taxpayers more time to prepare their filings amid the slew of pandemic-related tax changes.

The Treasury Department and the IRS said "the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021."

This will happen automatically, and individuals don’t need to file any forms or contact the IRS, the agency said in a statement.

"Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed," the IRS said.

Mar 19 08:49

BIDEN WANTS TO STEAL MORE OF YOUR LABORING ENERGY

Joe Biden has proposed a tax increase of $1 trillion. After giving the peasants a pittance in stimulus money because the ruling class destroyed the economy over a scamdemic, the master is now demanding you pay them more of what you earn.

Taxation is theft, it always has been and always will be. if anyone has a higher claim over your life, property, or laboring energies, they are your master and you are their slave. Now that that’s out of the way, master Biden is proposing stealing more for the ruling class, which hasn’t suffered in the least under its oppressive policies.

Mar 19 06:56

Tax break for unemployment benefits recipients!

Mar 18 10:49

RAISING TAXES ALMOST NEVER CUTS DEBT

Mar 16 06:21

Biden Plans Biggest Federal Tax Hike Since 1993 To Fund Infrastructure, Climate Initiatives

Households across the US rejoiced over the weekend as they received their first stimulus checks. And as BofA's team of analysts parses exactly how millions of Americans will spend this money (will they buy washing machines and toasters? Or dump it into crypto/GME?), Bloomberg is out with a chilling report alerting Americans to the inevitable reality that President Biden is about to switch gears from spending to fundraising.

Of course, we use that term loosely: Despite the fact that Biden just shelled out another $1.85 trillion to finance a third round of stimulus checks (not to mention hundreds of billions in handouts to states and municipalities), his administration isn't raising money to pay for that. Instead, they're looking to finance a Democratic "New New Deal".

Mar 15 06:50

Freelancers Punished In New IRS Rule Under COVID Stimulus

A few hundred pages into the latest $1.9 trillion Covid relief law, the “American Rescue Plan Act of 2021,” you’ll find Section 9674. It says that a “third party settlement organization” does not have to report to the Internal Revenue Service (IRS) any payments to contract workers under $600.

These third parties include Uber, Airbnb, Etsy, eBay, Freelancer, and other platforms which facilitate payments to gig workers. The problem is that this little amendment lowers the reporting threshold from $20,000 to $600. Previously, a gig worker could earn up to $20,000 on these platforms without the IRS being informed of their income.

Mar 09 13:25

Big Brother sets sights on bitcoin: Boom Bust digs into latest move by IRS to root out unreported crypto earnings

The US Internal Revenue Service (IRS) is launching a new investigation named “Operation Hidden Treasure,” to uncover unreported crypto-related income and to fight cryptocurrency fraud.

RT’s Boom Bust is joined by the program co-host Ben Swann to explore what the move may mean for the future of digital currencies, how this crackdown will be carried out and who the revenue agency will focus on.

The measure is going to really hit early adopters of digital currencies and people who have tried to live within the crypto ecosystem without coming out, according to the journalist. Swann added that it remained a big question what and who Operation Hidden Treasure is focused on.

“Anyone who had crypto, converted that into fiat dollar and didn’t pay taxes on it, or people who exchanged one token for another token, or people who move tokens out of exchange and into a cloud storage wallet,” he says.

Mar 03 10:57

IRS Sent $46 Million In Refunds To ‘Unauthorized’ Workers At One Atlanta Address

In what appears to be a significant oversight, the Internal Revenue Service sent a total of $46,378,040 in refunds to “unauthorized” workers at one address in Atlanta, Ga., according to a report from the Treasury Inspector General for Tax Administration.

Brought to light last year by WTHR-TV Indianapolis, the IRS’ $46 million in refunds included 23,994 tax payouts sent to the particular property in 2011.

As the audit report discloses, the Atlanta address is one of several that received a high number of refunds for Individual Taxpayer Identification Number (ITIN) tax returns. ITINs are issued to those who are ineligible to obtain a Social Security number. However, it seems, the application for these identification numbers is flawed.

Feb 19 07:50

This free gift from the government is going to expire in a few years

The mere concept of a death tax is pretty offensive when you think about it. They tax you when you earn. They tax you when you save. They tax you when you spend. And they even tax you when you die.

Feb 18 11:32

FLASHBACK - Joe Stack STATEMENT: Alleged Suicide Note From Austin Pilot Posted Online

My introduction to the real American nightmare starts back in the early ‘80s. Unfortunately after more than 16 years of school, somewhere along the line I picked up the absurd, pompous notion that I could read and understand plain English. Some friends introduced me to a group of people who were having ‘tax code’ readings and discussions. In particular, zeroed in on a section relating to the wonderful “exemptions” that make institutions like the vulgar, corrupt Catholic Church so incredibly wealthy. We carefully studied the law (with the help of some of the “best”, high-paid, experienced tax lawyers in the business), and then began to do exactly what the “big boys” were doing (except that we weren’t steeling from our congregation or lying to the government about our massive profits in the name of God). We took a great deal of care to make it all visible, following all of the rules, exactly the way the law said it was to be done.

Feb 09 07:16

Exclusive Interview: Hungary Scrapping Income Tax for Under-25s to Support Youth, Families

The Hungarian government is scrapping income tax for under-25s to help young people “to have a future in Hungary, to start a family, raise children, prosper, and live” the country’s families minister told Breitbart in an exclusive interview.

This is part one of two part-part interview with Katalin Novák, Hungary’s Minister for Family Affairs.

Katalin Novák, who has been helping to drive Prime Minister Viktor Orbán’s pro-family agenda for seven years now, told Breitbart London that, according to preliminary calculations, the policy could help some 460,000 people in the country of roughly ten million, and estimated that “the income of youngsters will increase by 22 per cent” as a result.

Feb 08 15:29

Renouncing American Citizenship Hits All-Time Record

Treasury Department records show that 2020 set a new record for the number of Americans who renounced their U.S. citizenship or gave up their long-term green cards. Common reasons for renouncing can be family, tax and legal complications for people who generally live outside the United States. There is an official list published quarterly, and the names for the fourth quarter 2020 made the annual total 6,707, a 237% increase from 2019. That may not sound like many, but the actual number of expatriates is often assumed to be higher, with many apparently not counted. Both the IRS and FBI track Americans who renounce. Some renouncers write why they gave up their U.S. citizenship, but tax considerations are often part of the equation. Expats have long clamored for tax relief. Adding fuel to the fire is FATCA, the Foreign Account Tax Compliance Act. This U.S. tax law was passed in 2010 and requires an annual Form 8938 filed with the IRS if your foreign assets meet a threshold.

Jan 29 12:30

‘Sad billionaire’ slams ‘LOSER’ GameStop investors – then laments Biden taxes he voted for as ATTACKING THE WEALTHY

A hedge fund manager who famously cried over a Democrat tax proposal – then voted for Joe Biden anyway – slammed Robinhood investors buying GameStop stock as “losers” spending government stimulus money to gamble on the markets.

People “sitting at home getting their checks from the government, trading their stocks” are the problem, Leon Cooperman said on Thursday.

In a lengthy appearance on CNBC’s Fast Money: Halftime Report, the CEO of the New York-based Omega Advisors took aim at the small investors buying up stocks the “more knowledgeable” short-sellers had undervalued, blaming the Federal Reserve’s low interest rates and even the government’s coronavirus stimulus checks.

Jan 29 09:27

Warren calls CNBC reporter's 'bluff' on rich leaving US over wealth tax

Sen. Elizabeth Warren (D-Mass.) called a CNBC reporter’s “bluff” after the reporter suggested that wealthy Americans would leave the U.S. over a new tax.

Warren appeared on CNBC’s “Closing Bell” on Thursday, in which she discussed how levying a two-cent tax on the richest families in America would raise enough money for causes such as universal childcare and universal free college.

After hearing her remark, host Sarah Eisen said the tax “might also chase wealthy people out of this country as we’ve seen has happened with, with other wealth taxes.”

“You just said how much we need the economy to be revitalized right now for companies to start adding jobs and not subtracting them anymore,” Eisen said.

Jan 28 12:57

Stimulus check calculator: Confirm you received full relief payment before filing 2020 tax return

The Internal Revenue Service is essentially done sending stimulus checks, but if you didn't receive your fully promised payment, don't fret — there's a quick fix.

Americans who have not received their coronavirus stimulus check payments, or who received the incorrect amount, can claim the missing money when they file their 2020 tax return.

Jan 25 06:53

New Tax on Number of Miles You Drive?

Jan 23 08:01

Wayne Dupree: Biden said he was going to preside over a dark winter. Yep, he's making it happen, alright

The burden facing Americans is about to get greater. Taxes will increase, the cost of living will go up and 11 million illegal immigrants will become citizens. Liberal ideology is expensive, and the elite won't be paying for it.

?I don’t care much for Joe Biden as I voted for President Donald Trump, but the simple, undeniable truth is that Trump delivered in four years what Biden and company only ran their lying mouths about for 40 years. Now we’ve thrown Trump out and gone back to the non-delivering liars; that is powerful evidence that we are not very bright.

Jan 23 06:57

No Taxation Without Reform

Jan 22 09:06

Dem senator wants to weaponize the IRS, again

On Jan. 15, 2021, Sen. Ron Wyden, D-Ore., moved to enlist the IRS in the war to silence conservative voices.

Wyden, one of the most liberal U.S. senators and ranking member of the Senate Finance Committee, wrote a letter to IRS Commissioner Charles Rettig, claiming that certain tax-exempt organizations were "involved in promoting and organizing events that ultimately led to the violent insurrection." The proof of this, according to Wyden, is "press reports" showing that the events of Jan. 6 were "an orchestrated, organized event" and that "dark money" from the GOP was at the root of it all.

Jan 19 09:08

A comprehensive list of tax filing resources

Jan 18 16:21

40%: Biden's Plan To Raise Taxes & Minimum Wage Will Have Huge Impact On Average Americans

President-elect Joe Biden and congressional Democrats have revealed plans to raise taxes on wealthy individuals and firms, but vital obstacles remain even with Democratic majorities in the House and Senate.

This month’s Democratic wins in Senate runoffs in Georgia, giving Democrats control of the Senate for the first time since 2014, increases the odds of tax proposals pushing through Congress. However, slim margins in both the House and the Senate mean passing tax increases will be a hard task.

“Getting them to agree on a legislative proposal will not be easy,” said Jorge Castro, a former congressional aide and counselor to the IRS commissioner during the Obama administration who now works on tax law at Miller & Chevalier.

Jan 08 11:21

Businesses in this state face a $9 billion tax increase

Dec 18 10:16

Worried About Taxes? Consider These Ideas.

Dec 10 11:58

Democrats Planning To Weaponize IRS, Expanding 'Enforcement' Division To Suck Citizens Dry

House Democrats are forcing the IRS with $5.2 billion devoted to “enforcement activities,” provoking concern from conservatives who recall the tax-collecting agencies politicized targeting throughout the Obama administration.

Investigations by an inspector general and following congressional oversight managed the agency’s exempt organization’s union unjustly targeted tea party and conservative groups.

Dec 05 06:01

Joe Biden Wants a Huge New Tax on Gun Owners

Nov 24 15:58

The Tiny Dot

Nov 21 07:06

The Greatest Swindle in American History… And How They’ll Try It Again Soon

International Man: Before 1913 there was no income tax, and the United States was a much freer country. Initially, the government sold the federal income tax to the American people as something only the rich would have to pay.

Jeff Thomas: Yes, exactly. It always begins this way. The average person is always happy to see the rich taken down a peg, so this makes the introduction of the concept of theft by the government more palatable. Once people have gotten used to the concept and accept it as being perfectly reasonable, then it’s time to begin to drop the bar as to who “the rich” are. Ultimately, the middle class are always the real target.

International Man: The top bracket in 1913 kicked in at $500,000 (equivalent to around $12 million today), and the tax rate for it was only 7%. The government taxed those making up to $20,000 (equivalent to around $475,000 today) at only 1% – that’s one percent.

Nov 17 06:32

Get ready for the “Work From Home” Tax

Nov 12 12:54

Florida man formerly paid half of NYC taxes

Nov 11 12:31

People working from home should be taxed to help fund workers whose jobs are under threat, Deutsche Bank economists say

People working from home should be taxed to help fund workers whose jobs are under threat, a new report has said.

Economists from Deutsche Bank have suggested a tax of 5 percent of a worker's salary is introduced if they choose to work from home.

This tax would be paid for directly by employers with the income generated distributed to people who are unable to do their jobs from home, such as nurses and factory workers, for example.

Nov 10 14:42

WTF I love Joe Biden’s tax plan now...

Oct 21 05:19

How Bad Is Biden's Tax Plan? It's Getting Rappers To Back Four More Trump Years

The 45-year-old hip-hop personage, born Curtis James Jackson III, took to Instagram on Monday to offer his support for President Trump after seeing figures related to former Vice President Joe Biden's proposed tax plan.

The hip hop star shared an image from what appeared to be a news broadcast, representing the "top tax rates by state under [the] Biden tax plan."

Among the states mentioned was New York, which the broadcast said would be taxed at a rate of 58% while New York City would be taxed at 62%.

Oct 20 06:43

Biden's tax plan will lead to a combined rate of at least 62% for those making more than $400k in some states - the highest increase in three decades, tax group claims

The highest earners in the states of New York, New Jersey and California could end up facing a combined state and federal tax rate of 62% under Democratic presidential nominee Joe Biden's tax plan, in what would be the highest tax rate implemented in more than 30 years.

The high rate would affect those earning more than $400,000 whilst those earning below that level would likely receive tax cuts, according to the Tax Foundation, a low-tax advocacy group.

The analysis does not reflect what people pay in reality, because it does not include any tax dedications, offests or credits, which people all routinely claim and which lead to the effective tax rate.

Oct 15 06:38

Federal tax judge allows whistleblower case against Clinton foundation to proceed

Afederal judge is allowing a whistleblower complaint to proceed against the Clinton Foundation, ruling the IRS "abused its discretion" in trying to dismiss allegations of nonprofit wrongdoing by one of America's most famous political families.

U.S. Tax Court Judge David Gustafson denied the Internal Revenue Service's request for a summary motion, ruling the whistleblower complaint by John Moynihan, a former Drug Enforcement Agency official, and Larry Doyle, a corporate tax compliance expert, "provided 'specific credible documentation' supporting their allegations" of possible tax-exempt legal violations by the Clinton charity based in Arkansas.

Gustafson said the agency's Whistleblower Office (WB) wrongly denied Moynihan's and Doyle's claims simply because the IRS Criminal Investigation (CI) office sent an email saying the issues in the complaint were closed. The judge said he had reason to believe from the evidence that the IRS and the FBI engaged in some investigative activity.

Oct 15 05:59

IRS Slaps Baltimore City's Top Prosecutor With Lien For Years Of Unpaid Taxes 

According to The Baltimore Sun, the IRS has filed a lien against Baltimore City's top prosecutor for years of unpaid taxes.

Baltimore City State's Attorney Marilyn Mosby and husband Nick Mosby - Democratic nominee for City Council president - were slapped with a $45,000 lien via the IRS for three years of unpaid taxes. The lien showed the Mosbys owe $23,000 for 2014, more than $19,000 for 2015, and about $3,000 for 2016.

Oct 13 12:09

IRS colluded with Clinton Foundation to cheat taxpayers out of $2.5 billion

An interesting development has emerged concerning the Clinton family crime syndicate that suggests the highly corrupt Clinton Foundation colluded with the Internal Revenue Service (IRS) to cheat the tax system out of $2.5 billion.

As revealed on the Thomas Paine Podcast – listen here – a federal judge has pegged the IRS for illicit conduct in sheltering the Clinton Foundation from having to pay as much as $2.5 billion in unpaid federal back taxes.

In what the podcast describes as “a rare overture,” the judge in the case has sided with pro-se litigants and Clinton whistleblowers John Moynihan and Larry Doyle, allowing their case against the Clinton Foundation to proceed. Meanwhile, the IRS has been smacked down in its efforts to cover both for itself and for the Clintons.

Oct 11 07:36

THE ONE ASSURED OUTCOME AFTER THE ELECTION

Ever since the crash of 2008, a trend has developed in U.S. election debate: the near complete avoidance of serious discussion about the economy. Ron Paul was the last candidate to attack the subject with any energy, and that was quite a while ago now. The economic decline of our nation is being aggressively ignored, even though it is the most important issue of the past century.

Oct 02 07:11

Carney: The New York Times Is Wrong — Trump Paid Millions in Taxes in 2017

The New York Times’ claim that President Donald Trump paid just $750 in federal income taxes in 2016 and 2017 is wrong, based on a flawed understanding of how taxes are paid.

The 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 he 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.

Oct 02 05:01

Tax & Deductions

Sep 30 02:10

Robert Kiyosaki: Why Trump Pays ZERO in Taxes

Sep 29 15:42

Helicopter Money and the End of Taxes

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