The tax Trump paid in 2005 is the tax Trump wants to abolish
Business Insider
Jim Edwards 4 hrs ago
"President Donald Trump wants to abolish the "Alternative Minimum Tax" (AMT) that, according to a copy of his federal tax return, cost him $31 million in 2005.
President Donald Trump wants to abolish the "Alternative Minimum Tax" (AMT) that, according to a copy of his federal tax return, cost him $31 million in 2005.
Trump said he wanted to abolish the AMT in 2016
when he was on the campaign trail:
"All ... Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax while providing the lowest tax rate since before World War II."
If the AMT didn't exist, Trump would have paid only a fraction of his 2005 bill. Trump's return shows that alongside the AMT adjustment the other taxes he paid total only about $7 million, or 4.5% of his $153 million in total income. As it is, Trump paid an effective tax rate of about 25% on his income."