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Eugene Lee Yang @EugeneLeeYang My face when I read $750 4:15 PM · Sep 27, 2020 · Twitter Web App

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My face when I read $750


Uploaded by Matt Sep 28, 2020 at 11:35AM EDT

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Origin Entry: Donald Trump's Tax Returns

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1040 Departmen U.S. Inc 31,2016, or FEDERAL INCOME TAXES PAID BY DONALD TRUMP 2015: $641,931 2016: $750 2017: $750 2018: $999,466 2019: $133,445 2020: $0-claimed a refund of $5.47M >SOURCE: HOUSE COMMITTEE ON WAYS AND MEANS MSNBC REPORTS
Trump Is a horrible businessman Trump committed felony tax evasion who wasted millions of dollars MAKE AMERICA GRRATAGAIN imgilp.com JAKE-CLARK.TUMBLR
business losses, to entirely wipe out their tax liabilities. 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. As he settled into the Oval Office, his tax bills soon returned to form. His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. The dreaded alternative minimum tax would let his business losses erase only some of his liability. Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe – $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years. To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017. When they got to line 56, the one for income taxes due, the amount Subscribe for $1 a week. Offer ends soon.
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Uploaded Sep 28, 2020 at 11:35AM EDT

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Donald Trump's Tax Returns

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donald trump, taxes, economy, politics, president, money, donald trump's taxes, @eugeneleeyang

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