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cosmostein





Joined: 04 Oct 2006
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PostPosted: Wed Mar 15, 2017 10:03 am    Post subject: MSNBC & Trumps Taxes Reply with quote

Quote:
Less than two hours before her 9 o'clock show was set to air on MSNBC, Rachel Maddow tweeted that she had landed a stunning exclusive: Donald Trump's tax returns. The tweet had just enough time to go viral (it had been shared over 68,000 times before the show began, and "Rachel Maddow" was trending on Twitter almost immediately) before she went live with details from the Form 1040 from Trump's 2005 return.

Maddow said it showed that Trump reported over $150 million in income that year and paid $5.3 million in federal income tax and $31 million in alternative minimum tax. Many questions were left unanswered, including the sources of his income.

The investigative reporter and tax expert David Cay Johnston, who had obtained the 1040 in the mail and passed it on to Maddow, suggested Trump, himself, had sent him the document. Johnston he also emphasized how Trump used loopholes to secure a discounted income tax rate and that he believed the rest of the returns would show something that Trump may be trying to hide


https://www.forbes.com/sites/maddieberg/2017/03/14/rachel-maddow-releases-trump-tax-returns/#4aee8a7d37a7
cosmostein





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PostPosted: Wed Mar 15, 2017 3:06 pm    Post subject: Reply with quote

I don't know what to make of this;

This "leak" benefits the President on a level that is almost immeasurable.
The 25% tax rate is higher rate of taxation than the fully released (and far more current) returns of the former President and even Senator Sanders.

Either way regardless of the source of the material;
I cannot believe that MSNBC allowed them to be played in this manner.
Bugs





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PostPosted: Thu Mar 16, 2017 3:22 am    Post subject: Reply with quote

Cosmo, it seems you recognize MSNBC to be a Democrat mouthpiece.

I think you are right to be suspicious, because the source is anonymous, and anyone in the IRS who 'leaked' this tax information committed a felony. You can't rule out that the source is Trump himself.

But if that's the case, then MSNBC did get played.

If it's the other alternative, an enemy of the Trump administration, then why would they leak something that essentially confirms Trump's story that he earned a lot of money and paid a lot of taxes. In short, they are revealing that he plays by the rules.

It makes me wonder if they have more revelations to come.
cosmostein





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PostPosted: Thu Mar 16, 2017 9:40 am    Post subject: Reply with quote

In terms of the source;
The document that is being broadcast seems to be stamped "Client Copy";
From my experience that is usually stamped on the copy that the accounting firm prepares and provides to me once filing is complete.

Assuming that is in fact the document MSNBC obtained I am confident its not an IRS leak;
Especially considering how old and how little information was leaked.
RCO





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PostPosted: Thu Mar 16, 2017 11:33 am    Post subject: Reply with quote

I really don't understand the whole obsession with trump's tax returns or politicians tax returns in general , perhaps the liberals though there was a story here and that he was hiding something

but after being able to view the tax returns that were released that doesn't appear to be the case , the idea he never paid taxes which was floated around during the election does seem bogus now


I believe we also saw a similar issue in Canada during the Manitoba election , when the ndp went after now premier Brian Pallister cause we wouldn't release his tax returns and private financial information to the public , but the voters didn't seem to care much and threw out the ndp anyways
Toronto Centre





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PostPosted: Thu Mar 16, 2017 6:11 pm    Post subject: Reply with quote

cosmostein wrote:
I don't know what to make of this;

This "leak" benefits the President on a level that is almost immeasurable.
The 25% tax rate is higher rate of taxation than the fully released (and far more current) returns of the former President and even Senator Sanders.


The leak may not benefit Trump.

He is trying to do away with the AMT which is the bulk of the taxes paid for that year. If the people see through that, then they know he paid $3M on income of $150M which could well be a problem going forward. (Apparently tho, due to inflation the AMT catches a fair number of upper middle class folks so that tenders the hit somewhat)

Quote:
RCO. I really don't understand the whole obsession with trump's tax returns or politicians tax returns in general , perhaps the liberals though there was a story here and that he was hiding something

One could easily turn that around to suggest that Trump will not release his returns because there IS something in them he does not want folks to know.

It has been a long standing tradition since Nixon and Trump is the only one not to follow.

To be honest, I seem to stumble on whether its a good thing or a bad thing . Afterall, they were private citizens at the time so I wonder what to think.

That said, with what at least appears to be some discussion with Russians and Trumps monies coming from that nation (re:funding for projects) he may well have a very valid reason not to release them....ie it could sink him horribly.

In most cases where there is smoke theres at least some fire. Time will tell
Bugs





Joined: 16 Dec 2009
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PostPosted: Thu Mar 16, 2017 8:31 pm    Post subject: Reply with quote

Come on, it's a fishing expedition. They are merely looking for something, anything, that they can exploit to bring him down.

Why should Trump co-operate with that? What good did it do Romney?
cosmostein





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PostPosted: Fri Mar 17, 2017 10:41 am    Post subject: Reply with quote

Toronto Centre wrote:
cosmostein wrote:
I don't know what to make of this;

This "leak" benefits the President on a level that is almost immeasurable.
The 25% tax rate is higher rate of taxation than the fully released (and far more current) returns of the former President and even Senator Sanders.


The leak may not benefit Trump.

He is trying to do away with the AMT which is the bulk of the taxes paid for that year. If the people see through that, then they know he paid $3M on income of $150M which could well be a problem going forward. (Apparently tho, due to inflation the AMT catches a fair number of upper middle class folks so that tenders the hit somewhat)


Many of us who are living and breathing politics may see that;

Lets be honest, how many folks felt he actually paid taxes at all?
I sure didn't, I assumed he had any number of write downs and credits that would have put the number far lower in every tax year.

However to the masses he paid taxes, maybe he didn't from 2006 thru 2016 but ultimately after all the "release your returns" clamors a news agency that I would argue many on the left of centre sphere may gravitate toward in hopes of a "gotcha" moment showed he paid a higher tax rate than the former President or Senator Sanders.

That's the headline;

Sadly not many people read the story.

Toronto Centre wrote:
He is trying to do away with the AMT which is the bulk of the taxes paid for that year.


I have no doubt that the AMT will be changed;
Its changed under every President since Nixon, but the concern is more "how";

Will it be eliminated?
Will it be scaled back to be closer to the old "Tax Reform Act of 1969" definition?
Will it look more like the Tax Equity and Fiscal Responsibility Act of 1982 definition?
Will it simply modify the changes made to the AMT in American Taxpayer Relief Act of 2012?

If the last few months have shown me anything I expect it will be replaced by something similar called the "Greatest Tax Plan for Making America Great"

and It should be replaced with a 21st Century piece of legislation that reflects what it was originally intended to do.

We will see how this US administration approaches it.
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MSNBC & Trumps Taxes

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