Why Does Donald Trump Want To Remove Alternative Minimum Tax From Law?
One thing became very clear as I got into the meat of the two pages of limited information which MSNBC released about Donald Trump’s 2005 tax forms.
The part that jabbed me over and over as I looked at the release is that most of the tax Trump was forced to pay was due to the Alternative Minimum Tax. The law was placed on the books for people like Trump. Though we were not made privy to the full tax file for the year in question it makes sense to think Trump had a boatload of deductions. Therefore the AMT is a backup tax designed to insure that people with a lot of deductions don’t entirely escape taxes.
Trump took a write-down of more than a hundred million dollars in 2005, his initial tax liability was just $5.3 million. So keep in mind had it not been for the AMT , which just coincidently Trump and a whole bunch of other very rich Republicans wish to abolish, Trump’s effective tax rate would have been about 3.5 per cent. But because there was some meat to our tax laws the Orange Mango had to cough up an additional roughly thirty-one million dollars. One could buy a number of high-priced prostitutes in Russia with that type of cash.
Bottom line, dear readers, is that Trump’s return demonstrates why preserving the A.M.T. is essential. It also underscores what many have said all along that Trump’s desire to sit in the Oval Office has nothing to do with love of country. It instead has everything to do with greed and feathering his own corporate bed.