Trump Paid $750 in Federal Income Taxes in 2017. Here’s the Math.

The small amount of federal income taxes President Trump paid in both 2016 and 2017 — just $750 each year — has become the focus of much...


The small amount of federal income taxes President Trump paid in both 2016 and 2017 — just $750 each year — has become the focus of much attention since it was revealed in a New York Times investigation. The figures below, drawn from Mr. Trump’s tax-return data for 2017, show how his accountants arrived at that figure for one of those years.

Although Mr. Trump donates his salary to the government, it is subject to income tax along with his other earnings. But because Mr. Trump’s overall income was negative, he did not owe regular income tax on any of it.

He was, however, still subject to the Alternative Minimum Tax, a parallel tax system that reduces the benefit of some deductions, preventing wealthy people from erasing their tax liability altogether. Most significantly, the A.M.T. formula disallowed $45 million in losses that Mr. Trump had carried over from prior years.

But tax laws gave him one more line on which to reduce the A.M.T. Mr. Trump had $22.7 million in General Business Credit, much of it carried forward from prior years, that he could apply. The credit is a smorgasbord of tax incentives and givebacks to business owners, and in Mr. Trump’s case they ranged from credits of $322,926 for Social Security and Medicare taxes paid on employee tips to at least $1.5 million related to rehabilitating the Old Post Office in Washington.

The business credit cannot be used to get a refund; it can only be applied against taxes owed. Mr. Trump had more than enough to cancel out his $7,435,857 tax bill. But on the Form 3800 for the General Business Credit, his accountants subtracted $750 from his allowable credit. Why they did that is not clear. But the result was a total federal income tax liability of $750.

Source link

COMMENTS

BLOGGER: 1
  1. Keep it up and in the future sharing more articles like this. I am amazed by the way you have explained things in this article. You are sharing a piece of nice information, it helped me. Thanks for this message. Business Process Outsourcing Companies Australia.

    ReplyDelete

Name

Africa,672,Americas,3521,Art & Culture,13563,Arts,6133,Arts & Design,1461,Asia,2992,Automobile,396,Baseball,474,Basketball,371,Books,3547,Business,4952,Celebrity,2479,Cricket,493,Crime,88,Cryptocurrency,1155,Dance,552,Defense,701,Diplomatic Relations,2371,Economy,939,Editorial,260,Education,1039,Elections,278,Energy & Environment,2835,Entertainment,21224,Environment,3295,Europe,3870,Faith & Religion,165,Family & Life,651,Fashion & Style,2922,Finance,17715,Food & Drink,3407,Football,986,Games,39,Gossip,10081,Health & Fitness,3738,Health Care,687,Hockey,164,Home & Garden,764,Humour,758,Latin America,49,Lifestyle,15164,Media,374,Middle East,1339,Movies,1549,Music,2371,Opinion,2354,Other,10237,Other Sports,4733,Political News,10899,Political Protests,2121,Politics,16503,Real Estate,1602,Relationship,59,Retail,2965,Science,2307,Science & Tech,8983,Soccer,128,Space & Cosmos,247,Sports,10543,Technology,3134,Tennis,488,Theater,1479,Transportation,214,Travel,2379,TV,3337,US Sports,1257,Video News,3531,War & Conflict,836,Weird News,919,World,14451,
ltr
item
Newsrust: Trump Paid $750 in Federal Income Taxes in 2017. Here’s the Math.
Trump Paid $750 in Federal Income Taxes in 2017. Here’s the Math.
https://static01.nyt.com/images/2020/09/29/us/trump750-promo/trump750-promo-facebookJumbo.png
Newsrust
https://www.newsrust.com/2020/09/trump-paid-750-in-federal-income-taxes.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2020/09/trump-paid-750-in-federal-income-taxes.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content