According to his 2005 returns, Trump claimed he made $150 million dollars and paid $38 million in federal taxes, which is an effective 25% rate. Trump claimed “large scale depreciation for construction” as a write-off, allowing him to pay far less than rate he was supposed to pay. That's a $100 million write off according to The New York Times.
But the real issue, according to Newsweek journalist Kurt Eichenwald, is not the realease of Trump's taxes, in itself a lie, as Trump has insisted he can't release the taxes because he's under audit, but Trump's income.
The fact that Trump paid taxes is not whats important. His income not close to what it would be if he had the billions he claims. #MoreLies
— Kurt Eichenwald (@kurteichenwald) March 15, 2017
For people who don't get it: Trumps reported income for 2005 shows he has been lying about his net worth for years.
— Kurt Eichenwald (@kurteichenwald) March 15, 2017
Eichenwald refers to the fact that Trump has been claiming to be a billionnaire for years, but his income does not support that claim, as a person needs at least $1,000 million dollars in order to be a billionnaire. Eichenwald adds:
NOW know why Trump hides taxes: shows his claimed net worth a lie. If he earned just 2% on what he claims, income for 05 would be 33% more.
— Kurt Eichenwald (@kurteichenwald) March 15, 2017
And by the way. Trump's taxes from before 2008 are NOT under audit:
None of the taxes pre-08 are under audit. Release them all or explain why not @realDonaldTrump.
— Kurt Eichenwald (@kurteichenwald) March 15, 2017
There's one thing MSNBC didn't show because of the fact that they only got two pages from Trump's 2005 tax returns, though: the origin of the money. That still is unknown.
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