Bernie Sanders is a self-proclaimed socialist who railed against the power of the wealthy elite during his 2016 presidential run. But despite that, he does not support the alternative minimum tax, which was enacted with the intention...Show More Summary
Americans for Tax Fairness, Corporate Tax Dodging Outlined in New Report Hurts Jobs and Working Families Americans for Tax Fairness, Trump Trying to Eliminate the Biggest Tax He Pays: The Alternative Minimum Tax Bloomberg, Merkel to Warn Trump That U.S. Tax Changes May Spark Retaliation Bloomberg, Trump’s Counties Lose Out...
Trump paid $38M in taxes in 2005, and Alternative Minimum Tax was a big reason. But that doesn't mean he is wrong about repealing the AMT.
One tax that President Donald Trump has promised to put on the chopping block is one that hit him hard in 2005: the alternative minimum tax. A copy of the president's tax return recently revealed by MSNBC indicates that the alternative minimum tax cost Trump $31 million. Show More Summary
Trump’s effective tax rate was higher than average for the uber-rich, but only because of the alternative minimum tax.
Trump's proposals to eliminate the alternative minimum tax, cut the capital gains tax rate and curb income tax rates would have shrunk his tax bill dramatically if they had been in place over a decade ago. According to the group, the...Show More Summary
In the case of the president's 2005 return, the Alternative Minimum Tax did its job, making sure a high income household paid tax roughly in line with others in its income bracket. But his return underlines that the AMT isn’t a solution to a leaky tax code, it is a symptom of a deeply flawed law.
The alternative minimum tax was enacted to make sure high-income earners didn’t avoid a fair share of tax, but many say its effectiveness has eroded.
A leaked tax return shows that in 2005, President Trump paid $31 million due to the alternative minimum tax, a flat minimum tax for taxpayers above a certain income level. Trump has been campaigning to eliminate the AMT. Join the conversation about this story »
Donald Trump's tax return shows impact of alternative minimum tax; blizzard chills economic growth forecast; and Neiman Marcus is up for sale. These headlines and more from CBS MoneyWatch.
The Alternative Minimum Tax was passed to target the ultra-wealthy, but today it's more likely to affect the upper-middle class.
Following the discussions about the release of President Trump's 2005 tax returns on Rachel Maddow's show last night, I immediately received some questions about the AMT (Alternative Minimum Tax). If you're scratching your head wondering what the AMT is, exactly, here's a brief explanation.
The leaked documents show that the bulk of his taxes was due to the Alternative Minimum Tax, a tax aimed at preventing high-income earners from paying minimal taxes -- and one that President Trump wants to eliminate.
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The documents show Trump and his wife Melania paying $5.3 million in regular federal income tax--a rate of less than 4 percent. However, the Trumps paid an additional $31 million under the alternative minimum tax, or AMT. Trump has previously called for the elimination of this tax.... Show More Summary
Click here for reuse options! Without the alternative minimum tax, which President Trump wants to end, he would have paid taxes at a lower rate than America's poor. As a presidential candidate, Donald Trump bucked the long-standing tradition of releasing his tax returns, and as president, he continues to hold firm. Show More Summary
Trump's tax returns show he incurred $31 million worth of tax liability from the Alternative Minimum Tax, a feature of the tax code he has pledged to remove.
President Donald Trump wants to abolish the "Alternative Minimum Tax" (AMT) that, according to a copy of his federal tax return, cost him $31 million in 2005. That $31 million was a majority of all the $38.5 million in taxes he paid on his $153 million in total income for that year. Show More Summary
One standout item from Trump’s 2005 tax return, revealed last night, was something called the “Alternative Minimum Tax” (AMT). If you’re not terribly familiar with it, here’s what the AMT is all about and why it matters. Read more.....
Rachel Maddow got her hands on the president's 2005 federal tax return, showing he paid $38 million in income taxes — partly due to an "alternative minimum tax," which he hopes to abolish.