We recently got a glimpse into Trump’s 2005 tax returns. The returns don’t tell us a lot about Trump’s current financial situation, but they do foreshadow how the Republicans are planning to continue gutting social programs and advance unprecedented tax cuts for the wealthy which are already well underway as proposed in the replacement bill for Obamacare (the American Health Care Act).
This is a crucial time for young people with access to wealth to take action. Read on to learn about what is at stake and how to join Tax Day actions.
Trump’s 2005 tax returns show that he paid $38 million in taxes out of $150 million in income. He paid that amount because of the Alternative Minimum Tax (AMT), which he and Republicans have insisted on eliminating. According to the Guardian, “The alternative minimum tax was created in 1969 (and amended in 1979) to address the fact that some of the uber-wealthy could use so many deductions and loopholes that they ended up paying zero federal income tax. People with high incomes have to calculate their taxes twice — once with all their deductions and once without many of them. The taxpayer must then pay … Continue reading »