On Trump’s 2005 Tax Return, From a Tax Accountant….

by David B –

I’ve read that some people would like to believe that Rachel Maddow got played.  I’ve read tonight that some people are comparing it to Al Capone’s vault.  I respectfully disagree.

What we have are the first two pages of his 2005 tax returns, and Rachel put a lot of time into covering this, with my hero, Pulitzer Prize-winning investigator, David Cay Johnston, who received these pages in the mail.

First, it showed us that he did earn a ridiculous amount of money that year, and that he paid taxes.  His returns from 10 years earlier show no tax paid. Here he earned and paid a lot.

It showed us that he had Interest income and dividend income and it would be good to know from where.

This just scratches the surface. We need the schedules, particularly Schedule D and Schedule E, pages one and 2. Line 13 shows he made $32 million dollars in capital gains. Did he sell stock to make this profit? That’s a lot of profit to make on stocks if he has only $314K of dividends.  What did he sell?

Line 17 shows he had $67 million from Partnerships or S-Corporations. And possibly from Trusts. And/or as a landlord. We don’t know what they are. If they are partnerships, who are his partners? That’s a YUGE question.

Line 12 shows $42 million as a sole proprietor. Why on earth would he do that? Why not at least have the money come from an LLC or an S-Corp? I mean, there are reasons that I could think of, but not good ones. And what is/are the sole proprietorship(s) that earned him this much money?
It raises many more questions than it answers, and it could well have been sent by Donny boy to show his YUGE wealth.

If I was a betting man, I would bet that this is his best year financially, and that’s why that year’s information was sent out to Mr. Johnston.  I would bet that it was sent out in part as a boast, knowing it would be reported on, but just the two summary pages so that no questions could be answered.

 

Reprinted with permission from Daily Kos