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Trump and the AMT

The main thing we learned from Trump’s 2005 tax return: We need the AMT. The AMT is the “Alternative Minimum Tax”. It makes sure that rich people with a lot of deductions still pay a minimum amount of tax. In 2005 Trump made $150 million in income (that doesn’t count his businesses profits, just his personal income). After his deductions, he claimed he owed only 4% in taxes (FWIW that’s less than I paid as a teacher that year). Thanks to the AMT, he had to pay 25% anyway. That is still less than a single person making $72,000 in salary would pay, but it is better than 4%.

So guess who wants to eliminate the AMT? That’s right: Donald Trump and the Republicans in congress. Because freedom means billionaires should pay less in taxes than teachers.

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