Ethics watchdog: GOP tax bill written to cut Trump’s taxes
A government ethics watchdog argued Thursday morning that the newly released Republican tax bill was written to lower President Trump’s taxes.
Citizens for Responsibility and Ethics in Washington, a nonprofit that aims to reduce the influence of money in politics and foster government accountability, cited the bill’s intention to repeal the alternative minimum tax.
“In 2005, the one year of Trump’s taxes we’ve seen, the Alternative Minimum Tax cost him an extra $31 million,” the organization, which is linked to Democratic operative David Brock, tweeted. “This bill was written for him.”
In 2005, the one year of Trump’s taxes we’ve seen, the Alternative Minimum Tax cost him an extra $31 million. This bill was written for him. https://t.co/8nyYHyW8Pg
— Citizens for Ethics (@CREWcrew) November 2, 2017
{mosads}The alternative minimum tax applies to certain high-income individuals and helps close loopholes to ensure those people pay at least a minimum amount of tax, according to the IRS.
Trump broke with tradition and refused to release his tax returns while running for president. But in March, MSNBC’s Rachel Maddow revealed Trump’s 2005 Form 1040.
The document showed Trump reported $150 million in income and paid $38 million in federal taxes, largely because of the alternative minimum tax.
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