Thread by @_cingraham, Federal taxes paid, first year in officeRonald Reagan: $165,202George H.W. Bush: $101,382Bill [...]

Christopher Ingraham

_cingraham

Federal taxes paid, first year in office

Ronald Reagan: $165,202
George H.W. Bush: $101,382
Bill Clinton: $62,670
George W. Bush: $250,221
Barack Obama: $1,792,414
Donald Trump: $750

Sources:
Reagan, HW Bush: https://www.efile.com/historic-1040-income-tax-returns-of-us-presidents-and-candidates/
Clinton: https://apnews.com/article/6a04f87470804258301a2a45b603b677
W Bush: https://georgewbush-whitehouse.archives.gov/news/releases/2002/04/20020412-6.html
Obama: https://obamawhitehouse.archives.gov/blog/2010/04/15/president-obama-and-vice-president-biden-s-tax-returns
Trump: https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

One thing I'm hearing a lot is "well duh Trump donates his salary." Per the IRS the max charitable writeoff is 50% of the donation. $400k in donations leaves him with $200k to pay taxes on.

And that's in addition to the millions his other ventures make.

Turned this into a proper story https://www.washingtonpost.com/business/2020/09/28/trump-taxes-compare-presidents/

Analysis | How Trump’s taxes compare to those of other presidents

Jimmy Carter voluntarily paid $6,000 in 1976 despite a zero tax bill, while other recent predecessors typically paid tens or hundreds of thousands of dollars.

https://www.washingtonpost.com/business/2020/09/28/trump-taxes-compare-presidents/

Yep. "The vast majority of the family’s 2009 income is the proceeds from the sale of the President’s books."

https://obamawhitehouse.archives.gov/blog/2010/04/15/president-obama-and-vice-president-biden-s-tax-returns https://twitter.com/BicycleHannah/status/1310389335737409536?s=20

You can follow @_cingraham.

Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: