Donald Trump’s real tax rate was 73.5 percent of his net income

Even some of the best conservative fiscal analysts call Donald Trump's 2005 income tax rate 25%.  In truth, it was closer to 75%.  A knowledgeable friend writes:

I mistakenly assumed the income figure of $150 million that was tossed around (on which he paid $36 million in taxes) was Adjusted Gross Income (AGI).  Now seeing the actual 2 pages of his return,

I see that the media was even more disingenuous than I had thought in choosing the $150 million number.  In fact, that return shows AGI of $49 million, on which he paid $36 million in taxes [roughly 73.5%].  The media somehow decided it was perfectly appropriate to add back $103 million in what I'll call losses, the negative amount shown as Other Income, explained in Statement 1 – which is not available to us or the media.  We don't know what explains the $103 million in "losses" that the media decided to ignore.

But how do they come off pretending it isn't there?

While this is all too complicated for the media to figure out and much of the public to understand and it might be nice to know the source of the $103 million negative Other Income, it's great to see that even in the worst case painted by the media, per the Drudge headline: TRUMP PAID HIGHER TAX RATE [25%] THAN MSNBC COMCAST [24%]... MUCH HIGHER THAN OBAMA [19%]... AND BERNIE [13%]!

I also wonder if Donald Trump faced any income tax liability from New York State.  Any percentage sent to Albany would be added to 25% or 73.5%.

The media have spun a fantasy based on the tale of Warren Buffett that the rich don't really pay taxes.  But now the public sees that even a tax-hating, canny operator like Trump gets hit, with a pretty big chunk of his income going out as a check to the IRS.  In addition to embarrassing his conspiracy theory critics like Rachel Maddow and Hillary Clinton, the leak of these two pages of taxes is changing some assumptions about the tax system, I suspect.  Sure, there are people like Buffett, but most of those that make a lot of money – but not super-rich – fork over huge amounts in taxes.  It is the highly affluent who pay the overwhelming share of income taxes.