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...(Read Full Post)