The ‘Very Strange’ Item on Trump’s 1040: Alternative Minimum Tax
- President, congressional Republicans call for abolishing AMT
- Measure originally aimed at wealthiest now hits larger group
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Leaked pages of President Donald Trump’s 2005 tax return offer no new details about his foreign income and business dealings but highlight a tax he’s vowed to abolish.
The alternative minimum tax, or AMT, was responsible for 80 percent of Trump’s 2005 federal income tax bill of $38.4 million, on income of $152.7 million. That’s a “startlingly” large proportion, said Alexander Popovich, a wealth adviser at JPMorgan Chase & Co.’s private bank. “It’s very strange -- usually, the AMT is not going to cause anywhere near such a difference,” Popovich said.