News

Actions

How Trump's tax return compares to the average Coloradan

KMGH-Web_Promo_Image_960x720-1.png
Posted at 2:25 PM, Mar 15, 2017
and last updated 2017-03-15 16:49:34-04

DENVER — The average person in Colorado made $33,500 in 2015 and paid over $6,000 in taxes to state and federal coffers. That's roughly a combined 20 percent tax rate, just behind the federal tax rate of Donald Trump in 2005.

According to new data released by the White House on the heels of a report by MSNBC, President Donald Trump only paid a 25 percent effective tax rate for his federal income taxes in 2005. 

Pres. Trump, who refused to release his tax returns — as is customary when running for president, reluctantly offered up one year ahead of the story on Tuesday night. 

The details are telling, and show how Pres. Trump used the system to pay a tax rate similar to the tax rates paid by the average Colorado resident, which again, makes just over $33,500 each year. Granted, the tax rate for Trump is only considering federal income tax, not state tax.

So how do your tax returns stack up to Trump's? See Trump's tax data below, or click here if it hasn't loaded.  

 

For the average Colorado resident in 2016, taxes will amount to roughly $6,900 when considering federal, state, and FICA taxes. Thankfully, the average Coloradan will receive a refund of $2,500, according to SmartAsset.com

Financial analysis: How Trump escaped playing full taxes

With Pres. Trump's federal income of over $150 million, he should be taxed at a rate of about 35 percent, on par with other billionaires of his income level. 

He wasn't, so financial experts took a look at his tax returns and quickly pointed out why: He listed $100 million in business losses that could have nearly wiped out what he owes the federal government. 

The reason he still had to pay a hefty sum? The Alternative Minimum Tax dinged him. The tax is aimed at preventing millionaires and billionaires from paying minimal taxes.

---------

Sign up for Denver7 email alerts to stay informed about breaking news and daily headlines.

Or, keep up-to-date by following Denver7 on Facebook, Instagram and Twitter.