(Couldn't not comment on this! So I'm taking a break from my break.)
Everyone is speculatiing whether Trump snuck his own 2005 tax return out into public. The theory is that it shows that he does indeed pay federal income taxes. Thirty-eight million dollars actually in 2005.
Almost all of that sum is the Alternative Minimum Tax levied on higher income filers who would otherwise pay no taxes because of all the deductions and losses they claim. Remember that depreciation is like a loss. You take the income from a building and pretend the building is nevertheless worth less than last year. Trump has lots of buildings, lots of depreciation.
Of course his plans for tax reform include eliminating the Alternative Minimum Tax. Of course. Maybe that was his goal in becoming president? Nice way to pick up $38 million year after year.
Now, don't tell my eye doctor that I wrote this when I should be resting my eyes.
P.S. Can we depreciate our aging eyes on our tax returns?