President Donald Trump paid $38 million of federal tax on an income of more than $150 million in 2005, for an effective rate of 25 percent, and reported a $105 million write down, according to a document made public by MSNBC and confirmed by the White House on Tuesday.
Two pages tax return called Form 1040 was obtained by David Cay Johnston, Pulitzer Prize-winning journalist, and he reported it first on MSNBC’s “The Rachel Maddow Show”.
This revelation provides a glimpse at Trump’s income. The New York Times reported that Trump reported a massive $916 million loss in 1995, which avoid him paying taxes in the coming years. Trump repeatedly has refused to release his income tax return claiming that it is under audit by the Internal Revenue Service.
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A statement from the White House indicated that it is authentic. The statement, issued to reporters anonymously to be attributed to a White House spokesperson, accused MSNBC of unlawfully releasing Trump’s tax returns.
“You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago,” the statement said. It also stated that Trump as one of the most successful businessmen in the world paid no more tax than legally required.
The statement went on to say: “Mr. Trump paid $38 million dollars even after taking into account large scale depreciation for construction, on an income of more than $150 million dollars, as well as paying tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes and this illegally published return proves just that. Despite this substantial income figure and tax paid, it is totally illegal to steal and publish tax returns. The dishonest media can continue to make this part of their agenda, while the President will focus on his, which includes tax reform that will benefit all Americans.”
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The return obtained Johnston shows that Donald and Melania Trump paid about $5.3 million in regular federal income taxes and another $31 million in alternative minimum tax, a supplemental tax designed to cut down on filers with excessive deductions.
Trump’s current finances are set to face a new test with the coming April 15 tax deadline. He has refused to release his returns, claiming the ongoing audits and his belief that Americans are not curious about them. However, a survey by Pew Research Center found that 60 percent of Americans believe Trump has responsibility to release his returns.