Trump's 2005 Tax Returns Share A Look At His 'Fabulous' Annuity Businesses
- Author: Michelle Webb Mar 29, 2017,
Mar 29, 2017, 1:58
Forms made public Tuesday night show President Donald Trump paid $38 million in federal income tax on more than $150 million in income in 2005.
"The documents show Trump and his wife, Melania, paying [US]$5.3 million in regular federal income tax - a rate of less than 4 percent", Johnston wrote in a post on the Daily Beast Web site. Nonetheless, the New York Times, which obviously supports the Democrats, released a copy of that return which showed that Trump had incurred a colossal investment tax loss totaling almost a billion-dollars.
He also said he didn't think it was likely that Trump leaked them himself, given how angry the White House's response was.
The White House responded in a heated statement before the episode even aired, claiming that "it is totally illegal to steal and publish tax returns" and calling MSNBC "desperate for ratings".
The vast majority of Trump's income taxes - a $31 million - came in the form of an Alternative Minimum Tax (AMT), a tax that prevents the U.S.'s top earners from paying minimal or no taxes by curbing the kinds of deductions and write-offs they can claim.
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We also learn that he, like many, took advantage of tax loopholes, writing off more than a hundred million dollars in business losses to lower his taxable income.
While running for president Trump said he would release his taxes if elected, but once in office he backpedaled, and now claims United States voters have no interest in his taxes. Johnston then speculated on the show that the documents could have been mailed from Trump, a known leaker of information, or his associates since they appeared to paint the president in a favorable light. Although it has been a tradition for presidential candidates to release tax returns, the smart move by Trump was to not release his returns.
And Maddow said she's going to be just as diligent with the other pieces of that jigsaw puzzle.
President Donald Trump rattled off a series of tweets Wednesday morning that covered a smattering of topics not limited to recent reports about his tax returns, an upcoming rally in Nashville, Tenn., and music video released by Snoop Dogg. He initially promised to release the information, then said he wouldn't because they were under audit. I've just watched 14 minutes of a Rachel Maddow monologue and now I've lost my will to live.
On Wednesday evening, MSNBC host Rachel Maddow sparked widespread speculation when she announced on Twitter that she had "Trump tax returns". "It is amusing to me that a president would spend this much energy and political capital to keep secret his finances and his taxes specifically and simultaneously would want to brag about how much money he made".
The release of two pages of President Donald Trump's 2005 tax returns has sparked a legal dispute, with the White House and a major television network squaring off over whether a law was broken.