White House says Trump paid $38m in taxes, made $150m in '05

The journalist who obtained the purported first two pages of President Donald Trump's 2005 tax returns and made them public said this morning that Trump was probably not behind the anonymous release.

Donald Trump earned more than $150 million in the year 2005-and paid just a small percentage of that in regular federal income taxes.

Trump-hating progressives, who have been demanding for months that he release the returns and prove to the world that he, unlike the little peope whom progressives claim to love, was essentially a tax scofflaw, flocked to their sets jaws dripping saliva to watch MSNBC destroy the new president at last.

The pages from Trump's federal tax return show the real estate mogul also reported a business loss of $103 million that year, although the documents don't provide detail.

"Trump's return shows that he's pushing tax changes that benefit multimillionaire heirs like him, not the middle class", Lily Batchelder, a tax law professor at New York University, told The New York Times.

The first big win for Trump would have come from his proposed elimination of the Alternative Minimum Tax, which was first enacted in 1969 to ensure that top earners could not use tax breaks and deductions to avoid paying any federal taxes. Without the alternative minimum tax, Trump would've paid $5 million in taxes in addition to almost $2 million in self-employment taxes.

While running for president Trump said he would release his taxes if elected, but once in office he backpedaled, and now claims U.S. voters have no interest in his taxes.




It's unclear who leaked the tax return to Johnston: He said he found it in his mailbox. That being said, there is now law that requires a president to release their tax returns, it's just good form.

As a candidate and as president, Trump has refused to release his tax returns, breaking a decades-long tradition.

Neither Trump nor anybody in the administration have called for a probe into the returns' release. "Donald has a long history of leaking material about himself when he thinks it's in his interests". Yet the Trumps didn't pay as much in taxes as their rich peers. "I have no idea", Maddow said. "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".

"If he's got any sort of financial entanglement that might ... change what he does on behalf of the country so as to deal with his personal stuff, we really need to know that", Maddow said.

Spicer rejected the suggestion that the White House should release more documentation, or information about the amount Trump paid in taxes and his income.

The IRS, whose head was appointed by then-President Obama, did not have any public comment about the leak of Trump's 2005 tax returns as of early Wednesday afternoon.

(Copyright © 2015. All Rights Reserved.)
 
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