Trump’s tax returns show he paid less than 4 percent tax rate plus AMT in 2005: report
According to tax documents “slipped over the transom” to financial journalist David Cay Johnston, President Donald Trump paid less than 4 percent federal tax rate in 2005 in addition to an alternative minimum tax (AMT) of $31 million.
The documents, posted on Johnson’s website — which crashed as MSNBC host Rachel Maddow went live with the info — show that Trump earned more than $150 million in 2005.
The New York businessman also benefited from a $916 million loss he declared in 1995, reports the Daily Beast.
In a statement prior to the Maddow show, the White House preemptively admitted the documents were accurate.
“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,” the White House statement read.
The White House also accused MSNBC of breaking the law — which was disputed by financial journalist Johnston.