One tweet and the whole complexion changes! On her, Tuesday MSNBC shows, Rachel Maddow has teased a scoop that she had Donald Trump’s tax returns in 2005. Moreover, it was the first time his federal returns would be released after his presidential reins.
The host of MSNBC Rachel Maddow and The Daily Beast have collaborated to make public that President Donald Trump paid $38 million in 2005 as taxes out of his $150 million of income. $5.3 million of that amount was in federal income taxes, and other $31 million came from the Alternative Minimum Tax, as first reported by the David Cay Johnston who is a researcher and writes for The Daily Beast.
This trending story started with Rachel Maddow's cryptic tweet, followed by confirmation that it was Donald Trump.
White House reaction to tonight's tax return scoop coming up right now... MSNBC— Rachel Maddow MSNBC (@maddow) March 15, 2017
What we've got is from 2005... the President's 1040 form... details to come tonight 9PM ET, MSNBC.— Rachel Maddow MSNBC (@maddow) March 15, 2017
This gives Donald Trump an effective tax rate of approximately 24 percent, which David Johnston pointed out was roughly equal to what he and his wife, who both are an upper-middle-class couple, pay to the government.
One thing is for sure that for a billionaire, you can take an argument that he should pay more in taxes. But, $38 million is a big number to be paid in taxes. And so is $150 million as his income.
There was also a speculation which was fueled by Donald Trump himself that he wasn't paying anything in taxes. This led to the Democratic presidential nominee Hillary Clinton attacking him on that issue. Clinton said in September of 2016:
"The only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax.”
The White House said in Tuesday's statement that United States President Donald Trump had paid $38 million in taxes on income of more than $150 million for 2005. A spokesperson of Whitehouse said in a statement:
"Before being elected President, Mr. Trump was one of the most successful businessmen in the world with a responsibility to his company, his family and his employees to pay no more tax than legally required. That being said, 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."
But, it eventually turns out that Donald Trump did pay taxes, at least in 2005.#Political Analyst #Former Radio Host