Trump earned $150-million, paid $38-million in taxes in 2005
Trump says he has not released his tax returns because they are under audit by the Internal Revenue Service
President Donald Trump paid $38 million in taxes on more than $150 million in income in 2005, the White House said on Tuesday, responding to an MSNBC report that the network had obtained two pages of the returns. MSNBC host Rachel Maddow said she received the documents from journalist David Cay Johnston, who said on her show that he received them in the mail. The returns, which MSNBC posted on its website, showed Trump paid an effective federal tax rate of 25 percent in 2005 after writing off $100 million in losses. The White House said in a statement that Trump took into account "large scale depreciation for construction." Trump has repeatedly refused to release his tax returns, drawing criticism throughout his campaign last year and speculation from his political rivals he was hiding something.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.