Friday, March 17, 2017

BREAKING: Rachel Maddow Reveals Trump's Tax ReturnsPhoto credit: Getty

Photo credit: Getty
Tonight, Rachel Maddow unveiled a document that reporters nationwide have been trying to hunt down for months-President Donald Trump's federal tax returns, or at least part of one return. David Cay Johnston, a DC-area journalist, got his hands on the first two pages of Trump's 2005 federal income tax return and handed them over to Maddow just in time for this evening's broadcast.
The documents, which The Daily Beast summarized, show that Trump paid just $5.3 million in regular federal income tax on an income of over than $150 million that year-a rate of less than 4 percent. But, according to the paperwork, Trump paid an additional $31 million in the "alternative minimum tax," a tax that Trump has previously said he wants to eliminate.
The return seems to confirm a 2016 New York Times story that found that Trump used a loophole that Congress has since closed to benefit from an over $915 million loss that he converted into a tax credit to offset it against his income.
"It is totally illegal to steal and publish tax returns," the White House wrote in a statement. "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."
Donald Trump is the first president, vice president, presidential candidate, or vice-presidential candidate to refuse to release his tax returns since the Watergate era. He claimed during the campaign that an IRS audit barred him from making them available. The IRS has said there is no such rule preventing the president from doing so.
Mattie Kahn
Elle

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