White House Says Trump Paid $38 Million In Federal Taxes In 2005

The news came before Rachel Maddow said that she would reveal the president's tax returns on her MSNBC show Tuesday.

A White House official said Tuesday that President Donald Trump paid $38 million in taxes back in 2005 ahead of a MSNBC report on the “The Rachel Maddow Show” about his returns, reports CNN.

From CNN:

The $38 million was in addition to “paying tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes,” a White House official said ahead of an anticipated MSNBC news report about the returns.

…Trump had promised during the presidential campaign to release his returns — which every presidential nominee in modern times has made into a precedent — after the conclusion of a routine audit, but the White House has not spelled out when exactly that would be. More recently, aides have suggested that since he won the election, he would not release his returns.

…In October, The New York Times obtained a single year’s return anonymously that showed that Trump declared a $916 million loss and lists tax benefits he used after a turbulent financial period for him in the early 1990s. The paper, citing tax experts, said Trump could have used his loss to cancel out an equivalent amount of taxable income for nearly two decades.

DCReport.org founder David Cay Johnston claimed that his site received two pages of Trump’s 2005 Form 1040 — which Johnston also said was sent through the U.S. Postal Service — on Maddow’s MSNBC show Tuesday, reports NBC News.

SOURCE: CNN, NBC News

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White House Says Trump Paid $38 Million In Federal Taxes In 2005 was originally published on newsone.com