White House stands behind info in leaked Trump tax return

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The White House is standing behind a leaked tax return showing President Donald Trump made more than $150 million in income in 2005 and paid $38 million in income taxes that year. (WLS)

The White House is standing behind a leaked tax return showing President Donald Trump made more than $150 million in income in 2005 and paid $38 million in income taxes that year.

Meanwhile, President Donald Trump is criticizing the reporter who released that portion of Trump's 2005 tax return, casting doubt on the reporter's account of how he obtained the form.

The tax forms were obtained by the Pulitzer Prize-winning journalist David Cay Johnston, and reported on MSNBC's "The Rachel Maddow Show" Tuesday. Johnston, who has long reported on tax issues, said he received the documents in the mail, unsolicited.

But in a tweet Wednesday, Trump asked, "Does anybody really believe that a reporter, who nobody ever heard of, "went to his mailbox" and found my tax returns? NBCNews FAKE NEWS!"

Trump has refused to release his taxes, saying he is under routine IRS audit.

Trump earned $153 million and paid $36.5 million in income taxes in 2005, paying a roughly 25 percent effective tax rate thanks to a tax he has since sought to eliminate, according to newly-disclosed tax documents.

The pages from Trump's federal tax return show the then-real estate mogul also reported a business loss of $103 million that year, although the documents don't provide detail. The forms show that Trump paid an effective tax rate of 24.5 percent, a figure well above the roughly 10 percent the average American taxpayer forks over each year, but below the 27.4 percent that taxpayers earning 1 million dollars a year average were paying at the time, according to data from the Congressional Joint Committee on Taxation.

The tax forms were obtained by journalist David Cay Johnston, who runs a website called DCReport.org, and reported on MSNBC's "The Rachel Maddow Show." Johnston, who has long reported on tax issues, said he received the documents in the mail, unsolicited.

Trump's hefty business loss appears to be a continued benefit from his use of a tax loophole in the 1990s, which allowed him to deduct previous losses in future years. In 1995, Trump reported a loss of more than $900 million, largely as a result of financial turmoil at his casinos.

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President Trump's 2005 tax form

President Donald Trump's 2005 tax form

Related Topics:
politicsPresident Donald Trumpdonald trumptaxesu.s. & worldthe white houseWashington DC
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