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15 March
2017
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President Trump (The Total Investment & Insurance
Solutions)
US President
Donald Trump's tax affairs were back in the spotlight after leaked 2005 returns
showed he wrote off more than $100 million in "business losses" to
reduce his federal taxes burden.
The
President paid $38 million in federal income tax on reported income of $150
million, an effective tax rate of 25 per cent, according to documents from
Trump's 2005 tax returns disclosed on Rachel Maddow's MSNBC show late
Tuesday. The Total Investment
& Insurance Solutions
By claiming
losses, Trump apparently saved millions of dollars in taxes that he would
otherwise have owed, reports said. The
Total Investment & Insurance Solutions
The White
House responded without even waiting for the show to air, issuing a statement
that seemed to confirm the authenticity of the forms as it defended Trump and
assailed MSNBC for publicising them.
"You
know you are desperate for ratings when you are willing to violate the law to
push a story about two pages of tax returns from over a decade ago," a
White House official said 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," the official said.
The White
House described Trump's business losses as a "large-scale depreciation for
construction", but did not elaborate, reported the New York Times.
In addition
to the federal income taxes in 2005, the statement said, he paid "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". The Total Investment & Insurance
Solutions
Democrats
pounced on the report, arguing that the White House's decision to release
details of Trump's 2005 taxes before Maddow's show undercut his past refusal to
release any such information.
"If
they can release some of the information, they can release all of the
information," said Zac Petkanas, a senior adviser to the Democratic
National Committee.
"The
only reason not to release his returns is to hide what's in them, such as
financial connections with Russian oligarchs and the Kremlin." The Total Investment & Insurance
Solutions
The tax
forms were sent to journalist David Cay Johnston, who has written a book on
Trump.
Appearing
with Maddow on the MSNBC show, Johnston said he had received the forms
"over the transom" at his home and did not know who had sent
them.
He suggested
that they might even have been sent by Trump himself. Because he did not
solicit the forms. Johnston said it was not illegal to receive them, reported
the newspaper.
The forms
showed that Trump made $67 million in real estate royalties, $42 million in
business income, $32 million in capital gains, $9 million in taxable interest
and $998,599 in salary in 2005, for a total of nearly $153 million. The Total Investment & Insurance
Solutions
After
writing off $103 million, he reported adjusted gross income of nearly $49
million. In the end, he had to write a check for $2,450,597, including penalties
and interest for late payment, said the report.The Total Investment & Insurance Solutions
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