Tonight in a White House press briefing, the White House reported that Donald Trump together with his wife-Melania recorded a total of $150 million in earnings in 2005 and paid $35 million in federal taxes. This revelation from Trump’s administration came after copies of Trump’s tax returns made way to a Journalist’s (David Cay Johnston) mailbox anonymously.
NPR has not yet verified the numbers independently. Trump has been reluctant to reveal his tax returns which has been the norm of his recent predecessors, reiterating that he was undergoing a federal audit; which has given rise to many questions in regards to his earnings and source of income. Even though the two-page return document doesn’t give answers to the lots of questions out there, at least it sheds some light on the President’s finances. Donald Trump only did $5.3 million in regular federal tax. Maybe it’s due to the fact that he was still benefiting from the massive losses he incurred after his real estate business took a major hit in the 90s.
With the Alternative Minimum Tax (AMT) being in play, he only made a payment of $38 million. Trump has proposed that the AMT rule should be done away with, which prevents the taxpayers from lowering down their tax bills by using a disproportionately large number of exemptions and deductions. The returns mentioned tonight found their way to Johnston’s mail, a highly decorated journalist who made an appearance on MSNBC’s The Rachel Maddow Show.
Johnston, the founder of the DCReport.org website, said the return documents were sent “over the transom” stating that he didn’t have a clue as to who sent them. This release was heavily criticized by the White House Spokesman in a statement. The White House quotation of the $38 million amount comprised of the payroll taxes, Johnston stated. If the payroll taxes were to get exempted, Trump’s federal bill would go down to almost $36.5 million.