White House stands behind info in leaked Trump tax return
- Author: Marlene Weaver Mar 29, 2017,
Mar 29, 2017, 1:55
US President Donald Trump paid Dollars 38 million in taxes on more than USD 150 million in income in 2005, the White House announced on Wednesday, in a move to pre-empt a leak on this issue by one of the popular television shows. And which the White House had already released.
MSNBC even stole a page from the CNN playbook, running a countdown clock on its screen counting down the minutes to a "Trump Taxes Exclusive".
The IRS, whose head was appointed by then-President Obama, did not have any public comment about the leak of Trump's 2005 tax returns as of early Wednesday afternoon. The journalist further claims that the tax returns in Maddow's custody were mailed to his home address incognito. "Donald has a long history of leaking material about himself when he thinks it's in his interests".
So how did Trump take advantage of the tax code - and how will he and other wealthy people benefit from his new tax plan?
"Does anybody really believe that a reporter, who nobody ever heard of, "went to his mailbox" and found my tax returns?" the President tweeted on Wednesday morning.
A stamp reading "Client Copy" is visible on one of the two pages sent to Johnston.
In fact, some have speculated that the documents reflect so well on Trump that he may have leaked them himself.
Johnston, an investigative reporter, who in 2001 won a Pulitzer Prize, heads a Web page called DCReport.org.
Critics say the tax has ensnared more middle-class people than intended, raising what they owe the government each year.
She fear mongered and tried to rile up viewers with statements such as "the greater concern, the worry, [is] that this president might be financially beholden to an individual, to an institution, to a country", and that we will never know the answer to this without his tax returns.
He paid $38 million in taxes on income of more than $150 million in 2005, or roughly 25 percent!
We also learn that he, like many, took advantage of tax loopholes, writing off more than a hundred million dollars in business losses to lower his taxable income.
The AMT was originally created to prevent rich taxpayers from using excessive loopholes, and Trump has previously called for its elimination.
Donald and Melania Trump earned around $150 million in 2005, putting them in the top 1 percent of income earners for the year. The elimination of the AMT alone would have reduced his effective tax rate to around 4 percent. Burman says 62 percent of them are expected to pay the tax in 2017.
While all activities and deductions are completely legal and routinely used by accountants and tax lawyers to minimize their clients' tax liability, the mainstream media would have played "gotcha" with nearly all of them to mislead the public.
After Maddow's report fell flat, Donald Trump, Jr. and White House social media director, and Trump's former golf caddie, Dan Scavino Jr. both thanked Maddow on Twitter.
The White House responded in a heated statement before the episode even aired, claiming that "it is totally illegal to steal and publish tax returns" and calling MSNBC "desperate for ratings".