Home / World / Trump paid $38 million in taxes in 2005: White House

Trump paid $38 million in taxes in 2005: White House

White HouseWashington, (IANS) : US President Donald Trump paid $38 million in taxes on more than his $150 million income in 2005, the White House said in a statement.

The White House on Tuesday released some details of Donald Trump’s tax return hours ahead of an anticipated news report, as the American cable and satellite television network MSNBC host Rachel Maddow said she has obtained part of Trump’s 2005 tax forms and prepared to discuss the document, Xinhua news agency reported.

“Before being elected President, Trump was one of the most successful businessmen in the world with a responsibility to his company, his family and his employees to pay no more tax than legally required,” the White House said.

“Trump paid $38 million even after taking into account large scale depreciation for construction, on an income of more than $150 million, as well as paying 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 White House added.

The 2005 tax rate for top earners in the US was 35 per cent, and the $38 million taxes paid by Trump made up about 25.3 per cent.

Responding to the MSNBC host’s announcement, the White House slapped that “it is totally illegal to steal and publish tax returns”.

“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,” said the White House.

On the 2016 presidential campaign trial, the New York billionaire promised to release his tax returns after audit.

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