By Bonnie K. Goodman, BA, MLIS
An independent journalist David Cay Johnston appeared on MSNBC’s Rachel Maddox’s show and revealed President Donald Trump’s 2005 income taxes. Johnston appeared on the show on Tuesday, March 14, 2017, where he claimed the income taxes pages just appeared in his mailbox. According to the pages from the return, the President earned $150 million in 2005 and paid $38 million in taxes, a 25 percent tax rate.
The White House was quick to confirm the legitimacy of the document. In their statement, the White House said, “Before being elected President, Mr. 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.”
Continuing, the White House indicated, “That being said, Mr. Trump paid $38 million dollars even after taking into account large-scale depreciation for construction, on an income of more than $150 million dollars, 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.”
President Trump is not pleased with his taxes returns being released without his permission and shot down any of Johnson’s theories that he or anybody close to him purposely released them. Trump spoke with Fox News’ Tucker Carlson for an interview on Wednesday, March 15. The president gave his first remarks, saying, “I have no idea where they got it. But it’s illegal, and they’re not supposed to have it, and it’s not supposed to be leaked.”
Trump also said, “It’s certainly not an embarrassing tax return at all. But it’s an illegal thing; they’ve been doing it, they’ve done it before, and I think it’s a disgrace.” The president has long been reluctant about releasing his tax returns, claiming throughout the campaign that his lawyers’ would not allow it because he is being audited. Trump became the first major party nominee not to release their returns to the public, but he is also the richest candidate as well.
This instance was not the first time the president saw his taxes released without his permission. During the campaign, The New York Times published the then Republican candidate’s 1995 tax returns. The taxes showed a $916 million loss that “would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.” However, ten years later Trump was paying a 25 percent income tax rate, despite his claims during the campaign that he utilized every loophole allotted by the tax code.
Source: ABC News Radio Online