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White House says Trump paid USD 38m in taxes, made USD 150m in

AP  |  Washington 

The said that President Donald Trump made more than USD 150 million in in 2005 and paid USD 38 million in taxes that year.

The acknowledgement came shortly before MSNBC host Rachel Maddow reported on two pages of Trump's 2005 forms on her Tuesday night show.

The records were obtained by Pulitzer prize-winning journalist David Cay Johnston, who said he received the documented unsolicited, in the mail.

The documents have become highly sought-after because Trump refused to release his returns during the campaign, breaking a decades-long tradition. He claimed he was under audit by the Internal Service and said his attorneys had advised against it - though experts and IRS officials said such audits don't bar taxpayers from releasing their returns.

The pushed back pre-emptively Tuesday night, saying that publishing those returns would be illegal.

"You know you are desperate for ratings when you are willing to violate the to push a story about two pages of returns from over a decade ago," the said in a statement.

The unauthorized release or publishing of federal returns is a criminal offense, punishable by a fine of up to USD 5,000 and up to five years in jail. But Maddow argued that MSNBC was exercising its First Amendment right to publish information in the public interest.

Based on the documents obtained by Johnston, Trump paid USD 36.5 million in taxes on USD 153 million in income, for an effective tax rate of around 24 per cent. That percentage is higher than the roughly 10 per cent the average American pays each year - but below the 27.4 per cent that taxpayers earning 1 million dollars a year average, according to data from the Congressional Joint Committee on Taxation.

Trump's tax returns spotlight the role of the Alternative Minimum Tax, which was established nearly five decades ago to prevent the wealthy from using deductions and clever accounting to largely avoid paying taxes.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 08:13 IST