BREAKING: Trump tax return: MSNBC report sparks angry White House response
Here’s a summary on the previous reporting on Trump’s taxes. In October, the New York Times published a report based on records the paper obtained showing that the real estate mogul declared a $916m loss on his 1995 income tax returns.
The tax deduction was so large that it could allow him to legally avoid paying any federal income taxes for nearly two decades, the paper reported.
The records, analyzed by tax experts hired by the Times, revealed that the 1995 loss would have allowed him to wipe out more than $50m a year in taxable income for over 18 years. The documents also showed that although Trump reported $7.4m in interest income in 1995, he made only $6,000 in wages, salaries and tips, the Times reported.
A source mailed the Times the documents in an envelope with Trump Tower listed as the return address. The paper’s reporters verified the documents with a lawyer and certified public accountant who handled the president’s taxes for decades.
We’re live-blogging Rachel Maddow’s show tonight where the MSNBC host has promised revelations on Trump’s tax returns.
Rachel Maddow MSNBC
BREAKING: We've got Trump tax returns. Tonight, 9pm ET. MSNBC.March 14, 2017
The White House preemptively criticized the Maddow show before it aired, releasing a statement claiming Trump paid $38m in taxes on an income of more than $150m. The statement said he also paid “tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes”.
Here’s the full statement from a Trump administration official:
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.
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. 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. Despite this substantial income figure and tax paid, it is totally illegal to steal and publish tax returns. The dishonest media can continue to make this part of their agenda, while the President will focus on his, which includes tax reform that will benefit all Americans.