According to a report published by an American T.V. network, President Donald Trump paid $38 million in tax on an income of more than $150 million in 2005, a revelation that offers a rare sneak peek into the leader’s little-known personal financial empire. The White House promptly condemned the publication of the leaked tax report, accusing the network M.S.N.B.C. of breaching the laws in its desperation for ratings.
The two-page leak reveals that about 82 percent of Trump’s tax in 2005 was incurred due to “alternative minimum tax (A.M.T.),” a provision that the president seeks to scrap as part of his tax reform policy, notes The Guardian.
In the absence of a supporting tax documentation that could shed light on Trump’s sources of domestic and foreign income, the leaked excerpts are more of a “lightning at night” rather than a “political bombshell,” writes the BBC. Contrary to long-held precedence, Trump refused to release his tax credentials during the presidential campaign, prompting suspicion among experts that he has something to hide.