President Trump has refused to release his tax returns, bucking tradition going back four decades. But on Tuesday night, MSNBC announced that it had a copy of the president's 1040 form from 2005.
Here's what we know about Trump's tax returns:
Has Trump released any tax information?
The White House confirmed Tuesday that Trump paid $38 million in federal income tax in 2005, after having an income of $150 million.
During the campaign, Trump said he will release his taxes once the IRS is done auditing his current return. The IRS says that they have no prohibition on Trump from releasing the information. He has released a financial disclosure form — the same form all candidates for federal office have to file — but that only lists assets and income in broad categories.
Despite winning the election and assuming office, the president has still not released returns.
What else would the tax returns tell you?
Three things are of most significant interest. First, obviously, since Trump talks a lot about how successful he has been in business, the tax form would show how much money he actually earned each year. Second, the tax forms would show how much Trump gave to charity, which is a big deal because The Washington Post wrote series of stories during the 2016 campaign suggesting that Trump has not made any significant charitable donations using his own money. His campaign said he gives away a lot of money; the tax forms would presumably resolve this. And third, the tax forms would show how much tax he paid, which would be interesting given uncertainty regarding which years and to what extent he paid federal income taxes.
What does MSNBC have?
MSNBC said Tuesday it had obtained part of Trump's 1040 form from 2005. The form was given to journalist David Cay Johnston, Maddow said.
The information in the documents obtained by Johnston and MSNBC was confirmed by the White House. According to MSNBC, the president included $103 million in deductions.
Source: USA Today
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