Rachel Madcow tweeted out to her fans (Yes, both of them) that she had Trump’s tax returns and would be broadcasting them on the air even though it is a direct violation of the law. Her show contacted the White House and asked them if the two pages were authentic. In response, the White House released the two pages themselves before Madcow’s show.
What Madcow was describing as a major scoop turned out to be a gigantic nothingburger. The tax form showed that Trump had paid 38 million in taxes on an income of 150 million, despite huge depreciation on construction. That’s more than a 25% effective tax rate. Bernie Sanders, who is in the same tax bracket as Trump and who harped continually that Trump paid no taxes, paid 13% in income taxes.
This also reveals that the New York Times had published fake news on Trump’s taxes during the campaign. In 1995, Trump suffered some huge losses which by law can be written off in future filings just as the Clintons did. The NYT claimed that Trump’s losses in 1995 would exempt him from taxes for 18 years. That would be 2023 for you liberals.
The income tax forms were produced by alleged reporter David Kay Johnson. Johnson tried to make the case that Trump paid too little based on his and his wife’s returns. But I am fairly certain Johnson and his wife didn’t have huge depreciation losses from construction but until Johnson releases his taxes, we don’t know. During the campaign both Lying Hillary and Maniac Kaine claimed Trump hasn’t paid taxes since 1996.
The White House put out the following statement:
“You know you are desperate for rating when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago,” the statement read. “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.”…
“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,” the White House said. “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.”