Donald Trump's tax filing finally released! For several months now, there has been many demands by media houses for President Donald Trump to release his tax forms. The general public has been watching the political wrangling between the media outlets, the Republicans, and Democrats as well as the liberal WikiLeakes website that had published a request asking people to submit what they know about Donald Trump's federal tax papers.
Rachel Maddow released Donald Trump's tax papers
And now, it was finally disclosed by MSNBC’s Rachel Maddow. Donald Trump’s taxes showed that in 2005 over $100 million was declared in business losses.
This was done to reduce the amount of taxes he would pay to the federal government. On Tuesday night, Maddow let the American people know how the businessman used his power to manipulate the income tax system.
Trump used tax write off to avoid paying taxes
However, while every candidate running for the Oval Office has to release copies of their federal income taxes, then Republican candidate Donald Trump completely refused to comply with the political tradition. According to the publicized forms, Trump businesses made $150 million in 2005, but he only paid $38 million to the Internal Revenue Services (IRS), thus saving millions that he should have otherwise paid to the federal government.
The documents also highlight how the super-rich have used illegal tactics to undermine the country’s tax system while the middle-class have to comply with all facets of the mandated law.
Rachel Maddow, a few days ago, reported that she has copies of the President's tax returns; this sent the White House into damage control mode after she promised to release it on her nightly show.
White House said tax forms are authentic
A spokesperson for the White House issued a statement acknowledging the authenticity of the President’s tax forms.
Not surprisingly, the statement assailed Maddow and defended the deceitful action of one of the United States most successful businessmen. According to the statement, Donald Trump is not responsible for paying no more than the legally required amount of taxes that the law stipulates. The statement further went on to state that the businessman had paid out millions of dollars in sales, employment and excise taxes.
However, it did not disclose why Trump had refused to release his tax returns while he was campaigning for the Republican nominee, thus breaking the presidential candidate tradition that has been around for several decades.
