Trump Paid $38 Million Income Tax in 2005
By MEHER ONISA : 15-Mar-2017
WASHING TON, DC: On Tuesday night, the United States Internal Revenue Service (IRS) had revealed a 2 pages log sheet that disclosed about the President Donald Trump's remittance of $38 million in federal taxes in 2005 over his income valuing $153 million. In a write-down, Trump had falsely claimed about the surplus business losses of $105 million.
The fresh revelation has tracked the most updated record of Trump's income and also stated his claims on the intangible losses worth $916 million. He had been paying a tax rate of 24 percent and had been intelligently escaping from excessive deductions for decades in a row.
Donald Trump, one of the most successful businessmen in the world had repeatedly refused to release his authentic tax returns for a long time saying that he has been under an audit.
However, since 1970, all the U.S. presidents and vice presidents have been automatically audited every fiscal year. Trump is the first president who is on the edge of breaking the age old tradition and urging the Treasury Secretary Steven Mnuchin to bring about a change in the legal practice.