Donald Trump's 2005 tax return released

Enthusiastic fan of Jilly Cooper, books, horses and singing. Not a made-up person.

A snippet of Donald Trump's 2005 tax return has been leaked to journalists, showing that Trump paid $38 million in tax on earnings of more than $150 million in 2005.

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PA Photos

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The two-page document, shown on Rachel Maddow's MSNBC show in the US on Tuesday night, also showed that Trump declared $103 million in losses, but showed no income sources for his earnings.

It reveals that Trump had to pay tens of millions of dollars in a single year because of a tax rule that he has specifically promised to abolish as president.

AMT, or alternative minimum tax, was set up 50 years ago to prevent wealthy people from using tax loopholes.

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Trump paid $31m in AMT, compared to $5.3m in federal income tax.

The partial return also shows that he wrote off more than $100 million in losses in order to cut taxes

BBC ' Anthony Zurcher said: "For a few moments, the political world thought a political bombshell was about to drop on the White House. In fact, it was more like lightning at night – a quick flash, then a return to darkness."

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To misquote Jaws, they're gonna need a bigger tax return – certainly one that is complete.

The White House issued a statement saying that Trump had a responsibility to pay no more tax than was legally required.

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In 2016, the New York Times revealed parts of Trump's 1995 tax returns showing losses of $916m.

It said this could have affected his returns for up to 18 years, allowing him to legally avoid paying federal income taxes.

The forms seen now do not say whether the $103m he wrote off in 2005 were linked to his losses in 1995.

During a presidential debate with Hillary Clinton in October, Trump said that not paying federal income tax "makes me smart". He refused to release his tax returns during the campaign.

Glamourmagazine

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