Conflict of Interest

Donald Trump’s tax returns: US President had to pay millions due to tax law he aims to scrap | world-news | Hindustan Times

Donald Trump’s leaked tax return reveals that he 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.

A two-page section of Trump’s tax return for 2005, which was published by MSNBC late on Tuesday, revealed that the president paid $38m in federal taxes on more than $150m in income in 2005.

But the documents also showed that about 82% of the total paid to the Internal Revenue Service that year by Trump and his wife, Melania, was incurred due to a tax that Trump has said should be abolished.

The “alternative minimum tax” (AMT), which was introduced to ensure the mega wealthy pay a fairer share of tax, comprised $31m of Trump’s tax bill compared with $5.3m in regular federal income tax. In the run-up to November’s election, Trump pledged to eliminate the AMT altogether , meaning the president campaigned for a change in the tax law that would have benefited him.

Source: Donald Trump’s tax returns: US President had to pay millions due to tax law he aims to scrap | world-news | Hindustan Times

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