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FILE - In this Thursday, Nov. 10, 2016, file photo, President-elect Donald Trump speaks during his meeting with President Barack Obama in the Oval Office of the White House in Washington. Trump promised big tax cuts for the middle class, but for nearly 8 million families, the opposite would occur: They’d pay more. (AP Photo/Pablo Martinez Monsivais, File)

President Trump made $150 million in 2005 and paid $38 million in taxes

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UPDATE at 9:27 p.m.: The year of the tax filings--2005--was a year that Trump sold two properties (one in Manhattan and one in San Francisco) to Hong Kong investors, the Daily Beast reported.

The 2005 return also shows that Trump was still benefiting from a $916 million loss he reported in his 1995 return. 


UPDATE at 9:12 p.m.: Trump reportedly made $150 million and paid $38 million in taxes, according to a 2005 tax filing published on DCReport.org, which, since, has experienced a downed web server.

Trump paid about $31 million of that in the so-called "alternative minimum tax," (AMT) something Trump has said he wants to remove from the tax code. 

Without the AMT, Trump would have paid less taxes. The AMT is a supplemental tax for filers who have excessive deductions. 

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UPDATE at 9:04 p.m.: MSNBC host Rachel Maddow explained how the network obtained one year of President Donald Trump's federal tax returns. She said that the tax returns fell into the hands of investigative reporter named David Cay Johnston, a specialist in economics and tax issues.

Many on Twitter were frustrated that Maddow spent so long building up the story. 

Maddow reportedly wanted to catch up viewers on the importance of the returns. 

Original story

MSNBC's Rachel Maddow announced on Twitter that she has obtained President Trump's tax returns and will be revealing their contents Tuesday night at 9 pm ET.

Maddow's announcement comes after months of scrutiny circulating the current commander-in-chief for refusing to release his tax returns. Though not required by law, the releasing of the president's tax returns has evolved into a decades-old tradition beginning with President Nixon, according to CNN.

President Trump became the first president in nearly 40 years to not disclose the records.

The White House responded to MSNBC's obtaining of Trump's tax returns. 

"You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago," a statement read.

It continued, "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. 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."


"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," the White House added.

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