President Trump wrote off $100 million in business losses to reduce his federal taxes in 2005, according to forms made public on Tuesday night in a rare glimpse at documents that he has refused to disclose since becoming a candidate for the nation’s highest office.
The forms showed that Mr. Trump paid $38 million in federal income taxes on reported income of $150 million, an effective tax rate of 25 percent, according to Rachel Maddow, who aired them on her MSNBC show. By claiming losses from previous years, Mr. Trump was able to save tens of millions of dollars in taxes that he otherwise might have owed.
The White House responded without even waiting for the show to air, issuing a statement that seemed to confirm the authenticity of the forms even as it defended Mr. Trump and assailed the network for publicizing them. “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,” the statement said.