Washington: The White House has said President Donald Trump earned more than USD 150 million income and paid USD 38 million in taxes even after taking into account large scale depreciation for construction in response to questions about the coming publication of his 2005 return.
“The USD 38 million was in addition to paying tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes,” CNN quoted a White House official as saying.
Trump had promised during the presidential campaign to release his returns – which every presidential nominee in modern times has made into a precedent – after the conclusion of a routine audit.
Trump’s rival in the presidential race, Hillary Clinton and his Republican rivals sought to turn the returns into a campaign issue.
Earlier in October last year, the New York Times obtained a single year’s return anonymously that showed Trump declaring a USD 916 million loss and lists tax benefits that he used after a turbulent financial period for him in the early 1990s. The paper, citing tax experts, said Trump could have used his loss to cancel out an equivalent amount of taxable income for nearly two decades.