Trump earned $153M and paid $36.5M in taxes in 2005
WASHINGTON (AP) — President Donald Trump earned $153 million and paid $36.5 million in income taxes in 2005, paying a roughly 25 percent effective tax rate thanks to a tax he has since sought to eliminate, according to highly sought-after tax documents disclosed Tuesday night.
The pages from Trump's federal tax return show the then-real estate mogul also reported a business loss of $103 million that year, although the documents don't provide detail. The forms show that Trump paid an effective tax rate of 24.5 percent, a figure well above the roughly 10 percent the average American taxpayer forks over each year, but below the 27.4 percent that taxpayers earning 1 million dollars a year average, according to data from the Congressional Joint Committee on Taxation.The form were obtained by journalist David Cay Johnston, who runs a website called DCReport.org, and reported on MSNBC's "The Rachel Maddow Show." Johnston, who has long reported on tax issues, said he received the documents in the mail, unsolicited.Trump's hefty business loss appears to be a continued benefit from his use of a tax loophole in the 1990s, which allowed him to deduct previous losses in future years. In 1995, Trump reported a loss of more than $900 million, largely as a result of financial turmoil at his casinos.Tax records obtained by The New York Times last year showed the losses were so large they could have allowed Trump to avoid paying taxes for up to 18 years. But Trump's 2005 filing shows another tax prevented him from realizing the full benefit of those deductions.–––Tax story puts spotlight on MSNBC's Rachel MaddowNEW YORK (AP) — For a brief, breathless moment Tuesday night, MSNBC's Rachel Maddow was at the center of the political media universe.With a single tweet, she set in motion a social media storm, compelled the White House to undercut her by releasing some of President Donald Trump's tax return information, was accused of breaking the law, was attacked by Fox News Channel and likely drew one of her biggest audiences.Less than 90 minutes before her show on Tuesday, Maddow tweeted that "we've got Trump's tax returns ... (Seriously)," advertising her program. That teaser spread like wildfire, and within the hour, MSNBC was running a countdown clock on its screen counting down the minutes to a "Trump Taxes Exclusive."It was actually another reporter's exclusive, and more limited than the tweet made it sound. David Cay Johnston, founder of the web site DCReports.org and a longtime investigative reporter and author of the critical book, "The Making of Donald Trump," had received a copy of two pages from Trump's 2005 federal tax return in the mail from an unknown source.Before Maddow even went on the air, the White House confirmed the documents were real and stole the headline by saying that Trump's income exceeded $150 million in 2005 and that he paid $38 million in income taxes that year.–––At a Glance: The legal dispute over release of Trump's taxesNEW YORK (AP) — The release of two pages of President Donald Trump's 2005 tax returns has sparked a legal dispute, with the White House and a major television network squaring off over whether a law was broken.The White House said MSNBC's publication of the pages Tuesday night violated a federal law that prohibits the unauthorized release of tax returns. But the cable network, which revealed the 1040 form on Rachel Maddow's show, claimed First Amendment privilege.Trump refused to release his returns during the campaign, breaking a decades-long tradition.The document revealed Tuesday showed Trump made more than $150 million in income in 2005 and paid $38 million in income taxes that year.Here's a look at the law — and the emerging controversy:–––Facing defiance, GOP leaders press ahead on health billWASHINGTON (AP) — Facing mounting rank-and-file defiance, Republican leaders and the White House redoubled their efforts Tuesday to muscle legislation overhauling America's health care system through Congress following a sobering report about millions being shoved off insurance coverage.President Donald Trump, whose strong Election Day showing in GOP regions makes him the party's ultimate Capitol Hill vote wrangler, discussed the legislation by phone with the House's two top Republicans. He also dispatched Vice President Mike Pence and health secretary Tom Price to hear GOP senators' concerns.With leaders hoping to move the measure through the House next week so the Senate can debate it, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell acknowledged they were open to changes. Trump's spokesman affirmed a willingness to accept revisions to win support."This has never been a take it or leave it," said Press Secretary Sean Spicer.The GOP bill is the party's response to seven years of promising to repeal President Barack Obama's 2010 health care overhaul. It would undo that law's individual mandate, which requires most people to have coverage, by ending the tax penalty on those who don't.–––AP FACT CHECK: Both sides loose with facts in health debateWASHINGTON (AP) — The Congressional Budget Office report on a Republican health care bill set off an intense reaction in Washington, and some on both sides of the debate are playing loose with the facts.Republicans are overlooking President Donald Trump's promise to deliver "insurance for everybody," which the CBO makes clear will not happen if the legislation becomes law. Democrats are assailing Republicans for "attacking the messenger," seeming to forget all the times they assailed the budget office themselves.The Congressional Budget Office is respected for nonpartisan rigor in its estimates of the costs and impacts of legislation. But no projection is infallible, particularly when it comes to large, complex programs. For example, the agency in 2010 overstated the number of people expected to buy insurance under President Barack Obama's health care law, misjudging how many would join because of the threat of tax penalties.Yet, CBO's neutrality has been valued by both parties — though not always at the same time. It depends whose ox is being gored.A look at statements in the debate and how they compare with the CBO's estimates and the underlying facts:–––China premier calls for return to talks on Korean nukesBEIJING (AP) — Chinese Premier Li Keqiang has called for all parties to return to talks amid rising tensions over North Korea's nuclear weapons and missile programs.Li on Wednesday reiterated Chinese support for U.N. Nations resolutions aimed at nudging the North toward ending its programs and returning to negotiations.He acknowledged the rising tensions and said the nations concerned need to return to talks to "find proper solutions."China is Pyongyang's most important ally and economic partner, and has been under pressure from the U.S. to use its influence to rein in actions by the North seen as provocative.China followed the latest round of missile launches by the North last month by suspending imports of North Korean coal, depriving Kim Jong Un's regime of a crucial source of foreign currency.–––'A real kick in the rear': Northeast hit by late-season snowNEW YORK (AP) — A blustery late-season storm plastered the Northeast with sleet and snow Tuesday, paralyzing much of the Washington-to-Boston corridor but falling well short of the predicted snow totals in New York, Boston and Philadelphia.The powerful nor'easter, which came after a stretch of unusually mild winter weather that had people thinking spring was already here, unloaded 1 to 2 feet in many places inland, grounded more than 6,000 flights and knocked out power to nearly a quarter-million customers from Virginia northward.By the time it reached Massachusetts, it had turned into a blizzard, with near hurricane-force wind gusting over 70 mph along the coast and waves crashing over the seawalls. Boston ended up with 6.6 inches of snow, less than the predictions of up to a foot.It was easily the biggest storm in a merciful winter that had mostly spared the Northeast, and many weren't happy about it."It's horrible," said retired gumball-machine technician Don Zimmerman, of Lemoyne, Pennsylvania, using a snowblower to clear the sidewalk along his block. "I thought winter was out of here. ... It's a real kick in the rear."–––Marine leaders vow to combat online nude photo sharingWASHINGTON (AP) — Declaring "enough is enough," the top U.S. Marine on Tuesday told senators that he intends to fix the problem that led to current and former Corps members sharing nude photos of female Marines online and making lewd or threatening comments about them.But angry and skeptical members of the Senate Armed Services Committee demanded more, saying the military hasn't done enough to combat sexual assault and harassment despite years of complaints and problems. A House panel hearing on the issue next week will include representatives from all the military services.Gen. Robert Neller, the Marine Corps commandant, vowed to hold Marines accountable through whatever legal and other means possible. He acknowledged the scandal may hurt female recruiting and that changes have to be made in the Marine Corps culture, where some male Marines don't accept women in the ranks.To some senators, his testimony rang hollow. He faced a particularly fierce barrage of questions and criticism from the women members of the panel."This committee has heard these kinds of statements before," said Sen. Jeanne Shaheen, a New Hampshire Democrat.–––OAS head urges bloc suspend Venezuela over electionsWASHINGTON (AP) — The head of the Organization of American States wants regional governments to suspend Venezuela from the Washington-based group unless general elections are held soon to break a political impasse that he said Tuesday is destroying the country's democracy.OAS Secretary General Luis Almagro made the request in a 75-page report on Venezuela's political crisis, in which he accused President Nicolas Maduro's socialist government of systematically violating human rights and standards of democracy enshrined in the Inter-American Democratic Charter, to which Venezuela is a signatory.Maduro's government, which has long accused Almagro of doing the bidding of the U.S. government, said the OAS leader was overstepping his authority in an effort to pave the way for an "international intervention" in Venezuela. Almargo "is guided only by the hatred he professes toward Venezuela and his complicity with the coup-mongering, extremist and anti-democratic Venezuelan opposition," the foreign ministry said in a statement.Almagro asked the OAS's 34 member states to intervene in Venezuela's crisis almost a year ago after Maduro's government disavowed a landslide loss to the opposition in legislative election and then suspended a constitutionally allowed recall campaign seeking to force him from office before the 2018 election.But regional governments, many of them ideologically aligned with Maduro's leftist administration or recipients of subsidized Venezuelan oil shipments, voted against intervention and instead threw their weight behind an attempt at dialogue between his government and the opposition.–––Balanced K-State beats Wake Forest 95-88 in First FourDAYTON, Ohio (AP) — Kamau Stokes scored 19 of his 22 points in the second half of a wide-open game on Tuesday night, and Kansas State's balance was the difference as the Wildcats pulled away to a 95-88 victory over Wake Forest in the First Four.Eleventh-seeded K-State (21-13) got its first NCAA Tournament win in five years and a trip to play No. 6 Cincinnati on Friday in Sacramento as part of the South Regional.In a matchup of two versatile offenses, the Wildcats had the most options and hot shooters. Wesley Iwundu added 24 points, and D.J. Johnson scored 18.Wake Forest (19-14) couldn't keep up during its first NCAA Tournament game in seven years. The Demon Deacons scored 90 points nine times during the season, but couldn't match the Wildcats as they shot 66 percent from the field.John Collins led Wake Forest with 26 points and nine rebounds.