UPDATE: What Trump's 2005 tax return reveals - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

UPDATE: What Trump's 2005 tax return reveals


UPDATE (WKOW) -- A copy of President Donald Trump's 2005 tax return was leaked to an investigative reporter, who shared it on MSNBC's "The Rachel Maddow Show."  The release revealed that President Trump paid $38 million dollars on an income of more than $150 million.  That's a tax rate of about 25%.

According to the investigative reporter who released the tax returns, David Cay Johnston with DCReport.Org, Trump paid that much because of what's called the Alternative Minimum Tax, which is a parallel tax system to the regular income tax system.  In 2005, others at the top under regular income tax would have paid 35%.  Johnston said what Trump paid with the Alternative Minimum Tax was the percentage equivalent of what two-income couples who make $400,000 a year pay.  Donald and Melania Trump were making more than $400,000 a day.  

Johnston did add that the numbers in the release seemed correct though, based on other public records.  

Prior to air of "The Rachel Maddow Show," the White House confirmed the legitimacy of the tax returns, but did not approve of them being published.

There is some speculation that Donald Trump could have been behind the leak in some capacity because the return reads "client copy."

"Donald has a long history of leaking information about himself. It could have been him," said Johnston of the return that he said he found from an anonymous source in his mailbox. "And if it wasn't him or someone at Donald's direction, then it was somebody who thought the public should see this." 

However, President Trump tweeted early Wednesday morning, "Does anybody really believe that a reporter, who nobody ever heard of, "went to his mailbox" and found my tax returns? @NBCNews FAKE NEWS!"

The two pages of the 2005 return that were leaked show types of Trump's income, but not where the money is coming from.  Also, Johnston, when asked, could not answer why he thought the 2005 tax return was sent and not something more recent.

WASHINGTON (AP) -- The White House said President Donald Trump made more than $150 million in income in 2005 and paid $38 million in income taxes that year.

The acknowledgment comes as MSNBC host Rachel Maddow says she has obtained part of Trump's 2005 tax forms.

The White House is pushing back pre-emptively, saying that publishing those returns would be illegal.

It said, "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 White House adds that it is "totally illegal to steal and publish tax returns" and is bashing the "dishonest media."

Trump refused to release his tax returns during the campaign, claiming he was under audit.

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