President Trump made a rare disclosure about his finances

President Trump paid $38 million in federal income taxes on reported income of $150 million in 2005, an effective tax rate of 25 percent, the White House said on Tuesday night, in a rare glimpse at taxes that he has refused to disclose since becoming a candidate for the nation’s highest office.

In a statement pre-empting a television program that said it obtained copies of his forms from that year, the White House acknowledged that he wrote off “large scale depreciation for construction,” thus reducing the taxes he otherwise would have had to pay. But the statement said he did nothing wrong and castigated MSNBC for obtaining his forms and preparing to make them public.

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