Donald Trump paid an effective tax rate of 25 per cent on income of $150m according to a leaked tax return from 2005 that sheds a glint of light on tax affairs that the president has kept shrouded in secrecy.
MSNBC reported that two pages of Mr Trump’s return — which revealed nothing about his income sources — showed the president paying $38m in tax and reporting a $105m write down. The top income tax bracket in 2005 was 35 per cent.
In the 2012 campaign Mitt Romney was criticised for paying an effective tax rate of 14.1 per cent in 2011, which reflected earnings from dividends and capital gains that are taxed at a lower rate than ordinary income.
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