Mar 14, 2017

Maddow tweets get White House to cough up Trump's 2005 tax numbers

Pablo Martinez Monsivais, Chuck Burton / AP

The White House, MSNBC host Rachel Maddow and The Daily Beast have combined to make public that President Trump paid $38 million in taxes in 2005 on $150 million of income. $5.3 million of that was in federal income taxes, while $31 million came from the Alternative Minimum Tax, as first reported by the David Cay Johnston, a researcher who writes for The Daily Beast.

Why it matters: President Trump has never released his tax returns, saying they're under audit. The NYTimes obtained some of his old returns during the election, showing he wrote off a huge loss that would have allowed him to avoid federal income taxes for nearly 20 years.

The story started with Maddow's cryptic tweet, followed by confirmation that it was Trump.

BREAKING: We've got Trump tax returns. Tonight, 9pm ET. MSNBC. (Seriously). — Rachel Maddow MSNBC (@maddow) March 14, 2017

What we've got is from 2005... the President's 1040 form... details to come tonight 9PM ET, MSNBC.— Rachel Maddow MSNBC (@maddow) March 15, 2017

While Maddow was winding up the story with a 25-minute opening with a series of questions on how Trump makes his money, including...

  1. If there are inexplicable dumps of foreign money into the president's coffers... couldn't those be explained through his tax returns?
  2. Is the president in a position where we need to make sure that he's not paying off foreign powers?
  3. Has he received money from sources?
  4. Has he received loans?
  5. Does the president have foreign bank accounts? If so, what banks?
  6. What is his relationship with Deutsche bank?
  7. What is his relationship with foreign sources of income?

The White House and The Daily Beast published the numbers, saying Trump paid $31 million in the "Alternative Minimum Tax" in 2005, in addition to $5.3 million in regular federal income tax.

Update: If you'd like to peruse the tax document for yourself, here you go...

Go deeper

LATAM Airlines files for U.S. chapter 11 bankruptcy

A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images

LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.

Why it matters: Latam is Latin America's largest airline and its shareholders include Delta Air Lines. CEO Roberto Alvo noted in the statement the coronavirus pandemic has had a huge impact on the airline industry.

Novavax starts human trials for coronavirus vaccine

Novavax's Nita Patel with a computer model showing the protein structure of a potential coronavirus vaccine at the lab in Gaithersburg, Maryland in March. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Novavax began clinical trials of a vaccine for the novel coronavirus in Australia on Tuesday, per a statement from the Maryland-based biotechnology firm.

The state of play: 131 volunteers in the Australian cities of Melbourne and Brisbane will undergo injections as part of the study, the company’s research chief Gregory Glenn said during a briefing, per Australian Associated Press.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 5,495,061 — Total deaths: 346,232 — Total recoveries — 2,231,738Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 1,662,302 — Total deaths: 98,220 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 2 hours ago - Politics & Policy