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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

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest — triggering widespread power outages and flooding.

Why it matters: The strong atmospheric river, packing large amounts of moisture, is causing Northern California to whiplash from drought to flood.

“You blew it”: GOP activist turns on corporations over vaccine mandates

The chairman of the American Conservative Union said on "Axios on HBO" he accepts "Joe Biden is my president, and I want him to succeed," but predicted Republicans retake the House and Senate in 2022 — with greater than 50% odds Donald Trump runs in 2024.

The big picture: In a joint interview with his wife, Mercedes, Matt Schlapp also refused to share their vaccination status. And he told corporate America "you blew it" by embracing vaccine mandates and liberal social stances that have alienated GOP voters and politicians.

3 hours ago - Politics & Policy

Pelosi expects “billionaire’s tax” to pay for Biden social spending

Photo: Yasin Ozturk/Anadolu Agency via Getty Images

House Speaker Nancy Pelosi (D-Calif.) said Sunday she expects the chamber to pass the bipartisan infrastructure plan by week’s end, and alternatives to corporate tax hikes and a “billionaires tax” will be used to finance President Biden’s promised expansion to the social safety net.

Why it matters: Pelosi’s comments come as House and Senate leaders try to wrap up a deal. What will get cut — and how the remainder will be paid — are linchpins to a final agreement.