Trump supports getting rid of the alternative minimum tax. Now we know why.

Source: AP
Source: AP

On Tuesday, MSNBC revealed part of President Donald Trump's 2005 tax returns, which showed that Trump paid $38 million on $150 million worth of income that year. 

The majority of that bill — $31 million — is based on the alternative minimum tax, which is designed to make rich people pay their fair share. 

It also just happens to be one of the many taxes Trump wants to abolish. Trump's tax plan from his 2016 presidential campaign called for the elimination of the alternative minimum tax as well as a reduction of federal income tax rates overall.

Trump's federal tax bill after deductions was $5.3 million or just under 4% of Trump's income, according to the Daily Beast. Because of the alternative minimum tax, Trump was forced to pay an additional $31 million, bringing his tax bill up to 25.33% of his income.

The alternative minimum tax was established nearly half a century ago to make sure wealthy people could not eliminate significant portions of their tax bill using deductions. 

How likely are you to make Mic your go-to news source?

Andrew Joyce

I cover politics and policy.

MORE FROM

Donald Trump responds to Mexico murder rate on Twitter: "We will build the wall!"

"Mexico was just ranked the second deadliest country in the world, after only Syria," the president claimed.

Obama defends his signature health care law as Senate unveils plan to repeal it

"The Senate bill, unveiled today, is not a health care bill."

Democrats blast "heartless" Republican health care bill

Senate Democrats seek to stall "monstrosity of a bill" as Republican leaders push for quick AHCA vote.

Experts say the Senate health care bill is even worse for poor people than the House bill

Many expected the Senate to moderate the House bill. That didn't happen.

Investigators found election hackers stole voters' private data, new report says

Data breaches during the 2016 election cycle may be even worse than previously known.

Senate health care bill already in trouble as Republicans voice opposition

Four Republican Senators say they will not vote for the health care plan in its current form.

Donald Trump responds to Mexico murder rate on Twitter: "We will build the wall!"

"Mexico was just ranked the second deadliest country in the world, after only Syria," the president claimed.

Obama defends his signature health care law as Senate unveils plan to repeal it

"The Senate bill, unveiled today, is not a health care bill."

Democrats blast "heartless" Republican health care bill

Senate Democrats seek to stall "monstrosity of a bill" as Republican leaders push for quick AHCA vote.

Experts say the Senate health care bill is even worse for poor people than the House bill

Many expected the Senate to moderate the House bill. That didn't happen.

Investigators found election hackers stole voters' private data, new report says

Data breaches during the 2016 election cycle may be even worse than previously known.

Senate health care bill already in trouble as Republicans voice opposition

Four Republican Senators say they will not vote for the health care plan in its current form.