When you lose a billion and still pay 25% …

Trump and his wife Melania paid $38.4 million in tax on the income, a tax rate of some 25%, according to the tax return that MSNBC posted online (pdf). That’s about the tax bracket for a married couple making from $75,000 to $152,000. Of that, though, just $5.3 million was in regular federal income taxes, suggesting that Trump was still offsetting losses of $916 million that he’d declared in a 1995 return previously published by the New York Times (paywall). There was $1.9 million in self-employment tax. And $31.3 million was paid in “alternative minimum tax,” which is applied to high income earners with big deductions to insure they “pay at least a minimum amount of tax,” the IRS says.