First, consider the abolition of the A.M.T. According to Trump's 2005 tax return, parts of which were leaked earlier this year, he paid $38.4 million in federal taxes on income of $152.7 million, which means that his effective tax rate was about twenty-five per cent. But $31.3 million of his payment went to cover his A.M.T. liability. If there hadn't been an A.M.T., he would have paid just $7.1 million, or about five per cent of his taxable income. To look at it another way, if this tax bill had already been in effect, Trump would have seen his tax bill reduced by more than eighty per cent.