What we should know about Trump's tax report

The most interesting part of the document was that Trump claimed about $103 million in losses, from either that year or prior ones. On its own, that should've cut his tax rate down to a measly 3.5 percent. But the Alternative Minimum Tax, which seeks to crack down on wealthy taxpayers with large deductions, prevented that, and left him with an actual rate around 25 percent — not super-high, but not super-low either. [WSJ / Richard Rubin and Michael Bender]
• Notably, Trump, along with most Republicans, wants to eliminate the Alternative Minimum Tax. Over time the tax has evolved to mostly hit people making $500,000 to $1 million a year; Trump is a weird mega-rich person who got hit with it. [NPR / Jim Zarroli]