This morning we had the shocking revelation that in 2005 President Trump’s tax return looked an awful lot like what you would have expected a billionaire’s tax return to look like.

And so, in 2005, President Trump, although back then he was just Donald Trump, earned $150 million and paid $38 million in tax.

So, that was a tax rate of around 25 per cent.

We have only seen two pages of the return.

But the revelation of this return simply tells us that in that year Mr Trump earned the kind of money that was consistent with his status as a billionaire – a status that some have questioned.

A 25 per cent tax rate is low, but then again many had expected it to have been much lower.

Warren Buffett once complained that he paid tax at a lower rate than the receptionist in his office. He said: "There wasn't anyone in the office, from the receptionist up, who paid as low a tax rate and I have no tax planning; I don't have an accountant or use tax shelters. I just follow what the US Congress tells me to do.”

And now we know that in 2005, Mr Trump’s tax rate was at level that was probably consistent with the rate paid by his receptionist.

The White House issued a statement saying: “You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago.

"Before being elected President, Mr. Trump was one of the most successful businessmen in the world with a responsibility to his company, his family and his employees to pay no more tax than legally required."

And frankly, the statement from the White House seemed about right.

But that leaves us with two questions.

Was the 2005 return typical?

And if it was, why the secrecy?

In other news, the US President is reportedly furious over its leaking. In fact, it would come as no surprise to learn that he cried over the matter, cried like a crocodile.

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