A bombshell from the New York Times tonight: Donald Trump may indeed not have paid any taxes for almost two decades.
Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.
That's right, the Times got a copy of Trump's 1995 returns, and in it Trump declared a loss of nearly a billion dollars in 1995. And that massive loss may have wiped out his tax obligations for, well, nearly every other year from then until now.
Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.
Well, we have one reason why he's been hiding his returns. But just one; there may still be others.
Sunday, Oct 2, 2016 · 4:21:57 AM +00:00
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Barbara Morrill
The Clinton campaign has released a statement:
There it is. This bombshell report reveals the colossal nature of Donald Trump's past business failures and just how long he may have avoided paying any federal income taxes whatsoever. In one year, Donald Trump lost nearly a billion dollars. A billion. He stiffed small businesses, laid off workers, and walked away from hardworking communities. And how did it work out for him? He apparently got to avoid paying taxes for nearly two decades -- while tens of millions of working families paid theirs. He calls that 'smart.' Now that the gig is up, why doesn't he go ahead and release his returns to show us all how 'smart' he really is?
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