Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades

Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly 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.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

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.

The $916 million loss certainly could have eliminated any federal income taxes Mr. Trump otherwise would have owed on the $50,000 to $100,000 he was paid for each episode of “The Apprentice,” or the roughly $45 million he was paid between 1995 and 2009 when he was chairman or chief executive of the publicly traded company he created to assume ownership of his troubled Atlantic City casinos. Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50, while scores of contractors went unpaid for work on Mr. Trump’s casinos and casino bondholders received pennies on the dollar.

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“Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

He’s smart.

:rolleyes:

Meanwhile Mark Cuban thinks Trump will be broke in 7 years if he doesn’t win the Presidency.

youtube.com/watch?v=B4xOtQwVytE

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.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules 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.

nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?_r=0

Must be October… :shrug:

https://pbs.twimg.com/media/CtuyEXkW8AEclBQ.jpg:small

forums.catholic.com/showthread.php?t=1026757

Clinton campaign seizes on new report about Trump’s taxes
cnn.com/2016/10/01/politics/donald-trump-taxes-report-hillary-clinton/index.html?adkey=bn

:popcorn:

What we know about Donald Trump’s income tax history, by year

With this new revelation, it seems worthwhile to walk back through what we know about each and every year of Trump’s known tax history. Trump claims that he can’t release his most recent taxes because they’re under audit, but we still have some picture of what he might have paid when. Ideally, we’ll get to revisit this post in the future, with more information about how much he paid and when. With fewer than 40 days left, this may also be the most we’ll get to know.

Not paying taxes, if done according to IRS guidelines is not a crime.

Secondly, the way the Mrs. Clintons campaign and the media jumped on this, there is no advantage of releasing his taxes.

Third, isn’t this a similar tactic to what happened to Mitt Romney 4 years ago?

Fourth, isn’t it a strong argument for a flat tax?

I don’t think the question is legality so much as it is morality.

I’m sure everything was legal but I’m wondering how this loss affected his net worth? He once sued a journalist for calling him a millionaire since “billionaire” is essential to his self-branding. Did this loss knock him out of the B-class for a year or two?

Trump is already poised to use the IRS against anybody he doesn’t like. He has described Amazon as a huge tax scam – maybe because Jeff Bezos owns the Washington Post.

He lost how much :eek:

What would be immoral about legally lowering your taxes?

Here’s one opinion on how Mr. Trump should respond about his taxes by a philosopher named Stefan Molyneux.

m.youtube.com/watch?v=ibcffYFEIJM

The scale of his losses are even more shocking than the tax avoidance.

To think, that some Americans want to entrust their government, economy and livelihoods to a man who is entirely reckless with his own finances! :shrug:

Since 1976, every major US party presidential nominee has released tax returns…except Donald Trump. Clearly, he knows something is wrong too and has bent over backwards to keep it hidden from the American people.

If my memory serves me right I think it was the Democrats that gave the BIG businesses all these tax breaks. God Bless, Memaw

Well stated! Yesterday I happened to watch the television program, Frontline, The Choice 2016, which airs on our PBS stations here.

pbs.org/wgbh/frontline/film/the-choice-2016/

Trump’s choices and the events surrounding his financial collapse, well documented in the above mentioned program, should not be blithely dismissed or excused. How on earth was the banner of conservative values ever given to this man?

The sad thing is that Trump would probably be proud of not paying taxes for such a long period of time, especially if he had also not been audited.

Indeed. With all the criticism one would think that Trump wrote the tax laws.:slight_smile:

My first feeling was… (my brother had a small business and I heard him talk about tax write-offs… it was some legal technicality allowed for business) it was a tax write-off that must be legal or Mr. Trump would be in jail. Right? But wait, Hillary did illegal stuff and she isn’t in jail. So, maybe I’m wrong…? What Hillary did must have been legal, too, or she would be in jail, right??? So does this cancel out the other’s actions???

I think the morality of this is that this is a clear invasion of someone’s privacy. Trump is billion, what he lost is nothing in comparison to how rich he is. Every businessman lost money during those years. Everyone tries to lower their taxes, even Hillary and Bill who donated their used underwear to charity for a tax deduction. How much more disgusting can you get!

This is good article below on how most legal experts agree with Trump on how it would be absolutely STUPID for him to release his taxes during an audit. Top tax attorneys and accountants explain in the article.

lawnewz.com/politics/legal-experts-side-with-trump-it-would-be-totally-stupid-to-release-his-taxes-during-audit/

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