Trump Tax Return Shows He Could Have Avoided Taxes for 18 Years: NYT
The New York Times has published documents it said were Donald Trump’s 1995 income tax returns, and the documents appear to show the businessman and GOP nominee reported a nearly $1 billion loss.
Trump declared a nearly $916 million loss on his 1995 state income tax returns according to the documents, the Times reported in an article posted online Saturday night.
An unsigned statement from the Trump campaign posted to its website late Saturday did not appear to deny or dispute a single fact in the Times story, but asserted the document was “illegally obtained.”
Trump himself tweeted early Sunday: “I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them.” Again, he did not deny or dispute the Times’ findings.
Three tax experts hired by the Times said the size of the deduction and tax rules governing wealthy filers could have allowed Trump to legally pay no federal income taxes for 18 years. There is nothing in the report that shows he actually took advantage of the rules to avoid paying taxes.
Trump has based his campaign on his experience as a successful businessman, vowing to rewrite trade agreements and make deals with other countries that would ensure jobs return to the U.S.
Trump has declined to release his tax returns, an issue which was raised by his Democratic rival Hillary Clinton at the Sept. 26 presidential debate.
Clinton at the debate suggested the returns might show Trump hasn’t paid any federal taxes, which Trump did not address.
When Clinton said a couple years of returns when Trump was trying to get a casino license showed he didn’t pay any federal income taxes, Trump interjected: “That makes me smart.”
The Clinton campaign pounced on the Times report. Campaign spokesman Brian Fallon tweeted: “Trump’s returns show just how lousy a businessman he is AND how long he may have avoided paying any taxes.”
The Times published the first pages New York, Connecticut and New Jersey state tax returns online. The newspaper said the three pages were emailed to reporter Susanne Craig last month.
The Trump campaign in a statement after the report was published said the tax document was “illegally obtained.”
“The only news here is that the more than 20 year-old alleged tax document was illegally obtained, a further demonstration that the New York Times, like establishment media in general, is an extension of the Clinton Campaign, the Democratic Party and their global special interests,” the campaign said in a statement.
“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the statement continued. “That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions.”
The Times also said a lawyer for Trump threatened legal action against the newspaper if the records were published, arguing in a letter to the Times that publishing records without Trump’s authorization would be illegal.
Trump’s tax returns have become a line of attack among Clinton and her supporters.
Vice President Joe Biden on the “The Tonight Show with Jimmy Fallon” on Thursday ripped Trump for his “that makes me smart” comment.
“What does that make the rest of us? Suckers? I really mean it. Think about it”, Biden told Fallon.
The tax experts hired by the Times said there is nothing in the 1995 documents that suggest any wrongdoing, the newspaper reported.
The Times said it showed the documents to an attorney who has handled Trump’s taxes for three decades, Jack Mitnick.
The paper reported that Mitnick said “This is legit,” referring to the documents.
The Trump campaign in its statement to NBC News criticizing the Times report Saturday used a version of a line he has used in his campaign.
“Mr. Trump knows the tax code far better than anyone who has ever run for President and he is the only one that knows how to fix it,” the campaign said.
Trump in announcing a tax plan in September of 2015, which he later scrapped, said: “I fight like hell to pay as little as possible. Can I say that? I’m not a politician. I fight like hell always because it’s an expense.”
We at Peace and Freedom will not join the mainstream media attack on Donald Trump. What his tax records expose is the failure of your U.S. government.
For decades, there has been a simmering debate on the “unfair” U.S. tax code.Yet the loopholes and problem areas have never been fixed.
The notoriously bad — and unfair — U.S. tax code has contributed to businesses and jobs moving away from American. The corporate leaders of Google (Alphabet), Apple and Pfizer can explain this better than most.
Every American should grow up and ask tougher questions like, “Why has the Obama Administration accused companies of being ‘unpatriotic’ when these businesses are only trying to make a profit amid a notoriously burdensome and unfair U.S. government — and that starts with the U.S. tax code and includes all the regulations President Obama has put into place — without Congressional debate or agreement — that further erodes the likelihood potential new-start companies from getting going and further encourages business owners to flee the U.S. — taking their jobs and tax revenues on to foreign shores.”
As Ronald Reagan said, “Government is not the solution. It’s the problem.”
John Francis Carey
Peace and Freedom
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 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.
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