Donald Trump reported a staggering $916 million dollar loss on his 1995 tax returns. The state returns were obtained yesterday by the New York Times from an unknown source.
Trump left a wasteland in the wake of his disastrous business dealings in the early part of the 1990’s. However, the Times, utilizing independent tax experts, examined his tax returns and further reported that the massive losses were potentially capable of allowing Trump to avoid paying any federal taxes for the ensuing 18 years.
What is remarkable about Trump’s tax filing is the financial windfall they apparently afforded him. The Times reported:
“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.”
The article clearly delineated how the tax benefits might have helped Trump in the wake of contractors and investors who lost a fortune on his poor business acumen.
“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.”
The Trump campaign issued a statement claiming the tax returns were obtained “illegally”. The went on to explain as follows:
“Mr. Trump is a highly skilled business man who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required. 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.”
Notice that the campaign did not deny the veracity of the leaked returns nor did their statement indicate that Trump had paid even a penny in income taxes.
The Clinton campaign was quick to respond to the New York Times report:
Clinton campaign spokesman Brian Fallon on Twitter called the report a “bombshell,” tweeting: “Trump’s returns show just how lousy a businessman he is AND how long he may have avoided paying any taxes.”
BOMBSHELL: Trump’s returns show just how lousy a businessman he is AND how long he may have avoided paying any taxeshttps://t.co/M4SGm7eKRL
— Brian Fallon (@brianefallon) October 2, 2016
Despite these rather damning new revelations about the depth of Trump’s difficulties as a businessman, the cornerstone of his candidacy, it is still relevant to point out that his $916 million dollar loss is not nearly as concerning as the state of his mental health.
Steve Rothrock, American News X
Featured Image: https://www.flickr.com/photos/notionscapital/