Trump tax records show he could have avoided paying for 18 years

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 Times is reporting.

“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.

“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 rest of the article is here.

About jeffpelline

Jeff Pelline is a veteran editor and award-winning journalist - in print and online. He is publisher of Sierra FoodWineArt magazine and its website SierraCulture.com. Jeff covered business and technology for The San Francisco Chronicle for years, was a founding editor and Editor of CNET News, and was Editor of The Union, a 145-year-old newspaper in Grass Valley. Jeff has a bachelor's degree from UC Berkeley and a master's from Northwestern University. His hobbies include sailing and trout fishing.
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10 Responses to Trump tax records show he could have avoided paying for 18 years

  1. Russ says:

    Forbes … for tax year 2014, The New York Times paid no taxes and got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014. In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is, “The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.” If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.

    Instapundit

    • Annie Fox says:

      Thank you Russ. If he handled his businesses in a careless manner we better hold onto our hats as the sky-high deficit hasn’t seen nothing yet.

      • Brad Croul says:

        Anyone can declare capital losses and/or capital gains on the sale of real estate. But,as far as I know, you have to sell the property to trigger the loss/gain. The only real ‘story’ as far as Trump is concerned is the scale of the loss- but what were his capital gains?
        Who did he sell these depreciated assets to – Putin?

  2. jeffpelline says:

    Poor “fish.” He is desperate to be accepted on the hard right blogs. But his comments are roundly ignored, even by them. Loser.com

    • jeffpelline says:

      Todd Juvinall and his commentators have become unhinged! Todd has a post titled “Bill Clinton’s love child?” He uses words such as “screwing” and “threesome.” It is more and more impossible to believe Todd was once a Nevada County Supervisor. His commentators are more vile. SocialRejects.com.

      • brucelevy says:

        That same story appeared a few years ago with the same players and was debunked by everyone including some of the original sources. It’s pablum for morons. It’s like The National Enquirer’s “Bat Boy” article that they run ever couple years.

  3. Judith Lowry says:

    Yeah but, the Webb Hubbell story is somewhat credible when one considers Chelsea’s physical attributes. Her looks actually seem to favor Webb over Bill.
    Just sayin’.
    And how awful would that be?

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