Trump Tax Records . . . Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades
Source: New York Times
Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades
By DAVID BARSTOW, SUSANNE CRAIG, RUSS BUETTNER and MEGAN TWOHEYOCT. 1, 2016
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. Trumps 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. Trumps 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.
. . . more
Read more: http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html
Title line edited because headline was truncated by DU field. If that's a problem for you, mod, then that's a problem.
BumRushDaShow
(129,662 posts)Hope the mods understand the title of the article is too long to fit.
swag
(26,490 posts)Whatever. The story will have legs whether a DU mod locks it or not.
BumRushDaShow
(129,662 posts)but luckily refreshed LBN to see that you posted it first. Good job!
swag
(26,490 posts)greymattermom
(5,754 posts)how can you be living in luxury?
Foggyhill
(1,060 posts)groundloop
(11,527 posts)Loki Liesmith
(4,602 posts)LastLiberal in PalmSprings
(12,600 posts)They want us to be mesmerized by the three sheets of paper so we'll forget about the current tax forms which are allegedly being audited. Watch how Trump, Christie and Giliuani spin it. He's a fucking genius; what does a woman know about business?
ailsagirl
(22,899 posts)And he wants to be president??????
Makes my blood boil
bucolic_frolic
(43,364 posts)Where did they find the tax records?
Juicy one, $916 million is a lot of red ink
BumRushDaShow
(129,662 posts)about his releasing them related to opening casinos in NJ when they first legalized gambling in the '80s. Just found it - in the Washington Post -
https://www.washingtonpost.com/politics/trumps-income-tax-returns-once-became-public-they-showed-he-didnt-pay-a-cent/2016/05/20/ffa2f63c-1b7c-11e6-b6e0-c53b7ef63b45_story.html
There is an article from the NY Times from 1991 that discussed his $900 million liability in the 1990s.
http://www.nytimes.com/1991/12/31/business/year-finance-newsmakers-1991-money-movers-caught-turbulent-times-90-s-donald-j.html
Forbes has more about that here - http://www.forbes.com/sites/clareoconnor/2011/04/29/fourth-times-a-charm-how-donald-trump-made-bankruptcy-work-for-him/#5088c1f76f7a
bucolic_frolic
(43,364 posts)Thanks, slowly there is a little more substance to these tax records
BumRushDaShow
(129,662 posts)and he has continually been in the news for decades - both in print and radio in the New York media market (we can pick up the NY radio stations here in Philly).
This stuff has been out there hiding in plain sight... But he always had so much going on that the more serious charges were lost amongst the reporting of his tabloid-friendly lifestyle and he managed to drown out and kill the more serious investigations with a blizzard of lawsuits.
saltpoint
(50,986 posts)ask if they think this is fair.
An extremely wealthy person pays no taxes but working people struggle to cover essentials?
Plus his veep nominee is a twisted creep.
What's your vote worth, Trump supporters?
christx30
(6,241 posts)They are so anti-tax and anti-government, it's a badge of honor to them.
"Starve the beast" is their favorite phrase. This is what it looks like.
saltpoint
(50,986 posts)They think Trump is going to delver the promised land to them.
I'd like to see voters ensure that he never gets that chance and hand Clinton-Kaine a landslide.
jmowreader
(50,567 posts)Donald Trump's businesses lost $916 million in Tax Year 1995.
How in hell do you lose a billion dollars in one year then have the gall to get up and brag about your business acumen?
groundloop
(11,527 posts)LuvNewcastle
(16,860 posts)anybody I'be ever seen.
mrmpa
(4,033 posts)Ccarmona
(1,180 posts)Does he attract more financing? Any legitimate bank would deny any future requests for a loan.
jmowreader
(50,567 posts)I slightly wonder if the real reason Trump wants to be president is the lifetime Secret Service protection they get. There is probably a very long list of people who want to whack that fat fraud.
Skittles
(153,220 posts)he is a fraud, he is CROOKED
GopherGal
(2,010 posts)Seems the NYT is helping him by emphasizing the wrong thing here. They could be emphasizing that this supposed great businessman lost nearly a billion dollars in one year. Instead, they're leaving themselves open to refutation by emphasizing their extrapolation that after a loss like that he likely hasn't had to pay any federal tax for 18 years.
Or maybe they're crazy like a fox, since that refutation would consist of releasing his tax returns...
progressoid
(50,000 posts)He said so.
Kathy M
(1,242 posts)I tried making comment .... have no comment .............
Except how could he not be held accountable somehow for this mess he created ..... Did the banks bail him out ?
Coyotl
(15,262 posts)Any guesses on how many of that number will be crimes?
Rose Siding
(32,623 posts)bastards At least they can't dispute it.
As I recall, this argument didn't cut easily through the bs about the poorndid not pay taxes-
Bernardo de La Paz
(49,047 posts)Donald J. tRump lies to avoid tax or lies to pump his net worth for the campaign. Both can't be true.
When it is for declaring property taxes, he says it is worth $1.35 million.
When it is for candidate declaration forms, which are public and play in the election, he says it is worth $50 million.
SwankyXomb
(2,030 posts)Prove it.
saltpoint
(50,986 posts)spin like never before if this tax story plays out.
BumRushDaShow
(129,662 posts)with her Tasmanian Devil suit on.
saltpoint
(50,986 posts)Thinkingabout
(30,058 posts)Rebuild the infrastructure and increase Defence if there is not any contributions from those like him who claims to be very rich and does not pay taxes.
Foggyhill
(1,060 posts)He essentially lives off investors money until he goes "broke" or the company he owns goes broke,
and then he moves on.
Essentially how a grifter works. He is 100% a fly by night con man.
There is a reason why he's got hundreds of "companies", moist used as shell to move, hide assets.
Thinkingabout
(30,058 posts)Bernardo de La Paz
(49,047 posts)smirkymonkey
(63,221 posts)Spot on. You have nailed it.
saltpoint
(50,986 posts)He don't use no facts
His veep is a creep
He don't get no sleep
He's up late on Twitter
He's sexist and bitter
He slut-shames Machado
He's a real desperado
spooky3
(34,496 posts)saltpoint
(50,986 posts)good poetry but it's a lot of fun, plus I was in the mood to rile The Donald up a bit.
He's having a bad week this week, and I'd just hate to see it end!
spooky3
(34,496 posts)saltpoint
(50,986 posts)JHB
(37,163 posts)saltpoint
(50,986 posts)beginning to spread across the interwebs.
I'm guessing by now the news has reached Reince Priebus.
Also guessing Reince isn't returning a lot of phone calls long about now.
Mozzonozzo
(24 posts)...The three documents arrived by mail at The Times with a postmark indicating they had been sent from New York City. The return address claimed the envelope had been sent from Trump Tower...
Berlin Expat
(950 posts)That's some War College-leve ratf***ing right there.
Trump is naturally paranoid as an individual, and this is only going to feed into his paranoia. In the last few weeks of the 2016 campaign, he's going to be wasting his time and energies on trying to find out who did this to him instead of focusing on the campaign itself. Perfect timing, in my opinion.
I really do wonder who did this; it had to be someone close who had access to those documents.
kcjohn1
(751 posts)See if this is true, Trump did nothing wrong but play in unfair system. This is all legit. You can carry-forward losses. One of the many advantages the rich have in this crooked system. This doesn't hurt him b/c most people aren't going to voluntarily pay taxes.
Where it could hurt him is he is hammered for the fact he lost $1B. He is not this great business as he touts. Guy is a failure, and that should be what the Clinton campaign should be hitting him with.
madaboutharry
(40,234 posts)order to put himself in a position to not have to pay taxes for decades?
After all, how much of his money was in them anyway? Did he say he figured out how to use other people's money?
Bernardo de La Paz
(49,047 posts)Thor_MN
(11,843 posts)If so, that's insane.
Foggyhill
(1,060 posts)And its other people, and the government who pays for it.
Bernardo de La Paz
(49,047 posts)JHB
(37,163 posts)spooky3
(34,496 posts)JHB
(37,163 posts)spooky3
(34,496 posts)LuckyLib
(6,821 posts)schmoozed his way from one big "deal" to the next, using other folks' money and feathering his own nest. He is a criminal and a con artist. Too bad there are so many stupid Americans who will still support him.
Kathy M
(1,242 posts)cause if let bankruptcy 's happen on purpose and did not pay all the small business 's that provided items or services for casino 's this is beyond wrong . It may be legal but it is not ethical or moral .
I would bet if he owned any buildings at the time they were leveraged above where they should have been leveraged .
saltpoint
(50,986 posts)saltpoint
(50,986 posts)Sure. NBC is picking it up now also.
saltpoint
(50,986 posts)It's a pretty big cat to let out of the bag here in the home stretch of the campaign.
I bet things are a bit tense at Trump Tower this evening.
Kathy M
(1,242 posts)Glad media picked it up ... hopefully will be on tomorrow too
Thank You
PasadenaTrudy
(3,998 posts)spot on Twitter now.
postatomic
(1,771 posts)My first question would be why would anyone who made over 3 million in business income file a fucking Sch C on a personal return. I think I see what he was doing here. I'd still love to see Statement 1 that outlines the massive loss.
It's all very odd. If I was reviewing this for financial purposes I'd have a ton of red flags.
What a fucking scumbag.
Jarqui
(10,130 posts)Glimmer of Hope
(5,823 posts)mdillen
(29 posts)I wonder what his idea of making America great again is?
Bernardo de La Paz
(49,047 posts)His economic plan, laughably short on detail as it is, has enough detail to show sober analysts that it would add from $5 to $10 trillion (with a 'tr') to the national debt.
It would drastically cut taxes on the 1% and increase the deficit.
Maybe Donald J. tRump's tax holiday has run out and he needs a quick fix to avoid bankruptcy number Six or Seven, ... I've lost count.
Lol tense much at trump tower tonite ? This is blowing up tonite Will this matter with swing voters ? Trump voters won't give a crap
sarcasmo
(23,968 posts)Doctor Jack
(3,072 posts)I'm getting news alerts every 20 minutes or so from this.
sarcasmo
(23,968 posts)Trending high on Twitter right now.
Kablooie
(18,641 posts)Assuming his loss was accurate the law allows him to duck paying taxes for decades.
It's standard tax procedure.
And losing a billion dollars doesn't help his image but it doesn't damage it much either.
Bad businessman? Maybe. But he continued to live the rich lifestyle so it really wasn't a serious loss.
So it may sound like a scandal but it's not.
Foggyhill
(1,060 posts)If that's actually legal, he'll have to defend it in the debate.
That will be quite fun to see.
TomCADem
(17,390 posts)...such as claiming that a venture is worth hundreds of millions of dollars before declaring bankruptcy and liquidating it, he may be getting a little too creative. For example, he has claimed that his golf courses are worth a lot of money for purposes of estimating his wealth, but for property tax purposes, he vigorously argues that they are not worth much.
Skittles
(153,220 posts)he's SMART for not paying taxes!!!! Uh, NO, he's leaving out some DETAILS.
Dworkin
(164 posts)Hi,
Whoever leaked these returns is very close in the Trump business/family. That fact alone is going to hurt Trump personally. Bad.
D.
muriel_volestrangler
(101,390 posts)?@wyethwire
My speculation is that Marla Maples leaked the 1995 tax return. They were married at the time and filed jointly.
https://twitter.com/wyethwire/status/782411799911997440?ref_src=twsrc%5Etfw
Koinos
(2,792 posts)thelordofhell
(4,569 posts)How much did this leech on society lose all the other years??
Stuart G
(38,453 posts)At 6 am eastern time, The New York Times, Washington Post, Huff Post, USA Today, and Yahoo, all these sites, have this story at the very top. All have these words or words very similar...He could have avoided paying income taxes for 20 years......
JustAnotherGen
(31,937 posts)Trumps taxes discussion. I'm thinking early on a Sunday morning the story is getting to older voters who take a passive approach to making a decision of who to vote for.
gademocrat7
(10,676 posts)Despicable.
Stuart G
(38,453 posts)beachbum bob
(10,437 posts)records? Allowed THE real story on GWB air guard service to be dismissed as some of the documents Rather had were modern day forgeries....the best dirty trick in modern political campaign
wishstar
(5,272 posts)Times would not have printed if they hadn't absolutely confirmed the docs and his signature with the tax accountant plus explaining why the first two numbers of the $915 million were typed in differently.
Bernardo de La Paz
(49,047 posts)SunSeeker
(51,745 posts)Sunlei
(22,651 posts)SunSeeker
(51,745 posts)Actually, more like a thermo-nuclear explosion.
cagefreesoylentgreen
(838 posts)May he enjoy the same fortunes as Leona Helmsley, the "Queen of Mean."
mahatmakanejeeves
(57,664 posts)By David A. Fahrenthold, Rosalind S. Helderman and Jose A. DelReal
https://www.washingtonpost.com/people/david-a-fahrenthold/
https://twitter.com/Fahrenthold
https://www.washingtonpost.com/people/rosalind-s-helderman/
https://twitter.com/PostRoz
https://www.washingtonpost.com/people/jose-a-delreal/
https://twitter.com/jdelreal
October 2 at 12:12 AM
Donald Trump declared a loss of $916 million on his income tax returns for 1995, and because of tax rules that favor wealthy real estate investors he could have used that loss to avoid paying any federal income taxes for up to 18 years, according to a report in the New York Times.