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

[applegrove]

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 TWOHEY

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?rref=politics&module=Ribbon&version=context®ion=Header&action=click&contentCollection=Politics&pgtype=Multimedia

"SNIP..............


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


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[TexasBushwhacker]

1. Well, I hope that this will lead to carry over periods

of 18 YEARS will be eliminated. Imagine, his losses in 1995 could even be applied to the 3 previous years to cancel out any taxes paid. He would have gotten a fucking REFUND.

[napi21]

2. I've NEVER stuck up for The Con, but this is NOT his fault!

They majority of people have no idea of the tax breaks the wealthy receive. The one cited in The Con's case is just a very small glimpse into the advantages Congress has passed out in tax laws for "favors granted", mostly reelection $$.

That is one small reason to side with the candidates who want higher taxes for those who've ridden the gravy train for YEARS! Hillary, for the most part isn't pushing for higher tax rates; she's pushing for elimination of a lot of these loopholes that make the tax laws unequal.

I would never suggest ANYONE read the tax codes, but believe me, there are even many laws enacted that benefit ONE large business, or ONE industry. That's not even beginning to delve into the bennys of wealthy individuals.

[RBInMaine]

4. The point is he talks about a "rigged system" yet takes FULL advantage of it and LOVES it. Fuck him!

Also, you're a pretty shitty business person if you have incurred such huge losses.

[joshcryer]

7. If he was honest he'd come out with it.

And say he took advantage of this shit. And say that he doesn't think it's right.

But in the debates he said "it makes him smart." And he's already poo-pooing tax expenditures. And he already wants to give bigger tax breaks to the wealthy.

So he's not in fact saying "I took advantage of these loopholes and I know how to fix them and will fix them."

[kimbutgar]

3. So every year he writes off his losses offsetting any gains

And his losses are bigger than his gains so he pays no taxes? Genius but oh so evil. And his dumb supporters don't realize they are being suckered while they pay taxes on their pittance salaries. Will president Cheeto help them..... I don' t think so.

[Ellen Forradalom]

5. People are talking about this

My son read off the headline in the car on the way to dinner. Later I heard the next table over discuss the same thing. Story's got legs.

[napkinz]

6. kick