By DAVID BARSTOW, SUSANNE CRAIG, RUSS BUETTNER and MEGAN TWOHEY
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.
Sorry NYT, but all anyone wants to talk about right now is #basementdwellers. And isn’t this a corporate tax issue rather than a question of Trump’s individual tax returns.
Good to know for the next time my business loses a million dollars in a year.
Even if it’s true, he acted legally and conformed to US tax law. Now, does anyone want to explain to me what is wrong with this?
…Oops, I meant a billion dollars. Shows you what kind of small-time person I am.
Trump + legal action = BAD
Hillary + illegal action = GOOD
.
Try to remember this
.
I guess it’s above the comprehension level of you minions that get a w-2.
A sub chapter “c” Corp is allowed to carry forth losses, to be used against future gains.
Yes 6:05pm, thank you for commenting. This has nothing to do with Trump’s individual tax returns. Is Hillary agitating for Trump to release copies of his individual or personal tax returns, the corporate tax returns for the companies he owns, or all of the above? Also, Trump has been holding out releasing any returns until after the IRS has completed its audit. What is he referring to, his individual or personal tax returns, or the corporate tax returns for the companies he owns? They can’t all be under audit.
Wow, what a savvy businessman! Losing $1B just as the internet economy was building up steam. Jeff Bezos, Bill Gates, Larry Ellison, Elon Musk are all real businessman. Trump…not so much businessman as con artist