Posted on 03/15/2017 8:05:39 PM PDT by NoLibZone
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.
(Excerpt) Read more at nytimes.com ...
A leaked tax return by the RATS and I bet nobody goes to jail. Watching Tuckers interview of President Trump. Good interview but watching the President I noticed what appears to be a dark spot on the side of his nose. Anyone else see this?
I don’t see how a legal deduction is news, but, whatever.
He “could have” used the loss to avoid paying taxes for 20 years yet he paid $38 million in taxes 10 years later. Wonder why he did that. He must be stupid or has a lousy accountant. / Sarc
Capital losses can cancel out an unlimited amount of capital gains until exhausted. Only $3,000 of excess loss may be applied against income in any one year. So... this article is utter Barbara Streisand.
I watched parts of the interview and his Nashville speech. It looks like a shadow, as it is on both sides.
Sure hope so. I pray for him every night.The country needs him.
Capatial gains and losses vs. earned income.
These projects all went belly up when Congress changed the tax laws cold turkey with no phase in or grandfathering
Moronic and irresponsible Democrat lawmakers cost Trump a billion and
Crashed the entire real estate market
Oh, so now Trump is guilty because he COULD HAVE dodged a bunch of taxes.
FUNYT
+infinity
This is BS. The Alternative minimum tax doesn’t allow you to reduce your taxes to zero.
In the US, capital losses can only be deducted against GAINS. Anything else? a maximum $3,000 deduction per year.
The law allows citizens to follow the tax code and there is no requirement to pay MORE than you are supposed to under the law.
Death to the fake media...
I hear he skipped out on Russian income taxes entirely. Can you believe it?
So Donald adhered to the US tax laws when he filed? Mercy!
Dont worry Democrats. The Progresso’s have put another one of their best men on the case of destroying Trump. Madcow, not to be confused with maddog of course, is looking at a copy of Trumps tax return. You see, progresso’s have a superior intellect. And they know the best chance to find criminal activity is by looking at reports sent to the IRS. After all, its not like lieing to the IRS will have consequences. Oh wait a minute...
How very selfish of him.
VERY NICE
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