New York Times: Donald Trump reports $916 million loss in 1995

[Bowfinger]

The New York Times reports it received partial copies of Trump's 1995 tax returns, showing a loss of about $916 million dollars. Their tax analysts estimate this loss may have let him pay no income taxes for almost 20 years.

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

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. ...

If this is correct, it's no wonder he doesn't want to release his taxes. It shatters his whole, "Elect me because I'm such an amazing business genius" shtick.

 

[UberNeuman]

Colour me not shocked.

/lol.....

 

[LegendKiller]

I am curious where they got this information. If somebody in the government released this, it is naked aggression of the establishment towards private citizens and cannot stand.

 

[jman19]

I am curious where they got this information. If somebody in the government released this, it is naked aggression of the establishment towards private citizens and cannot stand.

 

[sandorski]

I am curious where they got this information. If somebody in the government released this, it is naked aggression of the establishment towards private citizens and cannot stand.

Go get 'em tiger!

 

[Bowfinger]

I am curious where they got this information. If somebody in the government released this, it is naked aggression of the establishment towards private citizens and cannot stand.

If you'd care to read the article, they address that question.

(Hint: the envelope carried a NYC postmark and a Trump Tower return address. It contained returns for three different states. This suggests either a conspiracy among three different states' employees, or one person within the Trump organization. You feel free to go with the nutty conspiracy theory; I'll go with the simple, obvious answer.)

 

[Aegeon]

Incidentally for those wondering about the document's authenticity, not only did the Trump campaign refuse comment when contact in advance about the story, (significantly not denying the authenticity of the documents) but the New York Times also tracked down Trump's accountant at the time who confirmed the documents in question included his significant and were authentic.

 

[UberNeuman]

The only thing that could make this news better is WALL OF YOUTUBE VIDEOS and NOBODY CARES to show up to support CUCKCUCKGASLIGHT.... Maybe, I've Got Brain Tumors will pop up to add his grand insight...

...

 

[Mai72]

Lol, this is the so called genius businessman who is going to save America's middle class? People are so desperate for someone to save them that they'll just blow this off as well.

 

[LegendKiller]

If you'd care to read the article, they address that question.

(Hint: the envelope carried a NYC postmark and a Trump Tower return address. It contained returns for three different states. This suggests either a conspiracy among three different states' employees, or one person within the Trump organization. You feel free to go with the nutty conspiracy theory; I'll go with the simple, obvious answer.)

I didn't see it. I saw the headline pop up and thought that it might be the gov't. Interesting. Likely a leak from them to head off some leak they hear? Traitor?

 

[alien42]

naked aggression of the establishment

that's hot, but what do you think about the numbers this story reveals? this issue may be the breaker for some Trump supporters. not that i've ever understood how a billion dollar celebrity con-man convinced so many average Americans that he has ever had their interests in mind.

 

[LegendKiller]

Lol, this is the so called genius businessman who is going to save America's middle class? People are so desperate for someone to save them that they'll just blow this off as well.

So he had a NOL. Lots of businesses have NOLs.

 

[Balt]

Lol, this is the so called genius businessman who is going to save America's middle class? People are so desperate for someone to save them that they'll just blow this off as well.

The guy who uses taxpayer subsidies to fund his projects, and then completely stiffs his contractors and protects himself from any financial bankruptcy fallout is a champion of America's blue collar workers. How did you not realize this?

 

[LegendKiller]

The guy who uses taxpayer subsidies to fund his projects, and then completely stiffs his contractors and protects himself from any financial bankruptcy fallout is a champion of America's blue collar workers. How did you not realize this?

Is he still able to get contractors? Obviously he doesn't stiff a lot of them.

 

[MomentsofSanity]

So he had a NOL. Lots of businesses have NOLs.

This is where Trumps endless bragging about how rich he is and how much money he makes bites him in the ass.

He's not exactly the poster boy for why the rich and businesses need MORE tax breaks. He exemplifies the point that effective tax rates tell a different story. If a man as rich and as successful as he constantly reminds everyone he is can avoid taxes for decades it's hard to argue he needs more advantages now isn't it?

 

[LegendKiller]

This is where Trumps endless bragging about how rich he is and how much money he makes bites him in the ass.

He's not exactly the poster boy for why the rich and businesses need MORE tax breaks. He exemplifies the point that effective tax rates tell a different story. If a man as rich and as successful as he constantly reminds everyone he is can avoid taxes for decades it's hard to argue he needs more advantages now isn't it?

A NOL isn't a tax break. If you ran a business you'd know that. If Hillary every ran anything but a "foundation" money laundering scheme, she'd know it too.

 

[Ken g6]

Lol, this is the so called genius businessman who is going to save America's middle class? People are so desperate for someone to save them that they'll just blow this off as well.

Sounds like an outline of a plan. Crater the economy the first year; then build it up (or appear to) over the next three years to appear song on the economy to line up reelection. If Trump is smart enough to even think of such a plan.

 

[MomentsofSanity]

A NOL isn't a tax break. If you ran a business you'd know that. If Hillary every ran anything but a "foundation" money laundering scheme, she'd know it too.

No shit Sherlock. It's a loss that he passes on to everyone else by rules that allow him to use it to avoid paying taxes for decades.

But he needs more advantages right?

 

[JSt0rm]

I am curious where they got this information. If somebody in the government released this, it is naked aggression of the establishment towards private citizens and cannot stand.

smoke weed every day.

 

[LegendKiller]

No shit Sherlock. It's a loss that he passes on to everyone else by rules that allow him to use it to avoid paying taxes for decades.

But he needs more advantages right?

What country doesn't allow carryforwards?

 

[JSt0rm]

the commie ones?

 

[JSt0rm]

trump was starving the beast before it was cool.

 

[MomentsofSanity]

What country doesn't allow carryforwards?

What does that have to do with whether or not Trump needs more advantages?

See, you're demonstrating exactly my point. You can't really argue why people like Trump need more advantages when they can already avoid taxes for decades now.

 

[LegendKiller]

What does that have to do with whether or not Trump needs more advantages?

See, you're demonstrating exactly my point. You can't really argue why people like Trump need more advantages when they can already avoid taxes for decades now.

He didn't do anything more, or less, than any other person has done in a government that allows NOLs. He has no responsibility to pay more taxes. No liberal superhero does. Uncle Warren, Bill Gates, among others, are running around lecturing everybody while deferring and avoiding as much taxes as possible.

Now if you want to argue that any NOLs should be removed above a certain tax threshold, that's fine by me, we should bring it up. However, to blame him, or put the spotlight on him, is wrong.

 

[MomentsofSanity]

He didn't do anything more, or less, than any other person has done in a government that allows NOLs. He has no responsibility to pay more taxes. No liberal superhero does. Uncle Warren, Bill Gates, among others, are running around lecturing everybody while deferring and avoiding as much taxes as possible.

Now if you want to argue that any NOLs should be removed above a certain tax threshold, that's fine by me, we should bring it up. However, to blame him, or put the spotlight on him, is wrong.

Still dodging I see. Trump argues that the rich, like him, need lower taxes. That massive businesses, like his, need lower taxes. You're dancing around what is legal and ignoring the entire point that the optics on it make it very hard to argue he needs more advantages. Is he not advantages enough if he can avoid any tax burden for decades?