Trump May Have Avoided Paying Taxes for Nearly Two Decades

[kaz]

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.

Although Mr. Trump’s 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. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

If it was legal of course it should be allowed

Yes. As far as we know, he broke no laws with that tax return and with claiming the loss.

Many things are "allowed" and "legal".....but are not things to be proud of.

What Democrats have turned down tax losses?

 

[Edgetho]

In order to file a loss of nearly ONE BILLION DOLLARS, you have to actually lose nearly ONE BILLION DOLLARS.

So, dimocrap SCUM are saying that Trump went out and purposely LOST ONE BILLION DOLLARS so he could write it off his taxes?

Are dimocrap SCUM that stupid?

The answer is -- Yes, they are.

If you're in the 40% Tax Bracket and you write off $100, you only save $40.

Get it? You only save what you would have paid taxes on.

This is why Trump didn't release his taxes because anything more complicated than, "Where does the Welfare Line start'' is beyond the comprehension of dimocrap scum.

They really are THAT stupid. To think that LOSING a BILLION DOLLARS is somehow trickery.

stupid human beings

 

[LoneLaugher]

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.

Although Mr. Trump’s 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. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

If it was legal of course it should be allowed

Yes. As far as we know, he broke no laws with that tax return and with claiming the loss.

Many things are "allowed" and "legal".....but are not things to be proud of.

What Democrats have turned down tax losses?

What a great question! Since they have all released their tax returns, we can find out. Isn't that awesome!

 

[NYcarbineer]

You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!

Trump is worse than all the welfare mooches combined

They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars

Conservatives have been pushing for simpler tax plans for decades. Where have you been?


If Trump plays by the rules, YOUR RULES, then what ground for complaint do you have?

Simpler plans that drastically reduce the tax burden of the wealthy while increasing taxes on the working poor

Show one that doesn't

Trump plays by the rules?
So do the working poor who don't pay taxes

Guess which group Republicans bitch about?

You can simplify the tax code without giving the Rich a huge gift basket at the expense of the poor -

go to a simple system of 'flat' taxes that maintain the progressive brackets,

add a fixed exemption/deduction at the bottom.

You could still file your taxes on the so-called postcard, but the Rich wouldn't get huge tax cut that every other flat tax plan includes.

Then that is not a flat tax, it merely eliminates deductions

Worth looking at

It's flat within each bracket.

Simplification is a key selling point of the flat tax plans, which because simplification is so appealing, the flat taxers are able to distract attention from the fact that their plans hugely benefit the richer tax payers.

What I suggest covers the simplification but eliminates the big tax cut for the Rich.

 

[kaz]

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.

Although Mr. Trump’s 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. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

If it was legal of course it should be allowed

Yes. As far as we know, he broke no laws with that tax return and with claiming the loss.

Many things are "allowed" and "legal".....but are not things to be proud of.

What Democrats have turned down tax losses?

What a great question! Since they have all released their tax returns, we can find out. Isn't that awesome!

All Democrat politicians have released their tax returns? Bull

 

[NYcarbineer]

I see you gutless liberals are still trying to demonize Trump for taking legal tax deductions. What lowlife scum you are.

What's more important is that Trump had to take huge BUSINESS losses in REAL ESTATE to get those deductions...

...you know, the Trump who claims he's such a brilliant BUSINESSMAN in REAL ESTATE.

 

[bripat9643]

In order to file a loss of nearly ONE BILLION DOLLARS, you have to actually lose nearly ONE BILLION DOLLARS.

So, dimocrap SCUM are saying that Trump went out and purposely LOST ONE BILLION DOLLARS so he could write it off his taxes?

Are dimocrap SCUM that stupid?

The answer is -- Yes, they are.

If you're in the 40% Tax Bracket and you write off $100, you only save $40.

Get it? You only save what you would have paid taxes on.

This is why Trump didn't release his taxes because anything more complicated than, "Where does the Welfare Line start'' is beyond the comprehension of dimocrap scum.

They really are THAT stupid. To think that LOSING a BILLION DOLLARS is somehow trickery.

stupid human beings

The leftwing dumbasses believe businesses have a legal obligation never to lose money. Of course, when they do and go bankrupt, then the libs run in with taxpayer money to save them. They condemn Trump for taking a big loss and surviving it, but they have no unkinds for GM which sucked up $100 billion in taxpayer funds.

 

[Edgetho]

Does it matter to dimocrap scum that those Tax Records were acquired illegally?

Of course not. That's reason #4 why they're scum. They don't care about the law if it suits their purpose

 

[Darkwind]

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.

Although Mr. Trump’s 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. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

So now we see that the entire purpose of demanding the release of his taxes is for political reasons. The optics against the democrats is pretty poor.

 

[bullwinkle]

Either way it does not look good for Trump

He is running as such a great businessman who managed to lose close to a billion dollars in one year

He has not paid taxes in decades making him one of the 47%...a serial moocher

You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!

Trump is worse than all the welfare mooches combined

They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars

Conservatives have been pushing for simpler tax plans for decades. Where have you been?


If Trump plays by the rules, YOUR RULES, then what ground for complaint do you have?

Simpler plans that drastically reduce the tax burden of the wealthy while increasing taxes on the working poor

Show one that doesn't

Trump plays by the rules?
So do the working poor who don't pay taxes

Guess which group Republicans bitch about?

you can read the law right here

leftards are always such crooked folks

maybe that is why they support groups like fuck the police

and such

26 U.S. Code § 6103 - Confidentiality and disclosure of returns and return information

Jon, when have I ever supported a group like that you mention about police...OR not paid my taxes? Of course my taxes come from the chart in the 1040 pamphlet...for Fed, State and City.

if you vote for hillary you are supporting the Fuck the Police movement

how the fuck do you know or think that you know that Trump has not paid his taxes due

What's happened to you, jon?

 

[bullwinkle]

Does it matter to dimocrap scum that those Tax Records were acquired illegally?

Of course not. That's reason #4 why they're scum. They don't care about the law if it suits their purpose

Does that apply to Emails too?

 

[jon_berzerk]

Either way it does not look good for Trump

He is running as such a great businessman who managed to lose close to a billion dollars in one year

He has not paid taxes in decades making him one of the 47%...a serial moocher

You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!

Trump is worse than all the welfare mooches combined

They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars

Conservatives have been pushing for simpler tax plans for decades. Where have you been?


If Trump plays by the rules, YOUR RULES, then what ground for complaint do you have?

Simpler plans that drastically reduce the tax burden of the wealthy while increasing taxes on the working poor

Show one that doesn't

Trump plays by the rules?
So do the working poor who don't pay taxes

Guess which group Republicans bitch about?

you can read the law right here

leftards are always such crooked folks

maybe that is why they support groups like fuck the police

and such

26 U.S. Code § 6103 - Confidentiality and disclosure of returns and return information

Jon, when have I ever supported a group like that you mention about police...OR not paid my taxes? Of course my taxes come from the chart in the 1040 pamphlet...for Fed, State and City.

if you vote for hillary you are supporting the Fuck the Police movement

how the fuck do you know or think that you know that Trump has not paid his taxes due

What's happened to you, jon?

nothing

i am sick of those who go along with the likes of the corrupt politicians

what happened to you

making assumptons that trump hasnt paid his taxes due for example

 

[rightwinger]

Does it matter to dimocrap scum that those Tax Records were acquired illegally?

Of course not. That's reason #4 why they're scum. They don't care about the law if it suits their purpose

I'm shocked....shocked, I say

 

[LoneLaugher]

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.

Although Mr. Trump’s 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. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

If it was legal of course it should be allowed

Yes. As far as we know, he broke no laws with that tax return and with claiming the loss.

Many things are "allowed" and "legal".....but are not things to be proud of.

What Democrats have turned down tax losses?

What a great question! Since they have all released their tax returns, we can find out. Isn't that awesome!

All Democrat politicians have released their tax returns? Bull

Presidential nominees.....yes. Going back something like 50 years.

But you knew that. All politicians? Probably most have.

In any case.....the issue here is TRUMP. A self described multi-billionaire who has created an extremely successful business empire...claiming nearly A BILLION DOLLAR LOSS in one year. That is why it is embarrassing to Trump.

 

[NYcarbineer]

who released trumps tax records

without his permission that is a criminal offense

The IRS says its 84,000 employees must attend annual training on taxpayer confidentiality. To identify snoopers, IRS computers track the electronic movements of all employees and contractors. Even an employee who legitimately opens the tax return of a neighbor of a high-profile taxpayer such as Trump could be flagged, former IRS officials say.

Here’s an example of what an agent browsing a taxpayer’s history might see:

This is why Donald Trump’s tax returns haven’t been leaked


should be easy to figure out who did it

But publishing hacked emails isn't a crime?

 

[kaz]

If it was legal of course it should be allowed

Yes. As far as we know, he broke no laws with that tax return and with claiming the loss.

Many things are "allowed" and "legal".....but are not things to be proud of.

What Democrats have turned down tax losses?

What a great question! Since they have all released their tax returns, we can find out. Isn't that awesome!

All Democrat politicians have released their tax returns? Bull

Presidential nominees.....yes. Going back something like 50 years.

But you knew that. All politicians? Probably most have.

In any case.....the issue here is TRUMP. A self described multi-billionaire who has created an extremely successful business empire...claiming nearly A BILLION DOLLAR LOSS in one year. That is why it is embarrassing to Trump.

You've obviously no business experience. Our tax system is idiotic. It doesn't mean shit other than that he was in big deals. Besides my own, I manage my mother and sister's portfolios. I'm always taking tax losses and deferring gains. I manage the recognition of revenue for them to minimize taxes. It doesn't remotely reflect how their portfolios are doing.

While I'm good at it and they profit from it, it's a butt stupid tax system. If we had the Fair Tax, it would eliminate all that idiocy. For myself in addition to those things, my business owns my cars so I can have my business pay for car repairs, gas, interest on the loans. At the end of the year, my accountant reduces it by 10% for personal use. But how does the IRS know what is the actual usage?

Then you get into everything that is used at both home and work. Computers, ink, paper, toilet paper, trash bags, ... How does the IRS know if it's used at work or personal if it's used at both places? We can also write off phones, Internet and other expenses we do need at home for business but we use for both.

The problem with our tax system is that we're just smarter than you. The more rules you put in place, the harder we will work to exploit them and the more successful we will be. We have to do that, Trump has to do that because otherwise the rates fuck us. But a simple, flat tax, preferably on revenue, would make more sense for everyone

 

[tyroneweaver]

Tax Records Obtained by The Times Reveal Trump May 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.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur&_r=0
Goddamn, that means he didn't pay all those police, our military, our veterans or the infrastructure that his goods moves across. This man is a crook.

“That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions,”

 

[jon_berzerk]

who released trumps tax records

without his permission that is a criminal offense

The IRS says its 84,000 employees must attend annual training on taxpayer confidentiality. To identify snoopers, IRS computers track the electronic movements of all employees and contractors. Even an employee who legitimately opens the tax return of a neighbor of a high-profile taxpayer such as Trump could be flagged, former IRS officials say.

Here’s an example of what an agent browsing a taxpayer’s history might see:

This is why Donald Trump’s tax returns haven’t been leaked


should be easy to figure out who did it

But publishing hacked emails isn't a crime?

who says it isnt a crime dummy certainly not me

however so me the statute that publishing a email hacked or otherwise

is a crime

hacking is a crime

which emails are you talking about btw

the peoples ones not secured on a govrnment server

or the 33 thousand bitbleached after being ordered to perserve them

 

[tyroneweaver]

I hear that Trump's negatives are hurting the family businesses. I hope they go broke. Not all of Trump's skeletons are even out of the closet yet.

wow, wishing evil on another person.

 

[tyroneweaver]

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.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

“That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions,”