Trump May Have Avoided Paying Taxes for Nearly Two Decades

[Dale Smith]

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.

Define "fair share".........and whom determines what that is and what is "pay" when all we have to barter with are debt notes since legal money was stolen from Americans with the Chapter 11 bankruptcy of March 1933???

 

[OnePercenter]

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.

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

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

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

 

[Dale Smith]

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

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

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

Repubs/dems....just different sides of the same coin...not a klunt hair's difference between them.

 

[Frank'sRules]

Taxes are for the little people.

 

[Lakhota]

Republicans like to milk the system and let the little guys pay off the national debt. They seem to think that is somehow patriotic. Actually - it's psychotic.

 

[defcon4]

Losing $916 million......sounds like he took some risk.

Who knows? Maybe he invested in Green Energy.

Solyndra....

 

[bripat9643]

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.

I have to say that, though I don't want Trump to win, I question the idea that Trump's done anything wrong concerning taxes because he's been audited more than once. If there was anything wrong, wouldn't they have found it?

The IRS is just auditing his NOL's (net operating loss tax deductions) and potential refunds of excess tax paid-in.

Nothing there.

But precisely as Hillary said, Trump is a poor man not a rich man.

Trump has lost money not made it.

This election is going to end up killing Trump financially all around the world.

The jig is up for Trump.

His "brand" will be worthless after this.

Of course there is still the flickering of a chance that Trump's massive TV audience will turn out everywhere and elect him. That is a possibility that Hillary cannot ignore. This is probably why Hillary is going for the jugular of Trump.

Total complete horseshit.

 

[bripat9643]

Republicans like to milk the system and let the little guys pay off the national debt. They seem to think that is somehow patriotic. Actually - it's psychotic.

Feel free to pay more taxes more than you legally owe.

 

[OnePercenter]

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

Repubs/dems....just different sides of the same coin...not a klunt hair's difference between them.

Except Republicans continue the 'Bro's/hoes' philosophy. If you are rich, you are a Bro. If not........

 

[bripat9643]

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

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

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

More bullshit. Many of those exemptions were written by Democrats.

 

[FA_Q2]

The better question would be do you have a problem with those that take advantage of existing tax law?

If by "take advantage" you mean employ legal options available, then no.

Of course I do. Taking advantage of existing law is not violating existing law. Those are different concepts.

On the other hand, if we're talking about laundering income though NPO fronts, then yes.

Please explain? AFAIK, there is noting showing the he laundered funds through his NPO making that a separate issue from his taxes (the point of the thread).

I have heard some interesting charges of him essentially stealing from his NPO though and that I think is a major issue. It does not seem to have any legs though and I do nit understand why. We are constantly talking about Miss Universe tweets which are meaningless.

 

[Dale Smith]

Taxes are for the little people.

Taxes are for people that are too stupid to read the tax code to see if they are actually eligible to pay them as it pertains to the income tax.

 

[Toddsterpatriot]

If the little guy tried this shit = prison.

I've written off investment losses.....should I be in jail?

Not at nearly the same percentage as Trump or me.

Of course not. So what?

 

[FA_Q2]

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

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

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

Showing once again that you are lying through your teeth.

 

[OnePercenter]

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

More bullshit. Many of those exemptions were written by Democrats.

Care to name one?

 

[Toddsterpatriot]

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

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

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

Tell me again about the low rate your fake trust pays. LOL!

 

[Weatherman2020]

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.

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.

He truely is the Messiah!

 

[OnePercenter]

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

Showing once again that you are lying through your teeth.

If you were correct you would have shown and not bloviated.

 

[bripat9643]

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

More bullshit. Many of those exemptions were written by Democrats.

Care to name one?

Democrats Push to Make More Retirement Income Exempt from State Taxes - NJ Spotlight

 

[OnePercenter]

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

ALL tax goodies for the rich/wealthy were written by Republicans. I know, I use them every quarter.

Tell me again about the low rate your fake trust pays. LOL!

That would be 4%.