Trump May Have Avoided Paying Taxes for Nearly Two Decades

[Skull Pilot]

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.

If it was legal he didn't cheat

 

[Jantje_Smit]

You know, a few years back, all the banks went under because they took horrible losses. What happened? The government gave them money and bailed them out.

The American people were outraged that our money had been spent to bail out the billionaires who didn't know how to manage their money.

Now? We find out that because Trump sustained nearly a BILLION dollars in losses, he managed to put himself in a position where he didn't have to pay taxes for many years.

Trump is a billionaire who didn't know how to properly manage his money. The government saw his losses and bailed him out by allowing him to not pay taxes for decades.

We were pissed that the banks got a bailout, why is everyone supporting Trump who also has received a bailout?

It's clear that Trump is too big to fail and that taxes are just for the little people

But I'm sure that Hillary will make a promise now to reform the tax code to make sure these things won't happen anymore (just like she already promised in her speeches to Goldman Sachs)

 

[Wyatt earp]

This is approaching Bernie Madoff level fraud

Aaaaaand, you ruin it. It's amazing how often you can start of with a generally valid point of discussion, and then waste no time converting it into full wing-nut mode.

Anyone that could defend Trump isn't worth having a discussion with. You're a supporter of a criminal and a cheat.

You think nothing of this man being a criminal...The double standard this man enjoys is fucking sickening.

Because you can't handle the truth Matthew. I guess only liberals like you enjoy bending over backwards and get ducked by the I.R.S.

 

[Wyatt earp]

If the little guy tried this shit = prison.

How? Democrats created the laws Jesus Matthew.


.

 

[WheelieAddict]

Holy shit this is fucking hilarious! Trump is such a complete failure of a businessman he loses almost a billion dollars, and then relies on big govt. to help him along by paying zero in taxes. And this is the guy who is going to fix the US? Baahahaha! He is part of the problem you dumb fucks!

 

[Wyatt earp]

Holy shit this is fucking hilarious! Trump is such a complete failure of a businessman he loses almost a billion dollars, and then relies on big govt. to help him along by paying zero in taxes. And this is the guy who is going to fix the US? Baahahaha! He is part of the problem you dumb fucks!

He is still rich and famous and your not..

So who's the moron here?

 

[Toro]

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.

 

[LoneLaugher]

We don't know yet. Until we see subsequent filings, we can't know for certain if he actually took advantage of that deduction.

The bad part for Trump is not that he may not have paid taxes...it is that he was such a monumental failure of a businessman that he lost almost a billion dollars in a single year.

That's something that we all kind of sensed.....isn't it?

 

[WheelieAddict]

Holy shit this is fucking hilarious! Trump is such a complete failure of a businessman he loses almost a billion dollars, and then relies on big govt. to help him along by paying zero in taxes. And this is the guy who is going to fix the US? Baahahaha! He is part of the problem you dumb fucks!

He is still rich and famous and your not..

So who's the moron here?

You are a moron because you are not rich and famous.

 

[owebo]

We don't know yet. Until we see subsequent filings, we can't know for certain if he actually took advantage of that deduction.

The bad part for Trump is not that he may not have paid taxes...it is that he was such a monumental failure of a businessman that he lost almost a billion dollars in a single year.

That's something that we all kind of sensed.....isn't it?

Yes, his fail is spectular....

 

[Jackson]

The question should be, what tax laws did he break? I used a tax law to my benefit when I lost an incredible amount of money in the Nasdaq bubble. While in the bubble I was making more each month than I made for my annual salary teaching. I was taking in $75,000 a month profit.

But, as my broker explained after the bubble burst, there's the "bull, bear and pig." I was the pig in a bull market and paid dearly when the bubble burst. An accountant was recommended for me and I saw that I could deduct a large amount of my losses that year and subsequently, a smaller amount every year after. Probably for the rest of my life, lol. But my taxes are lower due to that credit.

Did I do anything illegal? No. I used the tax laws to my advantage. Just as you would do.

And, as for making poor decisions, I stayed in those stocks because I believed in America. I just couldn't believe that they would drop to the bottom and not recover. But patriotism wasn't enough. I was committed to long term investments which usually turn out to be profitable. Alas, I, and millions of others, perhaps Trump, got caught in a bad place. Trump is smart enough to continue making billions of dollars...I just was't meant to be rich! C'est Le Vie, lol.

 

[Jackson]

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.

That's not true. The initial year of the loss is much more than that, Only in subsequent years is the maximum $3,000. There may be other more obscure laws that give more credits than I am aware of. My loss was only $1m.

 

[LoneLaugher]

The question should be, what tax laws did he break? I used a tax law to my benefit when I lost an incredible amount of money in the Nasdaq bubble. While in the bubble I was making more each month than I made for my annual salary teaching. I was taking in $75,000 a month profit.

But, as my broker explained after the bubble burst, there's the "bull, bear and pig." I was the pig in a bull market and paid dearly when the bubble burst. An accountant was recommended for me and I saw that I could deduct a large amount of my losses that year and subsequently, a smaller amount every year after. Probably for the rest of my life, lol. But my taxes are lower due to that credit.

Did I do anything illegal? No. I used the tax laws to my advantage. Just as you would do.

And, as for making poor decisions, I stayed in those stocks because I believed in America. I just couldn't believe that they would drop to the bottom and not recover. But patriotism wasn't enough. I was committed to long term investments which usually turn out to be profitable. Alas, I, and millions of others, perhaps Trump, got caught in a bad place. Trump is smart enough to continue making billions of dollars...I just was't meant to be rich! C'est Le Vie, lol.

You were taking in $75,000 per month in profit from your investments?

 

[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.

That's not true. The initial year of the loss is much more than that, Only in subsequent years is the maximum $3,000. There may be other more obscure laws that give more credits than I am aware of. My loss was only $1m.

Business losses are treated much more generously than personal income losses.

You lost a million dollars?

 

[Jackson]

The question should be, what tax laws did he break? I used a tax law to my benefit when I lost an incredible amount of money in the Nasdaq bubble. While in the bubble I was making more each month than I made for my annual salary teaching. I was taking in $75,000 a month profit.

But, as my broker explained after the bubble burst, there's the "bull, bear and pig." I was the pig in a bull market and paid dearly when the bubble burst. An accountant was recommended for me and I saw that I could deduct a large amount of my losses that year and subsequently, a smaller amount every year after. Probably for the rest of my life, lol. But my taxes are lower due to that credit.

Did I do anything illegal? No. I used the tax laws to my advantage. Just as you would do.

And, as for making poor decisions, I stayed in those stocks because I believed in America. I just couldn't believe that they would drop to the bottom and not recover. But patriotism wasn't enough. I was committed to long term investments which usually turn out to be profitable. Alas, I, and millions of others, perhaps Trump, got caught in a bad place. Trump is smart enough to continue making billions of dollars...I just was't meant to be rich! C'est Le Vie, lol.

You were taking in $75,000 per month in profit from your investments?

yes. Good ol' days!

 

[Jackson]

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.

That's not true. The initial year of the loss is much more than that, Only in subsequent years is the maximum $3,000. There may be other more obscure laws that give more credits than I am aware of. My loss was only $1m.

Business losses are treated much more generously than personal income losses.

You lost a million dollars?

Nine hundred thousand or so.

 

[beagle9]

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.

. Nothing to see here folks, as the op should embolden the word LEGAL in black. If there is a legal loop hole for me to take when doing my taxes, and I didn't take it, then that would make me the ultimate STUPID.

 

[Iceweasel]

Trump wrote no laws and would be a fool to not usee them to his advantage. If you have a problem with tax laws, blaming the rich that use them is beyond stupid and misdirected. Grow the fuck up and figure out where the problem really is.

 

[bullwinkle]

The question should be, what tax laws did he break? I used a tax law to my benefit when I lost an incredible amount of money in the Nasdaq bubble. While in the bubble I was making more each month than I made for my annual salary teaching. I was taking in $75,000 a month profit.

But, as my broker explained after the bubble burst, there's the "bull, bear and pig." I was the pig in a bull market and paid dearly when the bubble burst. An accountant was recommended for me and I saw that I could deduct a large amount of my losses that year and subsequently, a smaller amount every year after. Probably for the rest of my life, lol. But my taxes are lower due to that credit.

Did I do anything illegal? No. I used the tax laws to my advantage. Just as you would do.

And, as for making poor decisions, I stayed in those stocks because I believed in America. I just couldn't believe that they would drop to the bottom and not recover. But patriotism wasn't enough. I was committed to long term investments which usually turn out to be profitable. Alas, I, and millions of others, perhaps Trump, got caught in a bad place. Trump is smart enough to continue making billions of dollars...I just was't meant to be rich! C'est Le Vie, lol.

Unlike you, I have never had to learn the tax laws of higher finance. I know nothing of gains and acceptable losses. But I am shocked to learn that Mr. Trump is part of Mr. Romney's 47% that doesn't pay taxes. Who knew he is a welfare queen equivalent.

 

[12icer]

Typical liberal talking point, no substance, just throw it out and see if we can make it stick!!! I see a lot of these here. It is the basis of ALL liberal attacks, Remember NO substance, all RHETORIC.