Sunday, October 2, 2016

Trump Legally Avoids Paying Taxes

An anonymous source sent the New York Times documents showing that Trump reported a $916 million loss on his 1995 tax returns, which could have helped him avoid paying any Federal, State, or Local income taxes for 18 years, the paper reported on Saturday.

The documents were the first page of a New York State resident income tax return, the first page of a New Jersey nonresident tax return and the first page of a Connecticut nonresident tax return. Each page bore the names and Social Security numbers of Mr. Trump and Marla Maples, his wife at the time. Only the New Jersey form had what appeared to be their signatures.

The Times, which hired tax experts to analyze the records to determined the tax rules that are especially advantageous to wealthy filers, especially real-estate owners, would have allowed Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

A statement from Trump’s campaign neither confirmed nor denied that he filed a $916 million loss in his 1995 tax returns, but charged that the documents were “illegally obtained” in what it said was “a further demonstration that the New York Times, like establishment media in general, is an extension of the Clinton Campaign, the Democratic Party and their global special interests. Although Mr. Trump’s taxable income in subsequent years is as yet unknown, the Times wrote, 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.”

In 1995, the tax laws allowed a taxpayer to use a loss to refile three years prior returns and 15 years going forward, to offset gains.

CLICK HERE to read David Barstow, Susanne Craig, Russ Buettner, and Megan Twohey article in The New York Times.

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