Sunday, October 2, 2016

NYT: Trump's Leaked 1995 Tax Records Could Have Allowed Him To Wipe Out Almost $1 Bn, i.e., Possibly ALL Trump's Federal Income Tax From Then To Today

Via Josh Marshall at TPM, we learn that a small portion of Trump's 1995 tax return was leaked to the New York Times. (You may scroll past the video window at the top of the NYT page.)

The Times then hired tax specialists to analyze the effects of the document on Trump's taxes.

Their conclusion was that Trump, if he wished, could have applied the entire $916 million loss to future income that would otherwise have been taxable. The total loss comprised his failed Atlantic City casinos holding company, an "ill-fated" venture into the airline business, and his "ill-timed" purchase of the Plaza Hotel in New York City. According to the NYT, the total $916 million could have covered an estimated 18 years of Mr. Trump's income taxes.

That's from 1995 to within a few years of today, depending on Trump's income, but Trump has refused either to confirm or deny the loss, or his income over the period starting in 1995. And besides, who's counting a few hundreds of millions more or a few hundreds of millions less. Small change, right? Er, right?

But the amount, while awe-inspiring, jaw-dropping and horrifying to poor blokes like us, is not the point. The point is this: How would you or I go about not paying federal income taxes for about two decades?

The Times points out it has no evidence that what Mr. Trump did was in any way illegal. It's just the usual way obscenely rich people shove off a billion or so of their taxes onto poor schmucks like us; no big deal, right? You'll dial or punch Mr. Trump's checkbox on your voting machine with no hesitation, right?

CORRECTED: replaced '$916 bn' with '$916 million'. They may look the same to Trump, but I should know better. - SB

1 comment:

  1. Actually it applies to the 3 years prior and 15 years forward, so through 2010. He may have gotten refunds for taxes paid for 1992, 93, & 94 if he had paid any taxes. Thanks to the global meltdown it is highly unlikely he paid any Federal taxes since 1992



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