At the end of the day, the question this brings up is “will anyone beyond the anti-business left give a damn?” Here’s the NY Times going hysteric
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.
If the part where he didn’t pay taxes afterwards is true, then, so what? He followed the laws. Mr. Trump didn’t pass the law. Would you not follow the laws, take advantage of the laws? Of course you would. Democrats who constantly call for higher taxes, for everyone paying their “fair share,” they themselves take advantage of all the “loopholes”, as the put it, in the tax law to reduce their tax liability.
Virtually everyone takes advantage of the tax code to reduce their tax liability. Nearly 45% will had a net zero federal tax liability in 2016, up from 42% in 2013.
Did the Clinton’s and Obama’s not do all they can to avoid paying their fair share? Obama’s effective rate was 18.7% for his 2015 returns. If you had a loss, you can take advantage of the tax code, too. You can take advantage of mortgage deductions. Is that fair to people without a home mortgage? Deductions for children. Is that fair to people to people who don’t have children?
We’ll have to see if this even makes a difference in the least to the polls. Will anyone beyond the Democrat base care?
And, is this worse than what Hillary has done? Smearing and attempting to destroy the women who credibly accused her husband of sexual misconduct and rape? The loss of 4 Americans due to the mismanagement of Obama’s Libyan adventure? Her email scandal, exposing national security material to anyone who wanted to easily hack her server? Her conflicts of interest between her job as Secretary of State and the Clinton Foundation? Her speeches to Wall Street, which she won’t release? The “Muslim Brotherhood Princess”, Huma Abedin, serving as her chief go to person?
Let’s not forget Bill using the IRS as his personal Gestapo during his time as president. Think Hillary won’t do the same? How about keeping enemy files via the FBI? Sale of high-tech secrets to China? Seriously, there is so much material, it’s hard to know where to start with the Clinton’s.
Will Trump strike back using any of the material? It’s October 2nd, and he’s barely touched any of it. Instead, he likes to get into spats with former Ms. Universe winners rather than going after Hillary.
There is one interesting thing to consider about the report, as Patterico writes at Red State
My guess: Hillary Clinton found out about this before the debate. Regarding the timing, the story says only that the Times obtained the records “last month.” If Hillary was tipped off, that could explain her comment at the debate speculating that the records, if revealed, would show that Trump had paid no income taxes for several years — an accusation that Trump seemed to confirm when he replied: “That makes me smart.”
Would anyone be surprised if there was collusion between the NY Times and the Hillary campaign?
Anyhow, of course the media is having a field day with this report. Few had the same degree of apoplexy when Hillary left 4 Americans to die in Benghazi nor over her whole email issue, which would have seen other people not named Clinton put on trial.
Oh, BTW, I wonder if the NY Times will take advantage of the same tax laws to avoid paying taxation for years due to their “slight loss” of $500,000 during the 2nd quarter of 2016?
More: Via Hot Air, we learn that the NY Times not only paid $0 taxes in 2014, they got a refund
More recently, for tax year 2014, The New York Times paid no taxesand got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014. In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is, “The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.†If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.
Huh.
Crossed at Right Wing News.
So, how did the New York Times obtain them? Democrats would never use the IRS to do anything against a Republican, would they?
Nice pivot! Are you on TheDon’s payroll now? Get paid upfront.
Would Tea Partiers are the working poor be upset that a billionaire pays nothing at all to support the work of the nation? Not if the billionaire is a Republican. But you do realize that SOMEONE has to pay taxes, right? The system is rigged to support the super wealthy.
Despite everything the Democrats and the media (BIRM) have thrown at him, the man is still standing. My belief is that if they had anything substantive to use, they would have by now. The fear is starting to settle in on the Democrat side that Trump just might pull this off.
Is he my desired candidate? No. But like the man said, “You go to war with the army you have, not the army you wish you had”.
Good one! Oh, you’re serious. One has to assume that you and the Trump campaign are desperately changing the subject because this is real threat.
The “world’s greatest businessman” lost himself and his investors $1,000,000,000 (a BILLION) and then used that failure to not pay any taxes. It’s a great scam if you can get it!
Undocumented immigrants pay $12 billion a year in taxes, Donald Trump pays nothing. In addition, undocumented immigrants actually work.
The system is rigged to support the wealthy (even when they screw up and lose a billion dollars) at the expense of the working classes.
Perhaps the working classes will ignore this, but to be honest this was already “baked in” to what people think of Trump. People already knew he was hiding something in his tax returns – not paying taxes, not being as rich as he says, not giving as much to charity etc.
Why are conservatives apoplectic that a teaching assistant doesn’t pay federal income taxes, but yet defend a billionaire who doesn’t pay taxes?
Jeffery, if you are offended about a Trump’s legal rights under the IRS code then have them change the law. It does apply to everyone, even you, Jeffery. Don’t you deduct Net Operating Losses? It does not make a man especially patriotic to voluntarily donate money to the IRS that they say you don’t owe. Would you?
A loss is not a “tax deductionâ€. A loss is where expenses exceeded income. If your expenses are greater than your income you have no profit to tax. The loss becomes a carry-forward net operating loss deduction for future years. It’s legal, it’s common and it’s necessary to encourage risk-taking.
Sorry but there is no way to know for a fact how much Illegal aliens pay in taxes since they are illegal and hidden. But we do know how much they COST the American people in a year: $50 billion.
Oh, and you may not like it but Trump “actually” works for his money too. And even though his federal tax was offset by losses he still pays hundreds of millions in P/R tax, state, local and real estate tax and many others. You know, like the rest of us do.
That’s where you comrades get all mixed up with your “working classes” and such nomenclature. The system is rigged in many ways, some support the wealthy (but NOT deducting expenses against income or loss against profit) and some to support the poor but NONE to support the middle class. You fail to understand Jeffery that when one is “wealthy” he has already been taxed, that’s what’s left over. Are you suggesting that taxes should be so onerous, so oppressive that no person can ever get rich? Tax on your income only taxes your earnings, not your wealth.
Why then, do you think all these millionaires and billionaires support Klepto Klinton? Is she going to tax their money away? Do you believe that?
So Jeffery, your headline should be: “Trump takes perfectly legal tax deduction”. Anything else obvious that we all do you would like to point out? Congratulations. You pointed out that Trump took a legal deduction, available to all Americans, used by millions of other Americans to reduce his tax exposure. Wow, what a MONSTER!!!
Next.
Do you boys feel good about submitting to the Donald?
He owns you fools
And in 5 weeks you’ll be irrelevant and he’ll be history’s biggest loser.
Yes! No one is accusing Donnie of doing anything illegal. The system allows a multibillionaire to never pay income tax. That’s the headline.
In addition:
Trump ridiculed the working poor for not paying taxes federal income taxes while the nation was in debt.
He criticized hedge fund operators for paying less in taxes.
Yet, he was doing the SAME THING!
He’s a big fat hypocrite.
Of course it is Jeff.
That is how Senator Diane Feinstein’s husband Richard Blum gets lucrative government contracts.
It’s why so many in finance who were supposed to go to jail didn’t, Obama knew where he needed to get the big money from.
Hillary who can’t account for six billion while running the State Department.
Obama who can’t account for tens of billions of dollars for the stimulus.
The Army which couldn’t pass an audit for over a trillion dollars.
Trump was absolutely correct by saying if he paid any taxes the government would have just squandered it.
Hoagie,
A little background on old Jeff. You see, Jeff does not understand the concept of profit and loss. He had his education paid for by NIH grants then when he set up his business, again, NIH grants. I suspect that anytime one of his drugs does not make it, he goes back to the NIH. Now, he says that he is a drug developer, making new drugs. But I very strongly suspect he is one of the odious creatures that do the level II drug evaluation. These folks don’t make the drugs but have big conventions with prostitutes, celebrities and others that wine and dine a class of doctors that do so called trials on the meds but in reality make sure that the drug gets to market with high ratings. Jeff thinks he does double blind experiments, but that really does not exist in the drug evaluation process as any doc can tell when he has an active drug in a patient.
dave,
You’re a liar. We don’t know whom you’ve been stalking, but it’s our company. We invent and develop NCEs (new chemical entities) for the treatment of unmet medical needs.
Unlike you, I’ve invested thousands of dollars and hundreds of unpaid hours in my own company. Yes, it was a risk, but it’s what entrepreneurs do. We get $0 from NIH or NCI. We get $10s of millions from private investors, including two huuuuge multinational drug companies. Placebo controlled, double blind Phase II studies cost millions to conduct. It’s likely that when you get throat cancer from your smoking, drinking and oral HPV doses, you’ll receive the drug in trials today. You’re welcome.
Just because you are an unethical, doesn’t mean all doctors are. You sound like a whiner who’s been rejected from clinical studies for your unethical behavior. You got caught cheating. I bet the FDA has you on a list of doc’s they exclude from clinical trials. No wonder you want to abolish the FDA.
You do know in almost all clinical trials the drugs are not administered by docs but by nurses. I’m surprised you don’t know. Are you claiming that unethical professionals (as you appear to be) cheat putting patients at risk unnecessarily and invalidating the results by breaking the blind?
You’re a belligerent old idiot. Anyway I thought Sunday was your Klavern day?
Hoagie,
One lie at a time please.
Trump is hypocritical for criticizing the working poor for not paying taxes and then making excuses for himself not paying taxes. Hypocrite.
Do you think President Trump will change the laws so that he pays more in taxes, LOL?
Beaner,
I hope we all recognize that the system is rigged for the wealthy. But I bet Bill and Hillary paid their taxes on the millions they made giving speeches. In a functional capitalistic economy all we ask is that the wealthy, who we give so many advantages, pay their fair share while they work their “deals”.
Granted we will disagree what constitutes a fair share, but most Americans will agree it’s more than $0 when you make $100s of millions a year and have your own airplane, yachts, and multiple mansions.
It’s especially insulting when a Trump makes $500 million a year, pays $0 in taxes AND criticizes poor people for not paying taxes.
And how does a business genius, “the greatest businessman in the world” lose a billion dollars during the go-go nineties?? Must have been a stupid deal. Good thing America bails out stupid deals.
Remember when the housing market crashed in 2007/2008. Millions of hard working Americans lost their homes. No bailouts for them!
“He’s a genius — absolute genius,†(Rudolph) Giuliani said on ABC’s “This Week.â€
What kind of business genius loses a billion dollars? LOL
I hate to give Trumpy campaign advice, but he should suggest that the Obama administration leaked the information to the Times. It’s a major conspiracy. His supporters will eat it up.
Ok the rest of you I scored a direct hit, see if you can beat me.
I do not understand why you find it necessary to attack me personally when I argue against Killary. I have given you every opportunity in the world to discuss things like a normal decent person. You are incapable. Everything with you is a lie and I’ve had enough. I think you suffer from some sort of mental problem or perhaps Fetal Alcohol Syndrome so do not address me in the future and for my part I’ll ignore you. That’s all you’re worth. You are ignorant, obnoxious, childish and generally the perfect low information leftist from fly-over country.
I really wish there was a leftist who could argue their position without acting like a damn asshole. We can never get to the point because all they do is call you names, accuse you of lying and then throw ten off-topic points at you in an attempt to Squirrel! you to death. There really is something deeply not right with the liberal brain.
“The system is rigged to support the wealthy.” Why yes, that must be why the top1% paid 46% of all federal income taxes in 2014, up from 43% in 2013, which was up from 40% in 2012.
I hope we all recognize that the system is rigged for the wealthy. But I bet Bill and Hillary paid their taxes on the millions they made giving speeches. In a functional capitalistic economy all we ask is that the wealthy, who we give so many advantages, pay their fair share while they work their “dealsâ€.
That’s why we need to get rid of the current tax system and go to a flat tax. We should have a deduction for what it really cost to live in this country, 20K a year should be good enough. Maybe allow a deduction for health savings account but that is it. The rest should be taxed maybe at 10%. If it doesn’t fund the current level of government, cut government spending.
You mean companies like GE which paid no tax for few years. When you’re a Democrat and a FOOL(Friends Of Obama Lackey)it is ok.
It happens especially when you take risks. But at least it was his and investors money unlike taxpayer money the current and previous administration did.
You’re right. After four decades of pushing home buying and threatening financial institutions with new regulations and jail it was a disaster waiting to happen. But since the average home buyer didn’t matter to Obama and the Democrat led Congress they got screwed. But we did bail out the Unions in the auto industry and once again and middle class Americans who held stock in 401K and IRA accounts also got screwed.
follow the law and the child abusing demoncrats and the j’s get upset ..
And now it comes to light that Hillary used the same “tax avoidance scheme” in 2015, as she used a 700,000 loss to lower her tax bill. Leagally, of course, just like Trump. The NYT must employ some of the dumbest columnists on the planet if they somehow thought this wouldn’t be found out.
And by the way, the Clinton Foundation failed a tax audit, while that billionaire guy…..did not.
Maybe even J can understand what I read elsewhere simplifying this “big news story”. “Career politician yells at businessman for using current tax laws to benefit his business.” Perfect.
Billionaire Donald J. Trump has paid no federal income taxes for at least 20 years.
That’s all the voters will hear.
Secretary Clinton released her tax returns. Their income last year was $10.6 million and they paid $3.24 million in federal taxes, a tax rate over 30%. They claimed a total of $3000 in capital losses, not almost $1 billion as the Trumpster did. Not even the $700,000 that another commenter claimed.
Trump made much more ($500 million?) than that and paid no taxes. Great deal if you can take advantage of it.
The Clinton Foundation refiled its returns after errors were discovered. We have no way of knowing if Trump has had to ever refile his returns since he refuses to release them.
The 3rd dumbest of the D-Boyz returns after a long absence to type something dumb! Suh-prize, Suh-prize!
Billionaire Donald J. Trump paid no federal income taxes for 20 years.
That’s what the voters will hear.
Donald Trump is a mediocre businessman, but his lawyers and tax accountants are excellent at gaming the system. Trump was always good a buying politicians.
Six bankruptcies to avoid paying his contractors and investors. His investors lost $100s of millions in 1995, but TheDon turned out OK.
TheDon knows how to game the system.
Oh, and billionaire Donald J. Trump has paid no income taxes for decades. You know who has? The middle class.
Trump doesn’t even help pay the utility bills or the janitorial services for the federal court buildings where his multiple bankruptcies screwed over working men and women. Trump doesn’t pay one penny to support the military that defends his interests.
“… billionaires have armies of lobbyists to write the rules. Here’s the deal: If you’re obeying horrible rules that you helped to write, that doesn’t make you a genius. It makes you a part of the corruption.â€
Donald J. Trump has singlehandedly strangled the conservative Tea Party movement. Remember the quaint belief that government shouldn’t be rewarding the wealthy and privileged at the expense of working people? Now Republicans are forced to defend a con man. Buh bye scruples.
How much is Trump going to invest in his beautiful wall? Now we know not one cent. But he wants you and I to pay for it.
Or Mexico. Although Vicente Fox said: “I’m not going to pay for that fucking wall. He should pay for it. He’s got the money.â€Â
Who’s going to pay for the increase in military and infrastructure spending he’s proposed? Not him.
Who’s proposing to cut taxes on people like him even further (but note, Donnie himself pays no taxes – taxes are for “those” people)? Donnie, that’s who.
People picking your strawberries and tomatoes pay taxes, but not Donnie.
Is this a great country or what? It is if you’re rich and can buy your own DC politicians.
Someone suggested a flat tax which would cut the taxes further on the wealthy who DO pay their fair share already, like the Clintons, but would raise taxes on the working classes.
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Would Tea Partiers are the working poor be upset that a billionaire pays nothing at all to support the work of the nation? Not if the billionaire is a Republican. But you do realize that SOMEONE has to pay taxes, right? The system is rigged to support the super wealthy.
Billionaires who own Amazon? Kraft? Microsoft? The Dallas Mavericks. Oracle…I could go on and on and on.
You mean those billionaires who provide AWESOME JOBS and BENEFITS for 100’s of thousands if not millions of people…….
would I be upset if they did not pay a DIME in FEDERAL INCOME TAX?
NOT AT ALL and they are DEMOCRATS….
NOT AT ALL….They are the backbones of this country and provide millions of jobs for people….
But then I choose to embrace America not hate it, self loathe it…..castigate it for its short comings and want to structurally change her heartbeat into a Cardiac Infarction.
Laim,
And that sums up the Republican economic plan since 1980: Eliminate taxes on the wealthy and corporations so that their wealth will “trickle down” and create jobs.
It doesn’t work.
The system is rigged by Wall Street, real estate moguls, Amazon, Microsoft, Google etc lobbyists
buyingpersuading lawmakers to enact favorable tax and regulatory policies.But who lobbies for working class Americans?
Laim,
As a nation we have financial obligations – defense, common welfare, debt… We pay for these financial obligations by collecting taxes.
When the wealthy don’t pay taxes, the working classes have to make up the difference.
By the way, professor Jeffery, the wealthy pay more in taxes as a group than they ever have, as I’ve shown. You’re welcome.
The NYT from Oct. 25th, 1995 had a headline “Crowning the Comeback King”, which detailed Trump’s comeback from the before mentioned business loss. So, first praise, then….not. I’m shocked that a liberal paper could show such hypocrisy.
Top 20% pay 80% of taxes, end of discussion.
You can not take losses for more than 8 years. Another Clinton lie.