Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found [merged]

[CarlosAndSveta 808]

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?_r=0

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.

Wow! In my 41 year career with the IRS I never saw anybody claim such a huge loss. What a successful business man.

[Boiler 45,525]

So you never came across people carrying over losses to set aside against future income?

Assuming this number is right, would you have just accepted it or checked?

[ready4ONE 5,400]

I guess Mr. Rump isn't lying, he is just poorly articulating the fact he loses so much money he doesn't owe or pay Federal income taxes. This he has, by releasing nothing, released his tax returns.

[Boiler 45,525]

This was 20 years ago wrong tense.

[CarlosAndSveta 808]

So you never came across people carrying over losses to set aside against future income?

Assuming this number is right, would you have just accepted it or checked?

You need to read more closely. I said I had never seen such a huge loss. I have audited returns with losses but they weren't 900 million. Every year that he carries that loss to extends the time for auditing the amount of the loss that he originally claimed for 1995. I would definitely audit the loss even in the carryover years.

Edited October 2, 2016 by CarlosAndSveta

[Boiler 45,525]

So you would expect such a loss to have been investigated closely?

[CarlosAndSveta 808]

So you would expect such a loss to have been investigated closely?

Yes.

[Boiler 45,525]

So whats the problem?

[CarlosAndSveta 808]

So whats the problem?

How do you incur such a huge loss and still claim you are a great businessman?

[Jacque67 7,328]

A genius!

Took a small $1M loan from his daddy and turned it into a $916M loss!

[Jacque67 7,328]

Remember who lectured the working poor for not paying taxes?

"you do have a problem because half the people don't pay taxes"

http://www.motherjones.com/politics/2016/10/donald-trump-taxes-50-percent-Americans-dont-pay

[Jacque67 7,328]

As Mr. Trump has said, he should be uniquely positioned to reform the system. Mr. Trump knows the tax code far better than anyone who has ever run for president and he is the only one that knows how to fix it, his campaign said in a statement to The Times.

Hope Hicks, a Trump spokeswoman, declined to comment beyond the campaigns earlier response to The Times.

Mr. Trump hasnt hesitated to castigate corporate executives and Wall Street money managers for taking advantage of tax loopholes, and has proposed eliminating the favorable treatment of their income, a tax benefit that pales in significance to the magnitude of his.

Yet Mr. Trump chose not to release his returns, and his tax proposals would not close a single loophole that benefits him. On the contrary, he would make the tax code even more favorable to real estate developers like himself. He would lower the tax rate to 15 percent for limited liability companies and partnerships, the very entities in which Mr. Trump holds most of his assets.

He hasnt proposed anything to address these loopholes, Mr. Holtz-Eakin said.

At the broadest level, Mr. Trumps tax avoidance undermines the entire tax system, which rests on the foundation that every citizen pays a fair share.

Our whole system is based on voluntary compliance, Mr. Rosenthal said. How will people react when they see a self-proclaimed billionaire like Trump pays no tax? Why should they pay?

Mr. Rosenthal said it reminded him of the famous quote attributed to the hotel owner Leona Helmsley: Only the little people pay taxes.

http://www.nytimes.com/2016/10/03/business/how-donald-trump-turned-the-tax-code-into-a-giant-tax-shelter.html

[Ebunoluwa 6,136]

https://scontent-ort2-1.xx.fbcdn.net/v/t1.0-9/14516568_1258413244251727_6055569820901518604_n.jpg?oh=2d26d853979307798129658e7d2797d9&oe=586FC386

[floridadave 195]

Not all his tax shelters may be legal. I have a concern about what I read somewhere where that portrait he bought with charity funds from his unlicensed foundation was mounted in a hallway in his Miami Mar-a-Lago Club where he can now deduct the hallway space as a tax deduction for a business/inventory storage space expense. Lost track of the link, sorry. Oops, no, no apology’s, I forgot, this is the age of political incorrectness.

I’d like to see an employee of his rat on him about his shady tax habits but of course this is not possible because of his “non-disclosure” statements his top employees sign requiring them not to say anything naughty about their boss.

This bum is going to spend so much time finding tax loopholes, tweeting, figuring how to rip off his laborers, and bad mouthing everyone he won’t have time to run the White House.

No wonder why he’s humping the American flag at his rally’s: he knows he’s screwing us and getting away with it. Rotten guy.

[ready4ONE 5,400]

This was 20 years ago wrong tense.

The loss of nearly one hundred million dollars can get you credits for up to 18 years. Toss in a few more years worth of losses since this one, mix in a goodly number of bankruptcies and wallah Mr. Big Shot pays nothing in Federal taxes. Smart, or at least Rump claimed before an audience of more than eighty million, that makes him smart.