Newly obtained records of Donald Trump’s income taxes show that he declared a $916 millon loss in 1995. Not only does that show how bad of a businessman he is, but it also could have legally allowed him to not pay any federal income taxes for as much as 18 years. It certainly helps explain his embarrassment and reluctance in releasing them. The guy’s been making a fortune and may have payed back nothing on a federal level for longer than it takes for a newborn adult to grow up and vote for president.
The New York Times received the documents, sent from what the return address suggested was Trump Tower. However, Trump and his campaign said they didn’t give anyone instructions to release them. The identity of the fiscal vigilante is currently a mystery.
Here is an excerpt from the tax returns, showing the loss.
Experts hired by the Times confirmed that due to special rules for rich people like Trump, he would have been allowed to use the nearly billion-dollar loss as a means to cancel out an equivalent amount of future taxable income over an 18 year period.
What’s important to remember about this is that between 1995 and 2009, Trump made a fortune for himself. Over that time he was paid approximately $45 million as chairman of the company he created to consolidate and manage his failing Atlantic City casino empire. He also was paid between 50k-100k per episode of The Apprentice.
While he was raking in the dollars and having no federal tax obligation due to the incredible loss he declared in 1995, investors in his company had their stock price vaporize from $35 down to 17 cents per share. Add onto that the multitudes of contractors who were never paid for working in his casinos, as well as bond holders who got almost a complete loss on their investments.
Trump didn’t necessarily do anything illegal, but what he did do was morally appalling. He benefited immensely from the destruction of his businesses, while everyone else ate the losses and suffered.
As usual, his lawyers have responded with an attack against the New York Times, threatening “prompt initiation of appropriate legal action,” because they claim it was illegal to release the documents they were mailed.
The records are authentic, according to Trump’s former accountant Jack Mitnick. Mitnick was the one who handled Trump’s taxes for more than 30 years, up until 1996. He personally prepared the form in question.
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Mr. Mitnick spoke to the Times and said that on the original form he had to use a typewriter to add the -91 in front of the 5,729,293 to show the full number, due to a flaw in his computer software. As you can see in the image above, the -91 is typewritten and offset. This is something only he would have known, so their authenticity is ironclad.
Here’s a final thing to consider. This is 1 year of his taxes. There’s oodles left to see. Just imagine the total picture they must paint when viewed as a whole. Is it any wonder he won’t release them?