Donald Trump’s refusal to release his federal tax returns has become a major issue in the 2016 campaign. Trump insist his being under an IRS audit prevents this records from being made public but even the IRS has said such is not correct. In the first presidential debate Hillary Clinton claimed that trump paid zero federal income taxes during the two years his records were made public in order for him to file for casino licenses in New Jersey.
Today the New York Times released information it has uncovered about Trump’s 1995 tax return. I don’t know how they obtained the data but the Times says that in 1995 Trump, due to major business mistakes involving his casinos and airline, filled a business loss of $916 million. Tax experts who have reviewed the documents say this large a loss could wipe out Trumps tax liability for as much as eighteen years. Put another way, Donald Trump, because of poor business tactics, may have paid zero federal income taxes for eighteen years,
This information illustrates a couple of things. One, just how big the tax loopholes are for the very wealthy and powerful and secondly, that Trump is not the business genius he constantly brags about being. Trump has filed as many as six major bankruptcies. Each has spelled ruin for some of his employees and the contractors he hired to do his business. Each has left his investors holding empty money bags and each has left Trump bragging about how much money he personally walked away with. He loves to say, “I’m smart.”
But most importantly, according to the Times, each failure has helped cut his federal income tax burden to absolute zero for at least eighteen years.
In my eyes this news just punches more holes in the Swiss cheese that is Donald Trump.
To read the entire New York Times article click the button below: