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New York Times: Trump’s 1995 Tax Records Suggest No Federal Taxes Paid For Years

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New York Times: Trump’s 1995 Tax Records Suggest No Federal Taxes Paid For Years

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WASHINGTON (Reuters) – Republican presidential nominee Donald Trump declared a $916 million loss on his 1995 income tax returns and the large tax deduction may have allowed him to avoid paying federal income taxes for up to 18 years, the New York Times reported on Saturday.

The Trump campaign, in a statement responding to the Times report, said that the tax document was obtained illegally and that the New York Times is operating as an extension of the presidential campaign of Democratic rival Hillary Clinton.

The Times said it had obtained Trump’s 1995 tax records and that they showed he received the large tax benefits from financial deals that went bad in the early 1990s.

The newspaper said that tax experts it hired to analyze Trump’s records said tax rules which are especially advantageous to wealthy filers would have let Trump use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

The Times said that although Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.

Trump has declined to release his tax records, unlike previous presidential nominees in modern history, saying his taxes are under a federal audit. Experts say he could still release them publicly if he wished.

“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the Trump campaign statement said.

“That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions,” it said.

(Reporting by Steve Holland; Editing by Richard Borsuk)

IMAGE: Republican presidential nominee Donald Trump speaks at a campaign rally in Manheim, Pennsylvania, U.S., October 1, 2016.  REUTERS/Mike Segar

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44 Comments

  1. Aaron_of_Portsmouth October 2, 2016

    When it rains, it pours. I hope Donald has a big enough umbrella. It’s raining “No Taxes Paid”, “Machodos”, “Muslims”, “Hillarys”, “Blacks”, “Assads”, “Alt-Rights”, “Racists”, “Putins”, and things too inappropriate to mention in a family setting, outside his bubble.

    Reply
    1. Hueight October 2, 2016

      Mr.Trump has NO fiduciary responsibility to his business, his family or his employees. His stockholders, sure.

      1. bobnstuff October 2, 2016

        The stock holders that lost their money because they believed Trump. The stock that went from $35 to 17 cents.

      2. Aaron_of_Portsmouth October 2, 2016

        To be more accurate, Trump feels responsibility only to himself—all other people are a fleeting afterthought.

    2. latebloomingrandma October 2, 2016

      Groucho would be proud.

    3. sigrid28 October 2, 2016

      The Trump spin team came up with that term “fiduciary responsibility” (in reality, practically an oxymoron) and they all paused to light another cigar–from the stash Trump’s posse brought back from Cuba.

  2. John Mangan October 2, 2016

    “Very substantial charitable contributions” We already know Trump paid nothing out of his own pocket, using the so-called Trump Foundation as a personal slush fund. Contributions to the Foundation were passed on to other charities as tax-deductible charitable contributions as though they came from Trump personally. Trump got the benefit for zero output. The ultimate re-gifting.

    Reply
  3. Jon October 2, 2016

    Okay Trump the door has been opened so release your tax returns so voters can see just how terrible you are as a businessman. How can a smart shrewd businessman lose almost a billion dollars in one year? You said during Monday’s debate that you never paid federal income tax because you were smart. It turns out you never paid federal income tax because you are a terrible businessman.
    Further, many tax experts say that IF your taxes were under audit that audit should have been completed long ago. This would be a record setting audit in terms of length of time to complete IF you are telling the truth. The audit does not prohibit releasing your tax returns. You have used may inconsistent lies about why you will not release them and at times said you would release them if certain conditions were met without regard to an audit. When those conditions were met you broke your promise to release them. There are also offers by others to donate millions of dollars to various charities, including $6 million to 10 veteran’s charities if you release your tax returns by October 19th, but you still refuse because money would actually go to real charities.
    Trump is nothing but a liar and fraud who has had all the benefits of U.S. citizenship but refused to pay income tax to pay his share of the benefits he has received. Freddy The Freeloader is alive and well in the person of Donald Trump.

    Reply
    1. Dominick Vila October 2, 2016

      One of the greatest dichotomies when it comes to his economic proposals and, specifically, his plan on how to bring jobs back to the USA, is the fact that his proposal is focused on enticing American investors to invest at home by lowering the business tax rate. Considering that he has invested money, and is doing business in 12 countries, while not paying a dime in taxes, why should we believe that lowering the tax rate would entice other investors like him to act differently? Is he admitting that he ruthless and greedy enough to ignore the absence of taxation in the pursuit of profits abroad?

      1. Jon October 2, 2016

        He is already on video saying that he is greedy but that he would use that greed to benefit the country. I don’t think for a minute that he will ever put the good of the country before his own self-interest. He has shown dozens of times that he is ruthless. Stiffing contractors, workers, suppliers, employees, and others who have dealt with him is one example. Raping women including a 13 year old girl is another. Defrauding students at Trump U is ruthless. Launching attacks on the Hahn’s who are a Gold Star Family, Judge Curiel, and now Alicia Machado because they offended him and I think because all are non-white and, except for Judge Curiel who he thought was an immigrant, are immigrants has been brutal. His lies and innuendo about others and especially Hillary Clinton have gone far beyond decency. He is now mocking her for having difficulty getting in her vehicle on 9/11 when she was suffering from pneumonia in the heat and suggesting that she has cheated on Bill by having extramarital affairs despite there being zero evidence of it. There is much more.
        Also your point on his plan to bring business back to the U.S. by lowering the tax rate shows just how ridiculous it is to believe him. All he is doing is giving those in the highest income brackets and businesses a huge tax break to try to garner support of the wealthy right wing voters. As you said, he isn’t paying any income tax now and you can’t beat zero. Unless taxpayers are going to pay him to bring his foreign businesses back to the U.S., he has no incentive to bring them here.

        1. Aaron_of_Portsmouth October 2, 2016

          Your opening sentence reminds me of the line in the movie “Trading Places”, where stingy financier , Mortimer, is upbraided by his brother, Randolph, who said that “Mother always said you were greedy, to which Mortimer replied, “She meant it as a compliment”.

          1. Jon October 2, 2016

            LOL. Thanks. I found a good article you may be interested in entitled “A neuroscientist explains what may be wrong with Trump supporters brains.” Here is the link: http://www.rawstory.com/2016/08/a-neuroscientist-explains-what-may-be wrong-with-trump-supporters-brains

          2. Aaron_of_Portsmouth October 3, 2016

            Thanks, for the link. I read it and I find it astounding and troubling.

            While reading, I was thinking about the apprehension and the fear of death, of our sense of mortality as we grow older, and how that relates to Religion. I’m thinking of formulating this into something to write about looking at the pattern of rejection by the status quo whenever a New Message appeared, how the increase in electronic media and forms of media affect our thinking patterns and responses to events, and why a vast number of people in the past were able to get over their initial rejection and shock, and were able to adjust(at least for a generation or two) to the New Message, before settling back into a prior mental pattern.

          3. Aaron_of_Portsmouth October 3, 2016

            I’m on it.

      2. sigrid28 October 2, 2016

        Meanwhile, the airwaves in rural Iowa are filled with attorneys offering to help tormented souls who owe $10,000 or more to the IRS and are having their salaries garnished and undergoing the sort of harassment Trump and his ilk will never experience. I wonder how the tax deadbeats in Trump’s base (and spread throughout all middleclass demographics in this country) will react to news of Donald Trump paying no federal income tax whatsoever because he was “smart” enough to run a billion-dollar business venture into the ground. Even worse, the same loophole allows the hyperwealthy to spread losses from bad stock investments over several years, essentially covering their high-stake gambling losses as well.

        What motivation is there for President Trump to fix this loophole if he is such a genius for exploiting it? And if “zero” is the effective business tax rate for “geniuses” like Trump, how can it go lower than “zero”? I want to be in that tax bracket, don’t you?

        1. Dominick Vila October 2, 2016

          Welcome back Sigrid! Missed your eloquent and objective posts.

        2. latebloomingrandma October 3, 2016

          A friend of mine had to declare bankruptcy and still had to pay $1500 in taxes. Her salary that year was < $40,000.
          S0–if a BILLIONAIRE loses millions, how many millions/billions are left? Enough to pay taxes to support the military and veterans he "cares" so much about? Now this is a freeloader, yet the Republican party and Congress worry about the poor person getting a few bucks more in food stamps.
          Is this part of his plan to make America great?

          1. sigrid28 October 3, 2016

            In an interview on CNN today (10-3-2016), Mark Cuban pointed out that Trump didn’t have to go bankrupt to incur a high enough “loss” to avoid paying federal taxes for eighteen years. Rich men like Trump can buy annuities that look the same way as a bankruptcy to the IRS, sort of a rich-man’s IRA. Also, Cuban pointed out, if Trump did go bankrupt, he probably lost only(!) $100 million of his own money, as the rest of his “assets” could have been properties financed by banks. So owing $800 million in debt might have allowed Trump to avoid paying federal taxes for eighteen years. If Trump did declare bankruptcy, I wonder how long he had to wait for creditors to loan money to him again? Your brave friend who faced the music with a middle-class salary probably had to wait seven years to finance a car or buy property.

      3. Normamperson4 October 3, 2016

        Google is paying 97$ per hour! Work for few hours and have longer with friends & family! !mj153d:
        On tuesday I got a great new Land Rover Range Rover from having earned $8752 this last four weeks.. Its the most-financialy rewarding I’ve had.. It sounds unbelievable but you wont forgive yourself if you don’t check it
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    2. Marilyn October 2, 2016

      As much of a braggart as Trump is, you know that he would release his tax returns if they would make him look good so we know that they would do just the opposite.

      1. Jon October 2, 2016

        He never misses an opportunity to remind everyone that he is the smartest, kindest, and best. When he did his reality tv show with Dr. Oz releasing his medical letter from his doctor during their slobbering all over each other Trump said that he wouldn’t release it unless it was good. You gotta wonder.

      2. joeyb October 3, 2016

        U read minds do u?

        1. RED October 3, 2016

          I’m guessing if your ignorant enough to be behind Trump then simple rational observations likely appear to magical mind reading to you. Of course you moronic Trump supporters live in a world of complete darkness and stupidity, so everything from the sun rise in the morning to the sunset in the evening and all that occurs in between must baffle, confuse, and frighten you. I just wish I had some snake oil to sell and Trump’s email list and I would be raking it in!

    3. joeyb October 3, 2016

      There is no law that Trump release his taxes. There are all sorts of federal laws about Hillary giving work emails back to government that taxpayers paid for. She destroyed 30 some THOUSAND emails & lied repeatedly about them. But stooges are trashing Trump!
      If u are concerned about “freeloaders”, tell your congress reps to change laws. 47% citizens pay NO federal taxes. Illegals pay none

      1. Jon October 3, 2016

        Go check your facts. You are living in your own little bubble full of lies.

  4. charleo1 October 2, 2016

    I heard one of Trump’s apologists this AM. Saying that the news of Trump paying no federal income taxes for perhaps as many as 20 years is something they would prefer not to have come out. But would not resonate with millions of workers, because the average person understand so little about business, and taxes in general. But know what a great businessman Trump is, and appreciate the thousands of jobs he has been able to create in his career. Another said, hate the game, and not the player. It’s the politicians that have created the system, Trump has simply been very smart, a genius Christy called him, in taking advantage of the law. Leaving me with just one always true axiom to relate to Trump’s loyal supporters. If you’re going to insist on continuing to be this dumb, you had better be prepared to become really, really tough.

    Reply
    1. Aaron_of_Portsmouth October 2, 2016

      AMEN to that, good buddy.

    2. sigrid28 October 2, 2016

      Meanwhile, media silence about Hillary Clinton’s visit to Charlotte, N.C., today to address the issue of social justice concerns within the black community (at least we saw her getting off the plane).

    3. RED October 3, 2016

      It’s both fascinating and deeply disgusting to watch Trump, the ignorant Cons, and his subservient little apologists. Each day people like Christie, Giuliani, Conway prove to all of the world that they are total devoid of any moral compass or value system beyond their own self interest. I was going to give the example that Trump could be caught molesting a child and they would still go on TV and justify his behavior. But sadly Trump DID ACTUALLY RAPE A CHILD!! You just gotta wonder of there is ANY limit to how low these scumbags will go. Is there a limit? I don’t think there is. It appears that Trump could murder a member of Christie’s family and still Big Chris would be on Press the Meet saying how Trump created a job for the coroner.

  5. latebloomingrandma October 2, 2016

    I was never a fan of Romney, but compared to Trump, he looks positively statesman-like. His richy-rich persona kind of brought him down, yet he at least paid 15% in income tax and gave millions to his Church of Latter Day Saints. Yeah, sometimes he said things that were dumb or hoity toity, but was not a nutcase or cruel. And I give him props for saying outright that he cannot vote for Trump. That’s a lot better than most of the Repugnicants, who are putting their precious party, think tanks, and oligarchs over the safety, security, and future of our country.
    He was criticized for the car elevator, yet Trump has gold plated everything, including, they say, toilets. Everything about him is gaudy, his home, personality, hair style.
    Why oh why do the masses of hard working people think he cares two hoots about them???

    Reply
    1. sigrid28 October 2, 2016

      The idea floated today in the media is that denizens of the Republican base know he doesn’t care about them but they see a vote for Trump and a Trump presidency as a way of tossing a Molotov cocktail at a government that has ignored their interests.
      I do think Trump shares with Romney a lack of interest in really BEING president. He just wants the trophy for his collection, the way his spoiled, fascistic sons go on safari–or the way the Donald collects trophy wives. I wish we could set up a second government–sort of a reality TV pretend-government of the United States of America–so these selfish guys interested in collecting things could compete for something symbolic, a big win that would not do any harm. Both Trump and Romney have no sense of public service whatsoever, but Trump is worse because he says those who have devoted their lives to public service have failed miserably (without offering any proof–probably because example would highlight the behavior of fellow Republicans).

      1. 1standlastword October 3, 2016

        “…but Trump is worse because he says those who have devoted their lives to public service have failed miserably (without offering any proof–probably because examples would highlight the behavior of fellow Republicans).”
        ************************************************************************************
        No Trump fanboy here, but I thought he did argue beautifully when he chopped Jeb’s head when that dolt tried to claim: “my brother kept us safe”

        That was the best highlight of their debate, seeing Jeb flustered sounding like a defeated little rich bitch that he is.

  6. bobnstuff October 2, 2016

    How does a person loose almost a billion dollars call himself a great businessman? I read that his net worth took a 20% hit last year. Trump had better hope the Russians don’t knee cap him. Back when I started my first business we would joke about having to pay taxes on a million dollars and how great it would be. If Trump pays no taxes it means he really isn’t making all that much money.

    Reply
    1. 1standlastword October 3, 2016

      You said: “Trump had better hope the Russians don’t knee cap him”.

      I’ve predicted a fiery plane crash!

  7. joeyb October 3, 2016

    There is federal law against publishing someone else’s tax return–not to mention the criminal that stole the return. Do u think NYT editor should be charged, jailed & fined? Or are u STUPID Dems not interested in our laws. & no I am not the name caller. That is what Gruber laughingly called u sheep

    Reply
    1. johninPCFL October 3, 2016

      Do two pages constitute “a tax return”? From what I’ve seen, the only data released are two pages.
      In the USA, it is the attorney general who decides who is prosecuted. If the NY AG or the DOJ feel that the two pages constitute “a tax return”, then I’m sure a prosecution will follow.

  8. joeyb October 3, 2016

    Any of u intelligentsia asking for those quarter million dollar Hillary speeches to be released? How about pay for play Clinton foundation uncooked books released?

    Reply
    1. I of John October 3, 2016

      Her speeches are mere table scraps in comparison.

    2. latebloomingrandma October 3, 2016

      Why shouldn’t she get paid the same big bucks that prominent men get? Ex-President Reagan got paid a lot of money for his speeches, even though he was in the early stages of dementia. Do you think whatever he had to say at that point was worth hundreds of thousands of $$$?

    3. johninPCFL October 3, 2016

      The transcripts are not her property, and there was no pay-for-play (2005 pledge for a 2010 meeting? Really? Is that all you’ve got?)
      Quite unlike The Donald, who paid the Florida attorney general $25000 and Texas AG Abbott an unknown amount to keep them from investigating Trump U.

  9. I of John October 3, 2016

    Gaming the system, not big news here. I have to wonder how it benefits the government to have someone in charge that has used to his own advantage in such a way. It would be like letting the fox run the hen house.

    Reply
  10. 1standlastword October 3, 2016

    No need for anybody to engage in partisan hostility here!!!

    This is just one individual example among many examples of the class economics that has America on the path to becoming like a banana republic for the average work-a-day stiff!

    Remember: During the great recession almost all of congress got paid and the banks got bigger while multitudes of us got laid off (recall the Stock Act)

    These moments of insanity and institutional failure are the fruits of centuries of men like Trump in the seat of power.

    I heard today an editorial that only confirms what I already know…and I’m no genius:

    If Trump wins (NOT!!!) there will be articles of impeachment when (not if) he abuses his power; if Hillary wins (predetermined) congress will be laying in wait to charge up Benghazi and emails [to dog her] and articles of impeachment will hang over her head like the sword of Damocles

    And nothing will get done!!

    The only saving grace is the slim possibility that 2020 will produce a viable 3rd party…that is if the Civil War II doesn’t start

    Reply
    1. bobnstuff October 3, 2016

      We are in for a rough few years. Congress just keeps becoming more and more useless and it’s we the people that is taking it on the chin. Add the hate media in and the idea of having a few months worth of food stored up sounds more and more like a good idea.

  11. maryknouse October 4, 2016

    I usually benefit approximately 6000-8000 dollars monthly from freelancing at home. For everybody considering to finish simple computer-based task for 2h-5h daily from your sofa at home and get valuable salary in the same time… Test this invitation http://fave.co/2bocRGL

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