Trump slammed over big tax break
DONALD Trump declared a $US916 million ($1196 million) loss on his 1995 income tax return, allowing him to legally avoid paying taxes for decades, The New York Times reported yesterday.
Mr Trump has refused to release his tax records, as US presidential candidates customarily do.
Mr Trump’s previously undisclosed 1995 tax records show “the extraordinary tax benefits” that he “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”, it was reported.
While Mr Trump’s taxable income in the following years is 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,” the report said.
Mr Trump’s campaign released a statement lashing out at The Times for publishing the records and accused the newspaper of working to benefit the Republican nominee’s presidential rival, Democrat Hillary Clinton.
“The New York Times, like establishment media in general, is an extension of the Clinton campaign, the Democratic Party and their global special interests,” the campaign said.
... 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 THE NEW YORK TIMES