Trump records sug­gest no taxes for years

> Daily: Ty­coon could have used US$916m loss to can­cel out tax­able in­come

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

WASH­ING­TON: Repub­li­can pres­i­den­tial nom­i­nee Don­ald Trump de­clared a US$916 mil­lion (RM3.7 bil­lion) 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 tax ex­perts it hired to an­a­lyse Trump’s records said tax rules which are es­pe­cially ad­van­ta­geous to wealthy fil­ers would have let Trump use his US$916 mil­lion loss to can­cel out an equiv­a­lent amount of tax­able in­come over an 18-year pe­riod.

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

Trump throws a hat back to a sup­porter af­ter sign­ing it fol­low­ing a rally at the Sub­ur­ban Col­lec­tion Show­place in Novi, Michi­gan.

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