Trump May Have Avoided Paying Taxes for Nearly Two Decades

[ScienceRocks]

Tax Records Obtained by The Times Reveal Trump May Have Avoided Paying Taxes for Nearly Two Decades

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, 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.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur&_r=0
http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur&_r=0
Goddamn, that means he didn't pay all those police, our military, our veterans or the infrastructure that his goods moves across. This man is a crook.

 

[ScienceRocks]

This is approaching Bernie Madoff level fraud

 

[Lakhota]

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, 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.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

 

[ScienceRocks]

He is cheating the American people! He is a real crook.

 

[Lakhota]

Why should our police and military defend Trump properties if he doesn't pay any taxes?

 

[ScienceRocks]

This is approaching Bernie Madoff level fraud

 

[Vigilante]

How many times must we hear these lies and Bullshit so a scumbag like Harry Reid can go on the Senate floor WITH IMMUNITY and LIE ABOUT first Romney, and NOW, TRUMP?

 

[OKTexas]

could have allowed him to legally avoid

So he did what saw legal, too bad the hildabitch didn't do the same.

 

[bripat9643]

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, 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.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

You seem to have a problem with the tax laws Congress has passed. Following the law is not cheating, no matter how much you envy people who are smarter than you and take advantage of them.

 

[OKTexas]

This is approaching Bernie Madoff level fraud

Legal is not fraud.

 

[bripat9643]

This is approaching Bernie Madoff level fraud

when was Trump indicted for "fraud?"

 

[SwimExpert]

This is approaching Bernie Madoff level fraud

Aaaaaand, you ruin it. It's amazing how often you can start of with a generally valid point of discussion, and then waste no time converting it into full wing-nut mode.

 

[bripat9643]

This is approaching Bernie Madoff level fraud

Legal is not fraud.

And these douche bags don't understand why Trump doesn't want to release his tax returns.

 

[BluesLegend]

Trump didn't write the tax laws you asshole, Obama and Hillary and the rest of the Democrats took every damn deduction the law allows, they didn't voluntarily give the government one dime more than they owed. When are you going to pull your head out of your ass and stop being a douche bag? Who else is tired of the left's hypocrisy and dishonesty on this issue?

 

[Alex.]

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, 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.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

Tax avoidance legal

Tax evasion illegal.

Trump took advantage of the Tax Statutes in effect at the time, totally legal.

 

[SwimExpert]

You seem to have a problem with the tax laws Congress has passed.

Don't you?

 

[Indeependent]

Why should our police and military defend Trump properties if he doesn't pay any taxes?

The same reason thousands of MNCs who moved overseas receive Military protection of shipments.
Any other questions?

 

[ScienceRocks]

This is approaching Bernie Madoff level fraud

Aaaaaand, you ruin it. It's amazing how often you can start of with a generally valid point of discussion, and then waste no time converting it into full wing-nut mode.

Anyone that could defend Trump isn't worth having a discussion with. You're a supporter of a criminal and a cheat.

You think nothing of this man being a criminal...The double standard this man enjoys is fucking sickening.

 

[OKTexas]

This is approaching Bernie Madoff level fraud

Legal is not fraud.

And these douche bags don't understand why Trump doesn't want to release his tax returns.

I actually think douche bag matt has me on ignore, he never responds to me any more, he also seems to have lost any grasp on reality or has become a paid poster, if he thinks doing things legally is Madoff level fraud, Madoff went to jail.

 

[ScienceRocks]

If this behavior is now acceptable in this country, well, we're heading downhill very fast.