BREAKING NEWS: TRUMP's Tax Records Show He Had a Whopping $916 MILLION LOSS in 1995

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    Oct 02, 2016 11:47 AM GMT
    THIS IS A WHOPPER: 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 Trump 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 that tax rules 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.

    This news is so astounding that there's no need to explain it. At a very minimum, this underscores the need for Trump to release his tax returns. Significantly, Trump and his alt-right cabal have not challenged the substance of the NYT report, but they're claiming that Trump hasn't done anything illegal. Although we don't know whether Trump has violated any law at this time, we do know that he's failed miserably as a business person in the past.

    See http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?_r=0. See also http://www.cnn.com/2016/10/01/politics/donald-trump-taxes-report-hillary-clinton/index.html.
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    Oct 02, 2016 12:44 PM GMT
    DOMINUS said
    The 1995 tax records reveal the extraordinary tax benefits that Trump derived from the financial wreckage he left behind


    Neither he nor the GOP will be deriving any benefits from the wreckage of his campaign.
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    Oct 02, 2016 2:33 PM GMT
    Ex_Mil8 said
    DOMINUS said
    The 1995 tax records reveal the extraordinary tax benefits that Trump derived from the financial wreckage he left behind


    Neither he nor the GOP will be deriving any benefits from the wreckage of his campaign.


    Admirably wishful thinking but I've not that crystal ball. For all we know for him it could lead to some more alt-R (alt-right, alt-reality, alt-repugnant) and whatever he might do with that, though I'd consider canceling my cable TV should the subscription service package his channel, something I ought to not have to even surf past.

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    I've spent years quickly clicking past him on TV but after this even that won't do. I'll never want to see or hear this son of a bitch and scumbag again.

    To the GOP, here in RJepublicanville we'll have him to reflect upon for a while but other than that I don't know that anyone knows where this might lead. Do they regroup? Enough of them have been backing away to hold out hope for that. Does this whittle them down further in the depleting direction they've been going? Do they turn libertarian? It's tough to see from where they've been to where they are to where they might be going. (to hell as far as I'm concerned).

    To the OP's OP. Reading this quickly it looks like maybe a carry over capital loss? I've got a rather large one of that myself--not his 9 figures of course but enough to know how that plays. So I can understand it happening but at that figure I'd have to see how it was justified. Could very well have been one of his imaginary figures he picked out of thin air. In my case it was not just justified but verified by that if I had to I could show the upper figure (out of which came the loss) by that being what the government insisted for years on taxing me on and thereby on what I paid them. And I even protested that but lost my case on it. The bullshit the authorities were throwing at me at the time was beyond disgusting as they refused to lower their appraisal of values which of course wound up way below even what I tried to tell them.

    Assuming these losses from real estate, if he could show that he'd been paying taxes previously on that higher figure before the loss, he could justify taking that loss and writing it off. But I doubt he can show that.
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    Oct 02, 2016 4:05 PM GMT
    Trump is going to sue the NYTimes. That is after he admits they are his returns.
  • CuriousJockAZ

    Posts: 19133

    Oct 02, 2016 5:05 PM GMT
    LOL! This is so NOT a story, although the part about Trump potentially suing the NYT could be but...guess what...I would not be at all surprised is Trump himself leaked these 1995 returns to the NYT. Anyone who read "The Art Of The Deal" and especially "The Art Of The Comeback" would know this. All of his 1990's business challenges and the business losses (and his comeback) are outlined in the books. He also talked about it in a Piers Morgan interview years ago...https://twitter.com/piersmorgan/status/782628537245335552
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    Oct 02, 2016 5:25 PM GMT
    I think the bigger story here isn't the tax (although that's bound to jar with his blue collar base), it's Trump posting a financial loss so large that his tax accountant's software couldn't process the number. It does rather undermine his claim to be a savvy businessman, which, let's face it, is his only claim to competence.
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    Oct 02, 2016 5:58 PM GMT
    01TRUMPTAXES-HOMEPAGEDOC-largeHorizontal

    I think the real story behind the NYT uncovering of his 1995 federal tax return is the illumination of the inequity differences between Trump and his uneducated white voters. Whereas the uneducated white voters who are unemployed cannot declare a loss for 20 years, Trump who has failed businesses was able to declare a $916 million dollars loss to prevent paying taxes for 20 years.

    If Bernie's supporters and Green Party's supporters, who have been loudly voicing their growing concerns about income inequity, do not see now the differences between Trump and Hillary, it is hard to understand what could make the differences between the two parties more stark.

    In other words, the federal highway that is paid for by all the working people of this country was not paid for by Trump for 20 years. The army that keeps us safe is paid for by all the working people but not by Trump for 20 years. The salaries of the bankruptcy court employees through which Trump used to declare 6 bankruptcies are paid for by teachers, secretaries, firemen, policemen, but not by Trump for 20 years. And so on.
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    Oct 03, 2016 2:49 AM GMT
    The only thing wrong with Trump's Tax return, is the off centre leftist NYT rag, illegally releasing them.
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    Oct 03, 2016 12:56 PM GMT
    What's even more interesting is that it looks like NYT is sitting on more disturbing and supremely damaging documents. When asked this morning on CBS This Morning if they're working on other Trump tax-related matters, two NYT writers/editors were cagey, but they did telegraph that another very big thing may be coming. I think NYT is doing major due diligence right now before they release that info.
  • mwolverine

    Posts: 3384

    Oct 03, 2016 1:20 PM GMT
    I'd like to say: "October, surprise me!"
    But is this really a surprise?
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    Oct 03, 2016 1:32 PM GMT
    God_Said saidThe only thing wrong with Trump's Tax return, is the off centre leftist NYT rag, illegally releasing them.

    Stay dumb, it suits you.