“October Surprise” by NY Times Becomes “October Snore”

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 bad debts he left behind made 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:

State Senate President Stephen Sweeney, a Democrat, recently told The Deal that the city “had a monopoly on gaming for 30 years.”

Recently, though, the tide shifted. In the past 18 months, four casinos — Revel AC, Trump Plaza Hotel and Casino, the Atlantic Club Casino Hotel and Showboat Atlantic City — have closed their doors, costing 8,000 workers their jobs. The fading fortunes of Atlantic City’s gaming industry have taken a toll on the municipality’s fiscal situation. An emergency manager has been tapped to look into the city’s dire finances.

Atlantic City casino revenue peaked at $5.2 billion in 2006, but fell 44 percent to $2.9 billion.

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.

People who have never worked for a living or who have never run a business might be too ignorant to understand. If your business loses money, then you don’t owe taxes. It’s not a hard concept.

The Bill Hillary & Chelsea Clinton Foundation has assets of $334,000,000.00 as a 501(c)3. The foundation is not required to pay taxes. Neither does Donald J. Trump according to tax laws.

The GOP presidential nominee reporting a loss of $916 million on his personal income taxes in 1995. The large loss, the Times reported, could have allowed Trump to avoid paying federal income taxes for up to 18 years. What does that mean “could have”? Did he or didn’t he pay taxes during those 18 years. And records show that Trump did pay state taxes, city taxes, and property taxes. The NY Time has put a spin on the issue that is not clear. Is the NY Times saying that Mr. Trump broke the law? Who knows what the NY Times Clinton Machine is talking about?

Incidentally, when the fact that the most burdensome tax of all exempts half the population, Democrats always insist that the exempt half pays Social Security and sales taxes, where applicable. Well, Trump pays gigantic tax bills for his many high-end properties. “He pays no taxes” is a lie.Thomas Lifson

Well this is a little awkward. With the leaked 1995 Trump tax returns ‘scandal’ focused on the billionaire’s yuuge “net operating loss” and how it might have ‘legally’ enabled him to pay no taxes for years, we now discover none other than Hillary Rodham Clinton utilized a $700,000 “loss” to avoid paying some taxes in 2015.

The NY Times itself is also perfectly happy to take advantage of the US tax to minimize the amount of money it pays to the government: in 2014 the company got a tax refund of $3.6 million despite having a $29.9 million pretax profit, an effective negative tax rate for 2014, which it explained was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.

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