Donald Trump Reportedly Showed Loss of $915,729,293 in 1995
Was Republican Presidential nominee Donald Trump a "genius" for reporting a loss of $915,729,293 in 1995, or was he just another very rich person taking advantage of the system?
Earlier this weekend, the New York Times reported that Donald Trump reported a loss of $915,729,293 in 1995, thanks to losses in failed casino, real estate and airline ventures. The New York Times stated that they received a one-page overview of Trump's 1995 tax return in an envelope.
The Trump campaign said that the New York Times illegally obtained this return and that they are simply an arm of the Hillary Clinton campaign.
Trump supporters, including Rudy Giuliani and Gov. Chris Christie, quickly jumped to Trump's defense on Sunday, stating that Trump was a "genius" for taking advantage of the nation's tax laws.
Trump, for his part, argued that nobody knows the tax system better than him, and nobody knows how to reform the system better than somebody who knows it inside and out.
The Democrats, on the other hand, have obviously been on the attack this weekend, blasting Trump for taking such a large loss in 1995.
Why is a $915,729,293 loss in 1995 important?
With such a large negative income number, Trump would be able to carry forward his loss into future years in order to eliminate future tax bills. This is standard operating practice for many business owners in the United States, though Democrats are attacking Trump for the size of the reported loss.
Donald Trump has refused to release his tax returns so far after claiming that he has been advised not to do so by his lawyers, as his tax returns are currently under audit.
The Democrats have been hammering Trump as a result, as they are claiming that he is hiding something by refusing to release his returns. One of the most common theories put forth by Democrat supporters is that Trump pays little or no federal income tax.
Donald Trump has shown a remarkable ability to bounce back from adversity at many points throughout the course of his Presidential campaign. Can he do so again with the election just weeks away?
Source: NYTimes.com - Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found
Filed under: General Knowledge