Trump tax return shows he could have avoided taxes for 18 years

by Ben Pena October 3, 2016, 0:58

Giuliani again pointed to Trump's financial disclosure, "which describes considerably more about his finances than the tax return".

If everyone in the United States followed Trump's business example then the U.S. would have faced a $300,000 trillion dollar loss for a SINGLE year!

Trump's maintained that he can't release any of his current tax forms while they're under audit by the IRS, though that audit doesn't legally prevent him from disclosing his past returns, like the ones the Times got its hands on.

Clinton relies more than Trump on elite private fundraising events in which one ticket can cost hundreds of thousands of dollars.

Trump could have avoided paying any taxes for decades: NYT was posted in World of TheNews International - https://www.thenews.com.pk on October 02, 2016 and was last updated on October 02, 2016.

The possibility of an 18-year-long tax avoidance is in line with IRS rules from 1995 that permit such net operating losses to be used to nullify taxable income earned in the three years before in addition to the 15 years after the net operating loss.

Donald Trump's tax returns, which were obtained by the New York Times, reveal that the Republican presidential candidate might not have paid income taxes for 18 years.

Democratic Sen. Claire McCaskill retorted Sunday that Trump's almost $916 million loss in one year "represents real pain to many people who never got paid".

A former accountant for the property tycoon, Jack Mitnick, whose name appears as Mr Trump's tax preparer of the filings, said the documents appeared to be authentic copies of portions of the 1995 returns, according to the newspaper. Those numbers are slightly misaligned on the documents.

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The part-time Palm Beacher's campaign didn't dispute the authenticity of the documents.

Christie rightfully noted that The New York Times didn't actually show that Trump did not pay federal income taxes, but just reported that he had the opportunity to do so.

"I will release my tax returns - against my lawyer's wishes - when she releases her 33,000 e-mails that have been deleted", Trump said. But since he announced his candidacy past year, Trump has refused, bucking a tradition to which presidential nominees have adhered since 1976. And IRS Commissioner John Koskinen, when was asked at a House committee hearing on September 21 whether people under IRS audit are free to release their returns or IRS letters informing them they are being audited, said they are.

The lie that somehow cheating the income tax system for self-benefit makes Donald Trump a genius will only make the tax returns problem worse.

"So you've got to ask yourself, why won't he release his tax returns?" Additionally, the returns themselves were never made public.

In 2015, former President Bill Clinton and Hillary Clinton paid and effective federal income tax rate of 34.2 percent on $10.6 million of income, a majority of which came from paid speeches Bill Clinton gave and book royalties.

Full returns would also show how much Trump has personally donated to charity.

And Giuliani responded that the scrutiny and attention being paid to The New York Times report "is a very clear indication of why someone might not want to release their tax returns".

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