New York Times: Trump may not have paid federal taxes for nearly 20 years

A bombshell from the New York Times tonight: Donald Trump may indeed not have paid any taxes for almost 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.

That's right, the Times got a copy of Trump's 1995 returns, and in it Trump declared a loss of nearly a billion dollars in 1995. And that massive loss may have wiped out his tax obligations for, well, nearly every other year from then until now.

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.

Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.

Well, we have one reason why he's been hiding his returns. But just one; there may still be others.

from Daily Kos http://ift.tt/2djbE7j