Trump fumes after New York Times breaks story on billionaire’s $916 million tax write-off
- 8 years ago
NEW YORK — Donald Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so big that it would have allowed him to legally not pay federal income taxes for up to 18 years, documents obtained by the New York Times show.
According to tax experts hired by the New York Times, the massive losses Trump incurred in the early 1990s from three Atlantic City casinos, a failed attempt to get into the airline industry and the purchase of the Plaza Hotel in New York would have let him use the $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Trump declined to comment on the documents, although his campaign did release a statement, the New York Times reported.
“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the statement said. “That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, state taxes, employee taxes and federal taxes.”
“Mr. Trump knows the tax code far better than anyone who has ever run for President and he is the only one that knows how to fix it,” the statement continued.
The problem is that only three pages were mailed to the The Times last month from somewhere in New York City.
A lawyer representing Trump has contacted The Times arguing that they published illegally obtained documents as Trump has not authorized the disclosure of any of his tax returns, and has threatened legal action.
Trump hopped on Twitter to reiterate the the statement from his campaign, “I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them. #failing@nytimes.”
According to tax experts hired by the New York Times, the massive losses Trump incurred in the early 1990s from three Atlantic City casinos, a failed attempt to get into the airline industry and the purchase of the Plaza Hotel in New York would have let him use the $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Trump declined to comment on the documents, although his campaign did release a statement, the New York Times reported.
“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the statement said. “That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, state taxes, employee taxes and federal taxes.”
“Mr. Trump knows the tax code far better than anyone who has ever run for President and he is the only one that knows how to fix it,” the statement continued.
The problem is that only three pages were mailed to the The Times last month from somewhere in New York City.
A lawyer representing Trump has contacted The Times arguing that they published illegally obtained documents as Trump has not authorized the disclosure of any of his tax returns, and has threatened legal action.
Trump hopped on Twitter to reiterate the the statement from his campaign, “I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them. #failing@nytimes.”