|Hey, who hasn't lost 916 million in one year? Right?|
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 he left behind 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.
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.
Somebody will have to explain to me how anybody would think that a guy who lost 916 million in one year is supposed to know how to "fix" the American economy?
Or how a guy who may not have paid taxes for eighteen years (And let's not play games here, if Trump did not HAVE to pay those taxes we know he did NOT pay those taxes.) understands anything about raising or lowering taxes in this country?
Actually Trump himself answered that, while making no attempt to defend himself against the accusations in the New York Times article.
Yeah if anybody actually believes that Donald Trump does his own taxes or understands the complexities of the tax code, well you are probably dumb enough to be a Trump supporter.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— Donald J. Trump (@realDonaldTrump) October 2, 2016
Remember during the debate that when Hillary suggested the reason Trump refused to reveal his tax returns might be because he has not paid any taxes, he replied with "That makes me smart."
Well how does one make the case that losing 916 million dollars in one year and then having their accountants take advantage of a tax break for rich people makes them smart?
And let's not forget that Trump needed several banks to bail him out only five years earlier:
Developer Donald Trump`s four leading bank lenders tentatively agreed Tuesday to lend him $65 million and defer interest and principal payments on about $850 million of his nearly $2 billion of debt for five years, said people involved in the talks.
The leading bank lenders-Citibank, Bankers Trust, Chase Manhattan Bank and Manufacturers Hanover-now must persuade other loan syndicates to approve the new loan package.
That loan package was approved, not because Trump is such a good businessman, but because if his business had failed it would have caused a financial crisis for his lenders.
These banks also put Trump on an allowance to keep him from making any more disastrous financial decisions. Apparently that was only a temporary fix as five years later he seems to have lost almost a billion dollars.
This guy has no idea what it is like for regular tax paying Americans working hard to put food on their table and care for their families in this country.
He is a giant overfed child playing a game of Monopoly with real buildings and real money, and with a get out of jail free card grasped firmly in his tiny sweaty hands.