Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday October 4, 2016
Trump tax records suggest no federal taxes for years, New York Times reports
Donald Trump’s business losses in 1995 were so large that they could have allowed him to avoid paying federal income taxes for as many as 18 years, according to records obtained by the New York Times.
In a story published online late Saturday, the Times said it anonymously received the first pages of Trump’s 1995 state income tax filings in New York, New Jersey and Connecticut. The filings show a net loss of $915,729,293 in federal taxable income for the year.
Trump’s campaign released a statement on Saturday lashing out at the Times for publishing the records and accused the newspaper of working to benefit the Republican nominee’s presidential rival, Democrat Hillary Clinton.
“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, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions,” it said.
Trump initially said that he would make his tax returns public during the course of his campaign but later switched course, citing what he said were years of ongoing IRS audits and the advice of his attorneys to keep them private as those audits proceed.
Tax experts say there’s no prohibition on Trump releasing his returns.
Since 1976, every major party presidential nominee has released tax returns. Clinton has publicly released nearly 40 years’ worth, and Trump’s running mate, Indiana Gov. Mike Pence, has released 10 years of his tax returns. (Source: CBC News)