000000000 Taxes: Finally Trump 1995 return shows how he gets $50 mil a year benefit

[MyNameIsKhan]

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=a-lede-package-region®ion=top-news&WT.nav=top-news

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 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.

.....

The $916 million loss certainly could have eliminated any federal income taxes Mr. Trump otherwise would have owed on the $50,000 to $100,000 he was paid for each episode of “The Apprentice,” or the roughly $45 million he was paid between 1995 and 2009 when he was chairman or chief executive of the publicly traded company he created to assume ownership of his troubled Atlantic City casinos. Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50, while scores of contractors went unpaid for work on Mr. Trump’s casinos and casino bondholders received pennies on the dollar.

Even then he asked NBC to donate 500k to his foundation

[MyNameIsKhan]

1. How did Times get the return?

The three documents arrived by mail at The Times with a postmark indicating they had been sent from New York City. The return address claimed the envelope had been sent from Trump Tower.

[Foggyhill]

2. Funny how normal people, if they lose, they lose everything.

But, seemingly if your rich, the government subsidizes the risk, and pays for the losses.

A bit like they did in 2008 for the banks.

[MyNameIsKhan]

3. Irony ... we normal people have neither resources or will to do this fraud...

[liberal N proud]

4. Exactly

[MyNameIsKhan]

5. Hopefully we will have congress to look at entire real estate industry to remove this deduction

Trump has misused this to sky proportions but there must be others hidden from limelight...

[Foggyhill]

6. HRC should say she'll remove this loophole straight to Trump's face in the debate

The insane thing here is because had no taxable income, he could also ask for a lot of things for low income people (and he did like the 9/11 one).

[MyNameIsKhan]

7. Really this is a travesty... no wonder IRS is fighting with this a******