"Fix them" so he can get a longer tax write-off than 18 years?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
As several outlets have pointed out, Trump has yet to say the facts in the NYT article are false. And as the NYT article says:
The documents show, for example, that while Mr. Trump reported $7.4 million in interest income in 1995, he made only $6,108 in wages, salaries and tips. They also suggest Mr. Trump took full advantage of generous tax loopholes specifically available to commercial real estate developers to claim a $15.8 million loss in 1995 on his real estate holdings and partnerships.
But the most important revelation from the 1995 tax documents is just how much Mr. Trump may have benefited from a tax provision that is particularly prized by America’s dynastic families, which, like the Trumps, hold their wealth inside byzantine networks of partnerships, limited liability companies and S corporations.
The provision, known as net operating loss, or N.O.L., allows a dizzying array of deductions, business expenses, real estate depreciation, losses from the sale of business assets and even operating losses to flow from the balance sheets of those partnerships, limited liability companies and S corporations onto the personal tax returns of men like Mr. Trump. In turn, those losses can be used to cancel out an equivalent amount of taxable income from, say, book royalties or branding deals.
What part of that is he going to convince people he's going to "fix"? Isn't he "smart" for not paying taxes for 18 years? And "branding deals" is what the Frontline documentary on Trump said is where his money has come from since the bankruptcy of his casino. So this goes on and on and on.
No comments:
Post a Comment