Here is how Trump responded to the devastating new bombshell of leaked tax documents released today by the New York Times exclusive story on his tax returns: “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.”
As the Times noted in a front page story: “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.”
Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it would have allowed him to “legally” avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.
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.
“He has a vast benefit from his destruction” in the early 1990s, said one of the experts, Joel Rosenfeld, an assistant professor at New York University’s Schack Institute of Real Estate. Mr. Rosenfeld offered this description of what he would advise a client who came to him with a tax return like Mr. Trump’s: “Do you realize you can create $916 million in income without paying a nickel in taxes?”
Trump’s own gross incompetence as a businessman, his ability to dupe investors and the public alike turned out to be a big earner for him using the tax code to benefit from personally… while everyone else working with him lost out… a forewarning to America about what will happen to the nation under Trump’s rule.
Do you really believe that Trump knows America and the world “far better than anyone who has ever run for President and he is the only one that knows how to fix it” ?
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Frank Schaeffer is a writer. His latest book —WHY I AM AN ATHEIST WHO BELIEVES IN GOD: How to give love, create beauty and find peace
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Please read about my journey through then out of the religious right and Republican Party.