Sunday, October 2, 2016
Donald Trump Reported A $916 Milllion Loss On His 1995 Tax Return
If one wondered why The Donald does not want to release his tax returns this article explains why. Our famous billionaire reported almost a billion dollar loss on his 1995 tax return. The IRS allows tax losses to be carried forward so that they can be deducted from future income. Trump could have earned $50 million per year for 18 years without having to pay any income tax. It also allowed Trump to deduct his loss in 1995 from another source of income. The banks that made loans to Trump, that he could not repay in full, forgave a portion of Trump's debt. The IRS considers that to be taxable income. The Donald boasts about being a billionaire and a great business man. He was so good in business that he lost almost a billion in 1995. His creditors, and others who suffered losses from his bad business deals, suffered while Trump lived like a king. Federal tax laws allowed Trump to avoid paying future taxes on his income while ordinary citizens do not have that luxury. Trump has also released the tax policies that he would propose as our president. His proposed changes to the tax code would make it easier for individuals in similar businesses to lower their tax bills.