Trumped by Taxes
The New York Times has obtained Donald Trump’s 1995 tax return forms on which he declared a $916 million loss. The documents, mailed to reporter Susanna Craig, showed the financial wreckage of his mismanagement of his three casinos, endeavor into the airline business, and purchase of the Plaza Hotel. The loss could have easily cancelled out his returns for the next 18 years thanks to a deduction provision for wealthy business investors. Without the provision, he would have owed millions on his ventures. Instead, investors saw their shares plunge and contractors went unpaid for work. Trumps refusal to release his tax return has been a central issue in the recent presidential race. Trump recently acknowledged the matter, stating his knowledge of how not to pay taxes, “makes me smart.”
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