(03-15-2017 01:09 AM)usmbacker Wrote:  

NYT Eats Crow After Trump Tax Return Proves Major Story Wrong

Quote:The White House released President Trump’s tax return from 2005 on Tuesday, which showed that he paid $38 million on $150 million in income. This disproves the premise of a major New York Times story in the lead-up to the November election.

The Oct. 1 Times story was headlined: “Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found.” The New York Times reporters wrote: “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.”

This report was so substantial that Trump was asked about it at a presidential debate and responded that he used tax deductions in order to not pay federal income taxes, but did not say for how many years.

The tax return released Tuesday shows that the most time Trump could have deducted money from his 1995 tax return to avoid paying taxes is nine years. This is half the amount of time the Times implied was the case.

President Trump has attacked the Times throughout his presidency as a “failing” paper and “fake news.”

http://dailycaller.com/2017/03/14/nyt-ea...ory-wrong/

Sorry, but you have no idea what you're talking about. The loss could be used to offset taxes for as many as 18 years as by law you get to carry some of it backward for 2 years and then get to carry the remaining forward for 15 years. So including the year of the loss plus the 2 plus the 15 you get 18 years...or nearly two decades just like the story says.

Clearly Trump reported enough income from 1995 to 2005 to clear out the last amount of the loss, around $100,000 which is taken on this 2005 return.

Without seeing the returns from 1996-2004, we have no way of knowing if he paid any taxes in those years.