$916 Million Tax Deduction

New York Times editor, Dean Baquet, said in September at Harvard University that he would risk jail to publish Donald Trump’s tax returns. Last night he made good on his word.

The New York Times reported that Donald 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.”

Trump’s 1995 return is the only one obtained by the Times, which apparently was mailed anonymously to Metro reporter Susanne Craig.

One could look at this report in two ways: Trump is shrewd to take advantage of the current code to benefit himself by reporting losses in his businesses or he’s a terrible businessman who mismanaged his companies and drove them to the ground.

Trump surrogates Chris Christie and Rudy Giuliani are, of course, claiming it’s the former, that Donald is a “genius.”

Trump’s campaign released this statement:

“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required. That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes.”

The statement continued, “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.”

The campaign neither challenged nor confirmed the $916 million loss. But it has threatened legal action against the Times.