Sunday, October 2, 2016

Trump's Taxes

Here is a link to Donald Trump's 1995 New York State tax return.  Notice that he reports a loss of over $900 million relating to business losses. 

A review of the return is interesting on many levels.   The Democrats are screaming that this proves that Trump has not paid any taxes in 20 years. However, it is perfectly legal to claim a business loss on your tax return. This loss could be carried forward for up to 20 years. Also, given the magnitude of this loss, I can guarantee you that the IRS audited the return for that year. So Hillary and her cronies have no basis to accuse Trump of cheating on his taxes.

The real issue is Trump's claim to be a world class businessman. If Trump is such a great businessman what is he doing losing close to $1 billion in a single year? If I was a Clinton adviser, discrediting his business success would be the message.

Lastly, Trump and his surrogates are making an issue of our complex tax code.  I agree that our tax laws need simplification and reform.   But the reporting of losses from legitimate businesses is not a complex issue. It is quite simple and straightforward.

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