The breaking news this morning is that
the New York Times obtained pieces of Donald Trump’s tax returns from 1995. The
documents show that Trump claimed $916 million in losses which, according to
the Times’
experts, “could have allowed him to legally avoid paying any federal income
taxes for up to 18 years.”
What?
Tax law at that time (conservatives are
quick to point
out that this provision went into effect under Bill Clinton) allowed him to
deduct the loss against income earned over the following 18 years. Trump’s
refusal to release returns means that we have no idea how much he wrote off,
but it was potentially the entire amount.
The Times points out that that Trump
earned somewhere between $100
million and $213 million from The Apprentice (Trump and NBC executives
dispute the actual number) and $45
million as chairman of the holding company for his Atlantic City casinos
during this 18 year period. He probably didn’t pay taxes on it.
Pretty sweet deal.
The Trump campaign reminds us that
these deductions were legal. From a Trump campaign 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.”
OK.
Fair point.
Conservative media screams, these returns were obtained illegally!
The New York Times editor said he
would go to jail to get them! The New York Times paid no
taxes in 2014! Donald Trump is a genius,
just the person to make
America great again! Hillary Clinton did things that are actually illegal!
Anti-Trump conservatives marvel
at this massive cherry on the sundae of a horrible week for Donald:
The Trump campaign has neither confirmed or denied these allegations, which
indicates they are the truth. I laughed out loud…What a load of bull. (Right
Wing News)
Moderates point out:
In the meantime those of us who are not
as smart as Trump — the little people — continue to pay our taxes. Taxes that
help fund our military, our schools, health system, infrastructure, etc. (The
Moderate Voice)
Liberals rejoice at an additional
opportunity to point out Donald Trump’s inconsistencies and continue to build
the caricature of someone hopelessly out of touch.
PS: If Trump really thought he was so smart about not paying taxes he could have made these public himself. He hid them instead.— Michael Barbaro (@mikiebarb) October 2, 2016
Trump "apparently got to avoid paying taxes for nearly two decades—while tens of millions of working families paid theirs." pic.twitter.com/g62jB9fKr5— Hillary Clinton (@HillaryClinton) October 2, 2016
Does the legality issue matter?
Donald Trump hasn’t broken any laws, but it’s not the point. What's important is how he appears to voters. To the average Joe, Trump looks like a privileged child who has no conception of life outside his gilded world. While we pay 30%, he pays nothing. And he has the gall to criticize the tax burdens of others. These records are another example of the disconnect between Trump's words and actions. The Trump doctrine of "do as I say, not as I do" portrays an arrogant hypocrite, not an electable candidate. It's time for a strategy talk in Trump land.
Donald Trump hasn’t broken any laws, but it’s not the point. What's important is how he appears to voters. To the average Joe, Trump looks like a privileged child who has no conception of life outside his gilded world. While we pay 30%, he pays nothing. And he has the gall to criticize the tax burdens of others. These records are another example of the disconnect between Trump's words and actions. The Trump doctrine of "do as I say, not as I do" portrays an arrogant hypocrite, not an electable candidate. It's time for a strategy talk in Trump land.
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