That bombshell, revealed in The New York Times, is thanks to a provision in the tax code that allows Trump to carry over a $916 million tax loss in 1995 into 18 other years.
The dizzying size of the loss should be enough to offset any taxable income Trump earned in the 15 years after 1995 and the 3 years prior to it.
According to the Times:
"He has a vast benefit from his destruction" in the early 1990s, said Joel Rosenfeld, an assistant professor at New York University's Schack Institute of Real Estate. Mr. Rosenfeld offered this description of what he would advise a client who came to him with a tax return like Mr. Trump's: "Do you realize you can create $916 million in income without paying a nickel in taxes?"
What is duplicitous is that while Trump is depriving the country of the very capital it needs to thrive, he is complaining of its demise.
What is hypocritical is that he has criticized President Obama on Twitter for only paying 20.5 percent of his income in taxes.
And what is amazing is that a self-proclaimed "amazing" businessman loses $916 million in one year.
BUT WHY BLAME TRUMP FOR TAKING ADVANTAGE OF LEGAL TAX REBATES AND DEDUCTIONS CREATED BY CONGRESS FOR THE EXPLICIT PURPOSE OF FAVORING REAL ESTATE INVESTORS?
BECAUSE OF EXAMPLES LIKE THIS:
"In the 1990s, (Trump) bought 147 acres in Westchester County and built an 18-hole golf course, complete with a 101-foot tall waterfall and a $20 million-plus, 75,000-square-foot clubhouse," according to The American Prospect Woodworking Tool Reviews.
"In his financial disclosure report filed with the Federal Election Commission this year, Trump valued the golf course and palatial clubhouse at more than $50 million and said he made $10.3 million from it last year and early this year.
"However, when it came time to pay property taxes, he claimed that the clubhouse was worth just $1.36 million — a 97 percent cut from his FEC disclosure figure.
"Right before an ABC News investigative report was set to highlight the discrepancy, Trump's lawyers bumped up the valuation to $9 million. That's still far short of the at least $14.3 million the city assessor estimated it at."
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