Three pages of Donald Trump’s state tax returns from 1995 were leaked to the New York Times and reveal that he reported a $916 million loss as his federal adjusted gross income for that year.
According to the New York Times, the almost $1 billion loss suggests that Trump could have avoided paying federal income taxes for 18 years into the future. The state tax returns for 1995 were filed jointly with ex-wife Marla and list $6,108.00 in taxable wages, $7,386,825.00 in interest income, $26,051.00 in dividend income, $62,205.00 in taxable refunds or credits, and $3,427,092.00 in sole proprietorship Schedule C income.
The Trump campaign subsequently labeled the tax returns as “alleged” and stated that they were illegally obtained. Some commentators have stated that the loss likely came from a net operating loss carry-forward which is a legitimate part of tax and business planning.
However, those critical of this information point to how wealthy taxpayers can take advantage of losses that are generally not available to the ordinary taxpaying public. What do you think?