10 things you need to know today: October 2, 2016

Trump may have avoided taxes for up to 18 years, U.K. prime minister says formal Brexit process will begin by the end of March, and more

Donald Trump
(Image credit: Jessica Kourkounis/Getty Images)

1. Trump may have avoided taxes for up to 18 years

Republican Donald Trump reported a $916 million loss on his 1995 tax returns that he could have used to avoid paying federal income taxes for 18 years to come, The New York Times reported Saturday, by canceling out equivalent income to the tune of $50 million per year for nearly two decades. The analysis is based on three pages of Trump's 1995 tax returns that were mailed anonymously to a Times reporter and verified by Jack Mitnick, the accountant who prepared Trump's taxes until 1996. The tax experts who reviewed the documents made clear they do not suggest any illegal behavior and noted the Internal Revenue Service would have subjected Trump's returns to extra scrutiny because he posted such a large loss. The Trump campaign released a statement neither confirming nor denying the newspaper's conclusions but charging that the tax documents were "illegally obtained" and their publication evidence of media bias. Trump himself tweeted, "I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them. #failing @nytimes."

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Bonnie Kristian

Bonnie Kristian was a deputy editor and acting editor-in-chief of TheWeek.com. She is a columnist at Christianity Today and author of Untrustworthy: The Knowledge Crisis Breaking Our Brains, Polluting Our Politics, and Corrupting Christian Community (forthcoming 2022) and A Flexible Faith: Rethinking What It Means to Follow Jesus Today (2018). Her writing has also appeared at Time Magazine, CNN, USA Today, Newsweek, the Los Angeles Times, and The American Conservative, among other outlets.