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 losses stemmed primarily from poor management of three casinos, his purchase of New York's Plaza Hotel, and the failed Trump Airlines.
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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
