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 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.
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." Trump remains the only major party nominee since 1972 to keep his tax returns private.
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.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
The insides and outsides of Helsinki's energetic art scene
The Week Recommends Finland's capital has an admirable mix of street art and museums
By Catherine Garcia, The Week US Published
-
'We have witnessed firsthand how health and civics intersect'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Abortion rights are a 'core issue' for Kamala Harris
The Explainer She is featuring a 'rapid-response mentality' on reproductive rights
By Joel Mathis, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published