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Trump could have avoided paying taxes for 18 years, New York Times saysThe New York Times reported that Republican candidate Donald Trump’s tax records from 1995 show that he declared a $916 million loss, which could have apparently allowed him to avoid paying income taxes for an 18-year period on revenue up to $50 million. Trump’s campaign claimed in response that the records were obtained illegally.
The New York Times revealed today (Sunday) that according to documents that the newspaper received, Trump declared a $916 million loss in 1995 on his income tax returns. According to US law, such a large loss could have allowed the Republican candidate to avoid paying federal income taxes for an 18-year period.
According to the New York Times, the newspaper obtained a copy of Trump’s 1995 income tax returns and that the records document that many of Trump’s business deals failed. In addition, the newspaper claimed that Trump received many financial favors in light of his business deals.
According to the tax experts who were hired by the newspaper in order to examine Trump’s records, the US tax laws, Trump’s $916 million loss would have allowed him to avoid paying income taxes on revenue up to $50 million over an 18-year period.
The Trump campaign did not deny the report but stated in response that the records released by the New York Times were illegally obtained. In addition, the Republican candidate’s staff claimed that the newspaper is working for Democratic candidate Hillary Clinton.
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