Donald Trump's Tax Revelation and The No Good Very Bad Deal
Trust us. It's a VERY big deal.
The Short of it:
Just five weeks away from the election, The New York Times dropped a big bomb on voters over the weekend. In a report that revealed pages from Donald Trump's tax returns, it was revealed that the Republican presidential nominee had a $916 million loss in 1995. And that for 18 years he avoided paying federal income taxes. The whole debacle has launched new questions about Trump's refusal to release his tax returns and his business savvy.
The Longer Version of It:
Presidential candidates have long produced records of their tax returns to the public in an effort to display their transparency. While Democratic nominee Hillary Clinton released hers earlier this year, Trump's been a bit more withholding. Likely because that's what he's been used to do in the past. As more and more people have called on Trump to give up the gun and hand over his tax information, the brash Republican has been steadfast about claims that he has been advised against doing so because of an ongoing IRS audit. Funny thing, the IRS has continued to say that a realize of the tax returns would be no problem for them. Thus millions of eyebrows being raised.
This Saturday, the New York Times declared that they had parts of Trump's tax returns from 1995 and published them. The information is said to be from an anonymous source. While the documents aren't the more recent returns that voters have been wanting to see, things are looking pretty interesting. The documents allegedly reveal that in 1995 Trump declared a more than $900 million due to bad business deals. US tax rules allowed the business mogul to legally avoid paying millions in federal income tax over the course of 18 years.
While the Trump campaign has yet to comment on the report, they have asserted that as a "highly-skilled" businessman, Trump followed the laws of the land and worked to "pay no more tax than legally required." On the other side of the campaign game, Clinton's people are waving their flags and singing that said the report acts as proof of how good of a businessman the Donald actually is.
If the documents revealed are any indication of how Trump handles his finances, it will be interesting to see how voters react. Especially because Trump has harped on his good business practices and successful business career throughout the entirety of his campaign. There's no doubt that the release of Trump's taxes by a "trusted source" were meant to paint Trump as a beneficiary of the status quo in Washington. Which means it could become harder for him to sell himself in places like the Rust Belt where he desperately needs wins.