Trump’s biggest and most shameful secret got partially leaked and now the world knows the answer to the question “What is he hiding?”
Trump’s 1995 taxes were released to the New York Times, and they show that the “successful businessman” incurred nearly a one billion dollar loss in that year alone. The exact total declared was -$915,729,293. That’s what he flushed down the toilet in the mid-90s, which were otherwise a time of unprecedented economic growth under Bill Clinton.
What’s even worse than this revelation which proves just how bad of a business person he is, is the fact that it also may have allowed him to pay no federal income taxes at all on a vast fortune he amassed over the next 18 years.
The New York Times received the documents, sent from what the return address suggested was Trump Tower. However, neither Trump or his campaign gave anyone any instructions to do so. The identity of the fiscal vigilante is currently a mystery.
Here is an excerpt from the tax returns, showing the loss.
Experts hired by the Times confirmed that due to special rules for rich people like Trump, he would have been allowed to use the nearly billion-dollar loss as a means to cancel out an equivalent amount of future taxable income over an 18 year period.
What’s important to remember about this is that between 1995 and 2009, Trump made a fortune for himself. Over that time he was paid approximately $45 million as chairman of the company he created to consolidate and manage his failing Atlantic City casino empire. He also was paid between 50k-100k per episode of The Apprentice.
While he was raking in the dollars and having no federal tax obligation due to the incredible loss he declared in 1995, investors in his company had their stock price vaporize from $35 down to 17 cents per share. Add onto that the multitudes of contractors who were never paid for working in his casinos, as well as bond holders who got almost a complete loss on their investments.
Trump didn’t necessarily do anything illegal, but what he did do was sickening. He benefited immensely from the destruction he wrought on his businesses while letting everyone else eat the losses and suffer as a result.
As usual, his lawyers have responded with an attack against the New York Times, threatening “prompt initiation of appropriate legal action,” because they claim it was illegal to release the documents they were mailed.
The records are authentic, according to Trump’s former accountant Jack Mitnick. Mitnick was the one who handled Trump’s taxes for more than 30 years, up until 1996. He personally prepared the form in question.
Mr. Mitnick spoke to the Times and said that on the original form he had to use a typewriter to add the -91 in front of the 5,729,293 to show the full number, due to a flaw in his computer software. As you can see in the image above, the -91 are typewritten in and offset. This is something only he would have known, so their authenticity is ironclad.
Remember this as well. This is only 1995. There’s been a very long time both before and after that Trump has yet reveal to the public. If one year of tax returns is this bad, what kind of picture must they paint when combined together?
Featured image via The New York Times