since 1995 and the fact that he could get away with that legally should be disturbing to everyone. FTR, I am an accountant and I read through all the articles below, beginning with the first one which shows how Trump can legally rack up 916M in debt with his Atlantic City casinos and write that debt off over 18 years against other taxable income he has over an 18 year period (going 3 years back from the year the loss was incurred and 15 years forward into the future). Professional accounting firms have looked into this matter for the NY Times and vouch for the fact that based on existing tax laws, it is possible for Trump to have written off 916M in losses over an 18 year period, against income earned in that 18 year period and never having paid any taxes. My one question which wasn't mentioned in the first article was, what about AMT, (Alternate Minimum Tax). This is a tax imposed by the federal government usually applicable to wealthy people that is suppose to make sure that people with lots of deductions and loses pay at least some taxes.
The system is definitely rigged on behalf of wealthy real estate owners, as they can take deductions that the average Joe cannot. The major deduction is depreciation which in most cases you can take a deduction for property which in many cases has appreciated. Also in most cases Trump was able to secure/negotiate tax breaks and tax credits that no one else could, probably as a result of crony capitalism. Also in spite of of six bankrupcies Trump seems to still manage to secure financing from lenders. Try that John Q Public. Also the thought that someone could have hundreds of millions of income and pay no taxes for 18 years while still increasing his net worth year in and year out over that same period just seems wrong on so many levels. I think everyone should read these 4 articles and if they information is determined to be accurate, i think the people who DO PAY TAXES should revolt. We should tell Congress on January 1,2017, that we are not going to pay any taxes owed until the provisions in the tax code that allowed this to happen are repealed. And mean it.
Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades
A Trump Empire Built on Inside Connections and $885 Million in Tax Breaks
Trump Casinos Tax Debt Was $30 Million. Then Christie Took Office.
Donald Trumps Deals Rely on Being Creative With the Truth