Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Thursday, October 06, 2016

Tax Documents

According to a New York Times report regarding Donald Trump's 1995 tax records, he declared a $916 million loss that could have allowed him to legally skip paying federal income taxes for 18 years.

That information highlights the controversy over Trump's refusal to follow a two decades old precedent of candidates for president releasing their tax returns.

Trump vehemently defended his position to not release his recent tax returns.  He claimed that it’s his "fiduciary responsibility" as a businessman to pay no more tax than legally required.  He also claimed that the report proved that the Times and the "establishment media" are merely an arm of the Clinton campaign.

The New York Times’ report contains the first detailed tax documents about Trump's financial empire that have been publicly reported.  The report was picked up by Clinton's campaign, which has been making Trump's refusal to release his tax returns a major issue in their campaign.

The Times' report shows that the year, Trump declared a $916 million loss and lists tax benefits he used after a turbulent financial period in the early 1990s.  The newspaper paper cited tax experts, who said Trump could have used his loss to cancel out an equivalent amount of taxable income for nearly two decades.

The Times insists that the documents were mailed to a reporter last month.  A postmark indicated the documents were mailed in New York City with Trump Tower being the return address on the envelope.

Trump has maintained that his tax returns are under audit and that he has been advised by his lawyers that it would be unwise to release them while that process is going on. However, there is no legal reason why someone under audit cannot make their tax records public while they are running for office.


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