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Donald Trump’s Wealth Explained — Sort Of

October 7, 2016
Plain English Version
trump_taxes

Donald Trump’s loss in 1995 was $915,729,293!

Someone sent copies of Donald Trump’s 1995 New York tax return to the New York Times. Trump has said he will not release his tax returns until he wants to. The 1995 tax return showed he lost $917 million. By carrying that loss forward many think he did have to pay federal taxes for up to 18 years.

Experts said tax laws make the deduction legal. Trump’s accountant used methods that are available to people in the real estate business. Trump said it showed he (Trump) was “brilliant.” His accountant said, “He (Trump) had nothing to do with it.”

Trump believes everything that comes out of his mouth is true.

The problem does not just lie with the huge tax deduction. Hillary Clinton talked about his taxes during the first debate. She said Trump would not reveal his taxes because there is a good chance he does not pay any. She was right.

Clinton also said that other reasons might be that Trump gives little or nothing to charity. Or it may be that he owes money to people in Russia. That may cause a conflict of interest. She also suggested that his taxes might show he is not as rich as he said he is.

The political charge against Trump is that if people do not pay taxes, how will the nation work? There will be no money for the U.S. military, police or firefighters, schools. In other words, there will not be enough money for America.

Experts say Trump spent millions on casinos that went bankrupt. He refused to pay many vendors. He behaves like a man who thinks he can get away with anything. In fact, he is the candidate of the Republican Party for President of the United States.

Americans like to think that anyone can get rich in this country. They did not have in mind using the tax system. They were thinking of innovators such as Bill Gates of Microsoft or Steven Jobs of Apple.

The next debate is Sunday night. It will be interesting.

Source: The Washington Post October 6, 2016

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