He did have to pay taxes in New Jersey. ...New Jersey, at the time... did not allow passive losses to be deducted from ordinary income ~ NYT columnist James B. Stewart in a CNBC interview (see video below).
As we all now know, or are pretty damn sure concerning, Donald Trump's tax returns would show he has not federal income taxes in many years past. This came up during the first POTUS debate, and Trump said, in response to a remark by Hillary Clinton, that he didn't pay because he's smart.
Servile Trump toady #2 Rudy Giuliani agrees, saying that Trump (because he pays no taxes) is a "business genius".
|Donald J. Trump declared a $916 million loss on his 1995 income tax returns [and] Tax experts hired by The Times to analyze Mr. Trump's [leaked] 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period. (Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found by David Barstow, Susanne Craig, Russ Buettner and Megan Twoheyoct. NYT 10/1/2016).|
Really? Losing $916 million due to mismanagement and bad business decisions means you're GOOD at business? Or did he only lose money on paper? By which I mean were these fake "loses" cooked up by a crooked accountant so Trump could avoid paying what he owed? Maybe technically legal, maybe not. But certainly morally dubious.
BTW, according to the NYT "the tax documents arrived in a manila envelope... at the Times with a return address of the Trump Organization". I've heard that the person responsible for leaking the documents is Marla Maples, Trump's 2nd wife (and the one who was married to him at the time).
BTW, as for Trump's servile toadies (of which he has
two three*) the other one would be the governor who lied and said he didn't know some lanes on the George Washington Bridge were closed as an act of political payback against "Fort Lee's Mayor Mark Sokolich (a Democrat) for failing to endorse Christie in the 2013 gubernatorial election" (Wikipedia excerpt).
Lefty Talker Stephanie Miller refers to the toadies as "leather slaves", and, when servile toady #2 made the absurd comment re Trump being a "genius" for losing a boatload of money running casinos, it was after the ball gag was removed from his mouth and he was let out of the basement.
Video1: Rudy Giuliani calls Trump an "absolute genius" for losing a LOT of money and taking advantage of the tax code to not pay federal taxes, 10/2/2016 (0:04).
Video2: NYT columnist James B Stewart on CNBC says that Trump must explain his nearly billion-dollar loss and what breaks in the tax code contributed to it (4:13).
Something else that caught my eye (this was in the James B. Stewart article to which the CNBC video was attached), was the following.
|"If it wasn't clear before, it is now: The tax code is tilted toward the rich in its statutory framework, its exceptions, and in how it is enforced and administered", said Steven M. Rosenthal, a real estate tax specialist and senior fellow at the Urban-Brookings Tax Policy Center.|
Yet more proof that, when the Libertarian blogger Willis Hart said that the "economy is rigged and that only certain people can benefit from it [is a] myth", he was wrong. Dead wrong. But that a wealth-worshipping stooge such as Hart thinks the economy ISN'T rigged is really NOT a surprise. Yet he frequently rails against crony capitalism (as does Lying Gary Johnson). And, yes, the Hartster thinks he can have it both ways.
* I don't know how I could have forgotten Newt Gingrich. Although he hasn't been out there a lot. And he doesn't come across (to me) quite as servile and desperate as Christie and Giuliani.
Democracy Now: Trump May Have Paid No Taxes for 18 Years, 1995 Tax Returns Show, 10/3/2016. Progressive Eruptions: Trump 10/3/2016 Headlines.