It took less than a day for October to produce an "October surprise."
Donald Trump reported a nearly $1 billion loss on his 1995 tax returns and could therefore have avoided paying federal income taxes for almost two decades, the New York Times reported on Saturday, putting another unexpected exclamation point on what had already been one of the worst weeks for any presidential nominee in recent memory.
The Times, which hired tax experts to analyze the records, determined that “tax rules that are 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” -- more than $50 million a year.
Times reporter Susanne Craig received the documents, which the paper describes as “three pages from what appeared to be Mr. Trump’s 1995 tax returns,” in the mail from an unknown source. The documents were sent last month and postmarked New York City, with a return address of Trump Tower -- the real estate mogul’s headquarters.