US Republican presidential nominee Donald Trump may have avoided federal income taxes for up to 18 years, according to a report.
The business mogul declared a $916 million loss on his 1995 income tax returns and the tax deduction was so substantial that could have allowed him to legally avoid paying taxes for years to cancel out the loss, records obtained by The New York Times show.
The records are indicative of the extraordinary tax benefits that Trump derived from the financial wreckage he left behind in the early 1990s due to his mismanagement of three Atlantic City casinos, his wretched foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.
Tax experts hired by The Times said that the loss was large enough that — according to tax rules especially advantageous to affluent filers – it would have made it possible for Trump to wipe out more than $50 million a year in taxable income over this period.
“He has a…