The New York Times reports that Republican presidential nominee Donald Trump's 1995 income tax return suggests he may have paid no income taxes for up to 18 years. Diane Hodges reports.
The New York Times newspaper reports it has obtained a copy of Donald Trump's 1995 tax returns, and that they show he declared a $916 million dollar loss that year. The paper says the large tax deduction may have allowed him to avoid paying any federal income taxes for nearly two decades. It says the losses were from financial deals that went bad in the 1990's. And that tax laws at the time would have allowed Trump use his huge loss in 1995 to wipe out over $50 million in taxable income each year for up to 18 years. In a statement, the Trump campaign said the newspaper obtained the documents illegally, and accused the Times of operating as an extension of Democratic rival Hillary Clinton's campaign. The Trump campaign also added that Trump has a - quote - "fiduciary responsibility" as a businessman to pay no more tax than legally required. After the Times article came out, Trump said on his Twitter page, "I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them". Trump is the first U.S. presidential nominee in modern history to refuse to release his income tax returns. He has said his attorney told him not release the returns until an ongoing audit of them is released. But experts say he could still release them if he wanted to.