In news from the campaign trail, three of Donald Trump’s newly revealed tax returns show Trump claimed an income tax loss of nearly $917 million in 1995. The deduction means Trump could have paid zero federal income tax over an 18-year period. The Trump campaign has not challenged the authenticity of the documents, which were leaked to The New York Times, but said in a statement, “Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required.” Trump’s media surrogates defended the practice, including former New York City Mayor Rudolph Giuliani, speaking with CNN’s Jake Tapper.
Rudolph Giuliani: “You might remember a few years ago it was pointed out that GE paid no taxes.”
Jake Tapper: “Yeah.”
Rudolph Giuliani: “So, the reality is, this is part of our tax code. The man’s a genius. He knows how to operate the tax code for the benefit of the people he’s serving.”
Donald Trump’s tax records were sent to The New York Times by an anonymous source, with a return address listed as originating from Trump Tower. A lawyer for Trump threatened The New York Times with prompt legal action. Trump has refused to make his tax returns public, breaking a precedent followed by every presidential nominee since 1976.