Clinton attacks Trump over losses, possible use of tax deductions

Oct 4, 2016
Clinton pointed out that the tax experts hired by the Times who analyzed the three-page document said that tax rules especially advantageous to wealthy people would have allowed Trump legally to use an 916-million-dollar loss to cancel out an equivalent amount of taxable income over an 18-year period
Clinton pointed out that the tax experts hired by the Times who analyzed the three-page document said that tax rules especially advantageous to wealthy people would have allowed Trump legally to use an 916-million-dollar loss to cancel out an equivalent amount of taxable income over an 18-year period

US presidential nominee Hillary Clinton on Monday went after her opponent Donald Trump over his possible use of deductions from business losses in the 1990s to avoid paying income taxes for several years.

“Trump represents the same rigged system that he claims he’s going to change,” Clinton said at a campaign event in Ohio.

“The whole story tells us everything we need to know about how Trump does business.”

She called for efforts to make sure US businesses engage in fair practices.

Trump is “in a category by himself,” she said one day after the New York Times broke the story about a 1995 income tax document it obtained and the tax benefits the Republican presidential nominee possibly took advantage of.

Tax experts hired by the Times who analyzed the three-page document said that tax rules especially advantageous to wealthy people would have allowed Trump legally to use an 916-million-dollar loss to cancel out an equivalent amount of taxable income over an 18-year period.

Clinton zeroed in on both the size of the loss and the tactic Trump used.

“What kind of genius loses a billion dollars in a single year?” Clinton asked.

“He’s taken corporate excess and made a business model out of it. He abuses his power, games the system, puts his own interests ahead of the country’s,” she said.

“It’s Trump first and everyone else last.”

The story said the tax documents showed the loss came from the financial mismanagement of casinos in Atlantic City, New Jersey, his attempt to start an airline and his purchase of a large hotel in Manhattan.

Trump, speaking at a campaign rally in Colorado, said he had a responsibility to pay as little tax as legally possible and noted Clinton did not have business experience.

“I have legally used the tax laws to my benefit and to the benefit of my company and my investors and my employees,” he said.

On Sunday his campaign issued a statement that neither challenged nor confirmed the authenticity of the document. It defended Trump for paying hundreds of millions of dollars in other taxes, including property taxes and sales and excise taxes.

Source: DPA

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