Susanne Craig was the NYTimes reporter who became the recipient of a Golden Ticket when someone mailed her portions of Donald Trump’s 1995 income tax return with a return address of Trump Tower. The tax return shows that Donald Trump reported $916 million in losses in 1995, which isn’t even the major revelation.
According to tax experts, Donald Trump could have — and likely did — write off those $916 million in losses on his income taxes for upwards of 18 years. In other words, if Trump earned $50 million every year since 1995, he didn’t have to pay taxes on that money because of that $916 million loss he took in 1995.
That’s a big revelation, but in my estimation, not the biggest. Because, you see, Donald Trump was allowed to write off that $916 million because he was very bad at business. In the early 1990s, Donald Trump ran three Atlantic City casinos into the ground, started a failed airline business and made the poorly timed decision to purchase the Plaza Hotel in Manhattan. As a result, thousands of contractors were not paid for their work on the Trump Casinos, and investors in his businesses lost millions of dollars while his creditors received pennies on the dollar for what they were owed.
In other words, it’s not just that Donald Trump’s mismanagement of his own company cost other people millions of dollars, it also meant that he effectively generated $916 million in income from that destruction.
The Trump campaign’s response to the NYTimes article is not a denial. It’s basically an excuse. They say that Trump had a fiduciary duty to his business to dodge taxes.
Response from Trump campaign on NYT report on his tax returns pic.twitter.com/YE67FgOYCO— Ashley Killough (@KilloughCNN) October 2, 2016
Trump didn’t do anything illegal here — at least from what we know from the tax documents. But that’s not the point. The point is, he once again amassed nearly $1 billion in tax write offs by trampling upon others. By cratering his company, Donald Trump got 18 years of tax-free income.
To put this in more relatable terms, imagine I made a lot of terrible decisions and ran Pajiba into the ground. As a result, I can’t pay the writers here for the last year of their work. After countless hours of research, writing, and watching terrible Adam Sandler movies, they’re going to get nothing for work they could have contributed to a paying site. Worse, they’re not even going to be reimbursed for the money they spent on Adam Sandler movies. After I leave them behind, I start another website called Jalabada, and it is wildly successful. I make a lot of money on it. But, because I ran Pajiba into the ground and screwed over all of my writers, I won’t have to pay taxes on the income derived from Jalabada for 18 years. I benefit from my writers’ misery.
TK really would put me in his basement for that.
That’s basically what Donald Trump has done. He wrote off the misery of others, and he made money on it. To him, that’s “smart.” To him, that’s “good business.” To the people he trampled upon, it’s pure evil. Hopefully, the American voters will put Donald Trump in their basement for it.
Dustin Rowles does not use photos of Donald Trump in his posts. The header photo tonight is of Kate McKinnon. ‘SNL’ kicks off its 42nd season tonight. You can follow Dustin on Twitter.