Donald Trump's campaign is responding to a New York Times report that the real estate mogul claimed hundreds of millions of dollars in losses on tax returns in 1995 — an amount that could have allowed him to legally avoid paying income taxes for many years.
The 1995 tax records obtained by the newspaper show Trump as having reported a $916 million loss on personal income tax returns during that year.
Times reporter Susanne Craig, who's written about the Republican candidate's business ventures, received three pages of returns via mail from an anonymous source: "The first page of a New York State resident income tax return, the first page of a New Jersey nonresident tax return and the first page of a Connecticut nonresident tax return."
The Times hired tax law experts to analyze the documents, which the outlet notes, are "a small fraction of the voluminous tax returns Mr. Trump would have filed in 1995."
Those consultants determined that "tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period."