All this week I’ve been waiting on someone to rehash the issue of Trump’s taxes. The left it seems is too busy hating white people, crying wolf, and just crying. So I’ll bring it up again.
On October 1st the New York Times ran a story about Trump’s 1995 tax-deferring loss of $916 Million.
The provision, known as net operating loss, or N.O.L., allows a dizzying array of deductions, business expenses, real estate depreciation, losses from the sale of business assets and even operating losses to flow from the balance sheets of those partnerships, limited liability companies and S corporations onto the personal tax returns of men like Mr. Trump. In turn, those losses can be used to cancel out an equivalent amount of taxable income from, say, book royalties or branding deals.
Disappointed no New York lawyers or accountants would tell them anything except Trump followed the law, the Times went so far as to track down Trump’s 80 year old former accountant in Florida.
Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may finally be apparent.
Mr. Mitnick, the lawyer and accountant, was the person Mr. Trump leaned on most to do the spinning. Mr. Mitnick worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. He had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.
Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.
“Here the guy was building incredible net worth and not paying tax on it,” he said.
The incongruity of it all. He spun red ink into write-off gold. Like Rumpelstiltskin. But unlike old Rumpel, Trump got to keep the baby – he got a life of luxury, building wealth without paying taxes.
One suspects the Times crew would love to call this activity a felon if they could. Well, at least as far as Trump is concerned, they would. When the same provision might be used by anyone connected to the Clinton Machine, the Times is all for it. They even recommend it. Or they did, on May 10th, at the end of a story about Hillary’s son-in-law losing 90% of his investors’ money.
In letters to investors in 2014, Mr. Mezvinsky and his partners expressed confidence that Greece would soon be on the path to a “sustainable recovery.” But by the end of that year, Eaglevale’s leaders began to acknowledge that their perspective on the situation in Greece may have been wrong. The fund had earlier stopped taking in new money.
The one silver lining for the fund’s investors from all of this is that they will have a somewhat larger tax loss on investments to claim next year.
Unbelievable. No, wait, it’s the Times. Completely believable. What was a silver lining for the Clinton set in May became a mortal sin for Trump just five months later.
This sort of blind inconsistency is part of the reason why they never saw Trump coming. Arthur O. Sulzberger Jr. says the Old Grey Hag will now rededicate itself to reporting honestly. How? More importantly, who cares?