When faced with the news that he paid zero taxes in 1995 (because of a loss of almost a billion dollars), Trump trotted the excuse that he is a tax “genius” and took advantage of the tax laws available.
When he said that, I wondered if anybody really believed that Trump knew the tax laws. I mean, OBVIOUSLY, an accountant (or team of them) have been doing his taxes. Right?
Donald Trump has claimed that the 1995 tax documents reported by the New York Times show he’s understands “the tax laws better than almost anyone,” but the accountant who prepared Trump’s taxes that year threw cold water on Trump’s claim in an interview published Tuesday.
“I did all the tax preparation. He never saw the product until it was presented to him for signature,” the Trump family’s former tax accountant Jack Mitnick told Inside Edition. “I’m the one who did all the work.”
After the Times released its report revealing that Trump could have used a $916 million net operating loss in 1995 to avoid paying federal income taxes for up to 18 years, Trump has tried to spin the report into an account of his brilliance.
“I understand the tax laws better than almost anyone, which is why I am one who can truly fix them,” he said at a campaign rally on Monday. “I understand it. I get it. And that is what I commit to do.”
And his surrogates have claimed that the tax documents prove Trump is a “genius” with taxes.
But Mitnick’s comments to Inside Edition suggest that Trump did not study up on the details of the tax code.