In yet another deep dive into GOP presidential nominee Donald Trump's tax returns, the New York Times is reporting that newly obtained documents show that the businessman engaged in dubious tax schemes in the 1990s against the advice of his lawyers in order to stave off financial ruin.
According to the Times, Trump avoided reporting hundreds of millions of dollars in taxable income even after being advised that his maneuvering would be declared improper by the IRS.
Tax experts brought in to review the newly obtained documents by the Times claimed Trump’s tax avoidance maneuver used ambiguous provisions of highly technical tax court rulings, pushing the limits of what tax laws permitted at the time.
“Whatever loophole existed was not ‘exploited’ here, but stretched beyond any recognition,” stated Steven M. Rosenthal, a senior fellow at the nonpartisan Tax Policy Center, who was involved in tax legislation back in the 90s.
The Times was not able to ascertain whether these schemes allowed hi top avoid paying federal inc0me taxes since the candidate has refused to release his tax returns claiming he is under audit.
See the whole report here.