Trump admits he “brilliantly used” US tax rules to avoid paying tax
Defending all allegations over income tax returns, the Republican presidential candidate Donald Trump said that he “brilliantly used” U.S. tax rules to pay less federal income tax.
A report published in The New York Times last week revealed that Trump may have escaped from paying federal income tax legally in the US for up to 18 years after claiming a huge loss in his tax returns.
While addressing a rally in Pueblo, Colorado on Monday, Trump said: “I was able to use the tax laws of this country and my business acumen to dig out of the real estate mess … when few others were able to do what I did.”
According to the NYT report, Trump declared a huge $916 million loss on his 1995 income tax returns and that would have allowed him to cancel out an equal amount of taxable income until 2013.
Following the allegations, the Trump camp released a statement that neither challenged nor confirmed the report.
Trump also took to Twitter to respond to the NYT report. He tweeted on Sunday as: “I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them.”
Trump’s rival, the Democratic Presidential nominee Hillary Clinton has criticized him on many occasions during the Presidential race for non-payment of his corporate taxes.
Taking on Trump over the allegation, Clinton on Monday said: “What kind of genius loses a billion dollars in a single year? This is Trump to a T, he’s taken corporate excess and made a business out of it.”
Meanwhile, the state of New York has instructed, the Trump Foundation, Trump’s charity, to suspend raising money amid a probe into its activities, Reuters reported.