Republican presidential nominee and Bedford estate owner Donald Trump may have avoided paying Federal income taxes for 18 years, according to a bombshell report published Sunday in The New York Times.
After declaring a loss of $916 million on his tax returns for 1995, Trump might have legally been able to earn $50 million a year for the next 18 years without paying taxes because the initial loss was so substantial, the report said.
Trump has refused to release his tax returns as nearly all presidential candidates have done for decades, citing the fact he is under audit, although the IRS has said the audit does not prevent him from releasing the returns.
At the first presidential debate last week, Trump's opponent, Democratic nominee and Chappaqua resident Hillary Clinton suggested Trump's tax returns might show the 70-year-old real estate mogul and reality TV star hasn't paid any federal taxes, to which Trump interrupted, saying, "That makes me smart."
In an early morning tweet Sunday, Trump did not dispute The Times report, saying, "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 campaign, in a statement Sunday, said the 1995 tax document was "illegally obtained," and is "a further demonstration that The New York Times, like establishment media in general, is an extension of the Clinton Campaign, the Democratic Party and their global special interests."
The statement described Trump as "a highly skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required.
"That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions."
Trump also owns Trump National Golf Club Hudson Valley in Stormville and Trump National Westchester in Briarcliff Manor. The Trump name also adorns Trump Tower At City Center in White Plains, Trump Plaza in New Rochelle, Trump Park Residences in Yorktown and the Donald J. TrumpState Park on the Westchester/Putnam border.