Hillary Clinton used the same exact method as Donald Trump to pay less tax, according to her own tax returns released by her presidential campaign.
Well this is a little awkward. With the leaked 1995 Trump tax returns ‘scandal’ focused on the billionaire’s yuuge “net operating loss” and how it might have ‘legally’ enabled him to pay no taxes for years, we now discover none other than Hillary Rodham Clinton utilized a $700,000 “loss” to avoid paying some taxes in 2015. The Clinton Campaign was quick to jump on the leaked Trump tax filing with Robby Mook tweeting.
Donald Trump reportedly avoided paying federal income taxes by reporting massive losses on his 1995 tax return, which the New York Times somehow obtained before Trump himself released it.
The Wall Street Journal describes the loophole that Trump used:
The tax treatment of losses, bound to become a subject of national debate, is a typically noncontroversial feature of the income-tax system. The government doesn’t pay net refunds when business owners lose money, but it lets taxpayers use those losses to smooth their tax payments as they make money. That reflects the fact that “the natural business cycle of a taxpayer may exceed 12 months,” according to a congressional report.
Typically, for federal returns, such net operating losses can be carried backward for two years to offset past income and then kept on a taxpayer’s books for 20 years, though Mr. Trump’s losses could only qualify for a 15-year carryforward under the law at the time.
The Clinton campaign has hammered Trump on his unreleased tax returns. When pundits on cable news now refer to the “Taxes” issue, they’re usually talking about Trump’s personal “taxes” issue, not the taxes paid by American voters.
But the Zerohedge blog first noticed something that could undercut Clinton’s ability to hit Trump on his “net operating losses.”
Clinton’s 2015 tax returns reveal that Hillary Clinton also reported capital gains losses in order to lessen her tax burden through a “carryover.”
Page 17 of the tax returns show “Capital Gains and Losses” for “WILLIAM J CLINTON & HILLARY RODHAM CLINTON.” The Clintons reported a “Long-term capital loss carryover” of $699,540. Thus, the Clintons reported a “Net long-term capital gain or (loss)” of “-699,540.”Clinton campaign spokesman Nick Merrill did not immediately return Breitbart News’s request for comment.
In the words of Hillary Clinton’s campaign manager, “this bombshell report reveals [Hillary Clinton’s] past business failures… and may show just how long [Hillary Clinton] may have avoided paying taxes.”
Finally, as we noted previously, the NYT itself is also perfectly happy to take advantage of the US tax to minimize the amount of money it pays to the government: in 2014 the company got a tax refund of $3.6 million despite having a $29.9 million pretax profit, an effective negative tax rate for 2014, which it explained was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.
I just have 4 words for this Hillary: POT, KETTLE, BLACK and HYPOCRISY.
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