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Trump defends nearly $1 billion 1995 tax deduction

Monday, October 03, 2016 - 01:25

Republican presidential nominee Donald Trump tells supporters in Arizona that he used his knowledge of the U.S. tax code to rebuild his real estate business after the market collapsed. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) STORY: Republican presidential nominee Donald Trump told supporters in Arizona on Monday (October 3) that he used the tax code to rebuild his business when the real estate market collapsed in the 1990's. He spoke at a rally in the Phoenix suburb of Pueblo, Arizona, on the same day that New York's attorney general order his charitable foundation to immediately stop fundraising in the state, warning that a failure to do so would be a "continuing fraud." For Trump, the cease-and-desist order was the latest in a series of blows that has sent his campaign reeling. The New York businessman and his aides spent much of the weekend pushing back against suggestions that he may not have paid U.S. federal income taxes for almost 20 years. At the rally in Pueblo, Trump said that his knowledge of the tax code helped him to survive when many of his real estate competitors in the 1990's went bankrupt. He assured them that he was ready to use the knowledge he used to turn his businesses around to solve the problems in the U.S. economy. The scrutiny of the Trump Foundation came as the Republican candidate was dealing with a torrent of bad news, including his shaky performance in first debate with Clinton on Sept. 26 and the release by the New York Times of tax records that showed Trump taking an almost $1 billion loss in 1995 that may have allowed him to avoid paying federal income taxes for up to 18 years. In its series on the Trump Foundation, The Washington Post reported that Trump may have violated U.S. Internal Revenue Service rules against "self-dealing" by using foundation money to purchase two portraits of himself, which were then hung at his private golf clubs in New York and Florida. The newspaper also said that Trump may have improperly used the foundation to settle legal disputes, including one at the his Palm Beach, Florida estate; diverted income from his business to the charity to avoid paying income tax; and donated foundation money to support Florida Attorney General Pam Bondi, a Republican, who was considering launching an investigation into Trump University, Trump's for-profit education venture. The foundation ended up paying a $2,500 fine to the IRS for that donation.

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Trump defends nearly $1 billion 1995 tax deduction

Monday, October 03, 2016 - 01:25