The US Tax Code gives real estate developers and managers special tax breaks and benefits not available to others, allowing a certain presidential candidate to pay no income taxes for decades while profiting to the tune of almost $1 Billion. Here’s how: Let’s say a fellow named Donald buys a property for $1 billion, using only $300,000 of his own money and financing $999,700,000 with a bank (subsequently bailed out by taxpayers). When the investment fails and the property is sold at a loss, the bank absorbs almost all of that loss. However, (likely in part due to Donald’s previous lobbying expenditures) the Tax Code allows Donald to write off that loss (as a “net operating loss”), for the year it took place, plus the next 15 years, plus the 2 years prior to the loss, for a total of 18 years! So, using this special tax write-off, after a “paper loss” of over $900 Million, Donald could offset $50 MILLION PER YEAR in taxable income for 18 years, thereby paying no income taxes for almost 2 decades. Any US citizen (or illegal alien) who paid any income tax over the last 18 years can take solace in knowing they probably paid more than a multi-billionaire.
