Clinton Campaign Admits Hillary Used Same Tax Avoidance “Scheme” As Trump – Zero Hedge
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….
While not on the scale of Trump’s business “operating loss”, Hillary Clinton – like many ‘wealthy’ individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes.
As Bloomberg notes, this federal tax break is among the wealthy’s most used avoidance schemes…
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.
Pot. Kettle. Black.
Of course, I think we all know which one of these three items is going to be covered ad nauseum and which 2 won’t.
I also dislike the article’s use of the word “scheme” here. It’s not a scheme when a business suffers an operating loss and amortizes that loss over the years to reduce their tax liability. That’s simply good business.