But there’s no evidence Mr. Trump had losses of anywhere near that magnitude that early in his career. It’s also possible that Mr. Trump earned close to $1 billion in taxable income during that decade that he sheltered from federal tax using his loss carry-forward. Advertisement Continue reading the main storyThe reason that’s unlikely is also evident on Mr. Trump’s 2005 return: the alternative minimum tax. But all of this should make perfectly clear, if it wasn’t already, why presidents need to release their tax returns. Will Mr. Trump’s proposals for tax reform address these loopholes?

Source: New York Times March 23, 2017 15:22 UTC