Since we last spoke Friday, we've learned a little bit about Donald Trump's taxes, and a lot about the tone this presidential campaign is going to take these final few weeks. So let's get right to it with a rundown of everything you need to know: — Trump still hasn't released his taxes, unlike every other major party candidate in the past four decades. — But the New York Times reported that in 1995, Trump reported a loss of $916 million, which would have allowed him to pay no federal income tax for 18 years. (It's totally legal: Under the U.S. tax code, if you you lose a lot of money, you can actually cancel out the equivalent in your upcoming tax returns.) — We also know from a separate court case where Trump's tax returns were made public that in 1978 and '79, Trump didn't pay any income taxes because his income then was reported as negative $3.8 million. The Fix's Philip Bump details what we do and don't know about Trump's tax returns by year. — Trump's team hasn't denied that he could have avoided paying taxes for nearly two decades. In the candidates' first debate Sept. 26, Trump called the idea that he hadn't paid any income taxes "smart," suggesting that he knows how to game the system and therefore would be the best to fix it. At a rally in Colorado on Monday, Trump said he has a responsibility "to pay as little tax as legally possible." (Drew Angerer/Getty Images) — Fix Boss Chris Cillizza doesn't think that argument will work: "What Trump did is take advantage of loopholes in the tax laws available to the very wealthy. … man oh man, does it look bad in the context of a presidential campaign in which Trump is trying to argue that he is the voice of the everyman." — The news doesn't seem to be playing well with voters whom Post reporters have talked to. During the debate, voters in North Carolina gasped when Trump made his comment that not paying taxes would be "smart." And The Post's David Weigel and Jenna Johnson found in Toledo, Ohio, that many voters said they were offended by the news. "As a businessman, he’s got that right to do that. It’s the way the laws were set up," said 65-year-old Steve Crouse. "But it’s not right." — Trump's surrogates have also had trouble defending it. The Fix's Aaron Blake rounded up six of the most tortured defenses from his buddies. No. 1 comes from former New York City mayor Rudy Giuliani: "Don’t you think a man who has this kind of economic genius is a lot better for the United States than a woman, and the only thing she’s ever produced is a lot of work for the FBI checking out her emails." We didn't quite get what Giuliani was trying to say either. Former New York mayor Rudy Giuliani at the Republican National Convention in July. (J. Scott Applewhite/AP) — The New York Times risked legal trouble to publish the tax returns. The Fix's Callum Borchers points out that federal law makes it illegal to publish an authorized tax return. — Times reporters don't know who sent them the '95 tax return. It was marked with a return address "Trump Tower." — There's a bill in Congress to force all major party presidential candidates to release their taxes. (They already have to share their assets and liabilities, albeit in broad ranges.) This bill is unlikely to go anywhere, because Congress. |