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 …
 
The 5-Minute Fix
Keeping up with politics is easy now
 
 

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 speaks during the opening day of the Republican National Convention in Cleveland, Monday, July 18, 2016. (AP Photo/J. Scott Applewhite)

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.

ADVERTISEMENT
 

Since the 2016 focus is now on the candidates' wealth, Trump's team has decided to embrace it, reports The Post's Philip Rucker: "Trump plans to argue that he built a global real estate empire and employed thousands of people, while the Clintons got rich delivering paid speeches to financial institutions and other corporate interests, according to his aides."

This story isn't going anywhere, so we'll keep you updated.

On the trail, in their own words

Hillary Clinton speaks in Toledo, Ohio, on Monday. (Brian Snyder/Reuters)

With five weeks to go (!) before the election, let's tune into what the candidates are saying to win your vote.

  • Hillary Clinton is taking full advantage of the news about Trump's tax returns. Here's what she said in Toldeo, Ohio, on Monday: Trump represents the "same rigged system that he claims he’s going to change. What kind of genius loses a billion dollars in a single year?”
  • Trump, meanwhile, was in Northern Virginia for an event with veterans where he made more headlines for saying something controversial, this time about PTSD and whether veterans can "handle it": "When people come back from war and combat, they see things that maybe a lot of the folks in this room have seen many times over, and you're strong and you can handle it, but a lot of people can't handle it."
Republican presidential nominee Donald Trump pauses before answering questions at the "Retired American Warriors" conference during a campaign stop in Herndon, Virginia, U.S., October 3, 2016. REUTERS/Mike Segar TPX IMAGES OF THE DAY

Trump pauses before speaking at the "Retired American Warriors" conference Monday. (Mike Segar/Reuters)

Newspaper endorsements 101

(Philip Bump / The Washington Post)

(Philip Bump / The Washington Post)

Another day, another conservative newspaper endorses Clinton. (This time the San Diego Union-Tribune, which hasn't endorsed a Democrat for president in 148 years.)

Or should we say, another newspaper's editorial board endorses Clinton — which is very different than the reporters themselves.

The Fix's Callum Borchers, who writes about media and the 2016 presidential campaign, explains that there's a wall between the two worlds: "The reporters who cover presidential candidates on the trail are not involved in endorsement decisions. And the editorial board members who make endorsements are not involved in shaping news coverage."

The more you know. Happy Monday!

A must-watch. (SNL/NBC)

A must-watch. (SNL/NBC)

 
If you’re a new 5-Minute Fix reader, sign up here. If you’re a regular, forward this to anyone you think wants to sounds like they know what they’re talking about in 2016. And don’t forget to follow me on Twitter, which is where I take suggestions on gifs!

Thumb not tired yet // trying to avoid someone? Read these awesome pieces:
On the eve of the biggest debate of his life, Mike Pence just lost a big fight back at home
A federal appeals court said his directive to try to keep Syrian refugees from resettling in Indiana amounted to "discrimination"
 
The Hillary Clinton post-debate polling boom appears to have arrived
Meanwhile, the swing-state pendulum is moving back to Clinton, too.
 
Could Gary Johnson play spoiler — or even winner — in New Mexico?
A new poll shows Johnson taking 24 percent in the state where he served as governor — and Clinton leading Trump by just four.
 
Donald Trump gets Pennsylvania back to a toss up. But can he keep it there?
Our new Fix electoral ratings!
 
 
CNN just hired one of Donald Trump’s least favorite reporters
Andrew Kaczynski and his investigative team make the leap from BuzzFeed.
 
How hard is it to get a president who actually understands how the Internet works?
Trump's discussion of cyber on Monday went better than his comments at the presidential candidates debate, but that's not saying much.
 
This ‘Apprentice’ story would kill most candidacies. For Trump, it’s just another Monday.
So many bad stories that no single one can get through.
 
ADVERTISEMENT
 
Recommended for you
 
Politics
Pure politics. The big stories and commentary shaping the day ahead.
Sign Up »
 
     
 
©2016 The Washington Post, 1301 K St NW, Washington DC 20071