Republican presidential nominee Donald Trump declared nearly $1 billion dollars in losses on his federal income tax returns in 1995. According to accounting experts this gigantic loss could have allowed Trump to avoid paying taxes for 18 years.
On Monday, Late Show host Stephen Colbert called out Trump in his comedy monologue at the beginning of the show. He emphasized Trump’s genius loss of $916 million.
Much of these losses were through his mismanagement of three Atlantic City casinos, his crash and burn journey into the airline business, and his terribly timed purchase of the Plaza Hotel in Manhattan which he paid millions of dollars more for than he should have.
All these losses, mostly made with bank loans, would legally have allowed Trump to avoid paying any federal income tax for up to 18 years.
Colbert says in his bit:
“The idea that Donald Trump has gone without paying taxes for nearly 20 years is bound to be unpopular with… ah, what’s the word… people. But according to the former mayor Rudy Giuliani … Trump not paying taxes just proves how smart he is.“
The “Late Show” is broadcast on the CBS TV Network. Stephen Colbert gave a radio interview with Bill Carter for SiriusXM Satellite Radio. He had interviewed Trump once before on his show. He had this to say about him:
“People will ask me, ‘What guests don’t you like. And, all I want is for someone to come on the show and be themselves. The way they are publicly in the world, be that way on the show. Don’t come here and be good … People will be very provocative on the campaign trail, or in their book, or in their article, or on their radio show, but then they come on the show and sit there like a schoolboy with their hands—their tiny, tiny hands—on their lap, and that’s what [Trump] did.”
Watch Stephen Colbert talk about Trump’s “genius” loss:
Featured Image: Screenshot Via YouTube Video.