One of the biggest scoops about Donald Trump just landed—the Republican nominee declared such an enormous loss on his 1995 income tax returns that it “could have allowed him to legally avoid paying any federal income taxes for up to 18 years,” reports the New York Times. Due to mismanagement of his casinos in Atlantic City, the failure of his short-lived Trump Shuttle airline, and his badly timed acquisition of the Plaza Hotel in Manhattan, Trump reported a $916 million loss on his 1995 return, according to tax returns obtained by the Times. One of the most interesting details in the story—the documents were mailed to Times reporter Susanne Craig using a Trump Tower return address.
Such accounting maneuvers may be typical for real-estate developers, but the revelation could do damage to Trump since while he was using the massive loss to eliminate future taxes, his investors suffered by seeing their shares plummet in value from $35.50 to 17 cents, workers were laid off, and contractors didn’t get paid. The Trump campaign declined comment to the Times.