If you made a billion dollars, would you have to pay taxes on it? Sure. What if you lost a billion dollars? Would you have to pay taxes on that? Of course not. Then why is this concept lost on Hillary Clinton?
In 2015, she and Bill carried over a loss of nearly $700,000, just like Donald Trump did, only on a smaller scale. The tax code is very complicated for sure, but there’s one thing that’s perfectly clear. You only pay taxes on profit. If you have a loss, you’re allowed to write that loss off against your profit, and sometimes for several years of profit until the loss is erased.
The New York Times was giddy with glee when they came into possession of Donald Trump’s 1995 tax return. Publishing stolen tax returns is a felony punishable by up to 5 years in prison. Chances are they’re in possession of more than just 1995’s returns. It’s very likely that they cherry-picked which year they wanted to publish. Remember what I always tell you. Media bias is not what they tell you, it’s what they don’t.
Hillary and the Times are banking on the ignorance of the American people when it comes to tax law. Seeing as how Hillary and Bill did exactly the same thing as Donald Trump, it’s impossible that her attacks are coming from a position of ignorance. She fully understands that losses are counted against profits. She’s just counting on your ignorance to win this election.
What’s notable are the issues she chooses to campaign on down the home stretch of the campaign. A tax return from over 20 years ago and a contrived controversy involving Miss Universe 20 years ago. Both were business decisions. On the latter, Trump had just bought into the Miss Universe pageant. The newly-crowned winner ballooned by 42 pounds. The Miss Universe pageant is a business. She won the contest at 118 pounds. Within a year she was 160.
The irony in this so-called scandal is that Donald Trump was the only thing standing in the way of Alicia Machado losing the crown. “When you win a beauty pageant,” Trump told People Magazine at the time, “people don’t think you’re going to go from 118 to 160 in less than a year, and you really have an obligation to stay in a perfect physical state. We want her to stay as Miss Universe, and she is working on her problem.” Machado now claims Trump was body-shaming her by inviting the press into her workout sessions at the gym. What he was trying to do was turn an embarrassing situation for her and the pageant into a heart-warming lifestyle story of how one can overcome the struggles of weight gain that millions of people fight every day.
I’m certainly not going to sit here and claim that Donald Trump is perfect, but, good grief, are these the most important issues facing America today? You’d think so by the media feeding frenzy.
Need I remind you that four Americans died in Benghazi waiting for Hillary Clinton to send someone to help them? Have we forgotten that tens of thousands of e-mails were scrubbed from Hillary’s illegal private e-mail server to cover her tracks in a pay-to-play scheme involving the State Department and the Clinton Foundation? Not to mention her role in destroying all the women whom her husband sexually assaulted.
An overweight Miss Universe and Donald Trump writing off loses from a casino project are the least of our worries.
Phil Valentine is the host of the award-winning, nationally syndicated talk radio show, The Phil Valentine Show.