Trump Time Capsule #124: Taxes

Editor’s Note: This article previously appeared in a different format as part of The Atlantic’s Notes section, retired in 2021.

I'm at a high school reunion in California, and in theory away from the news, but this can't go without brief mention for the record: the NYT story saying that Donald Trump’s near-$1 billion declared tax loss in 1995 might have kept him from paying any income taxes for 18 years since then.

Back in installment #95, I mentioned that whatever was in Trump’s tax returns must by definition be more embarrassing than his refusal to release them. Otherwise, he would have done what all nominees of the post-Nixon era have done, and provided tax information. In a related item a few days later, readers speculated that what he was trying to hide was the fact that he had managed to pay no federal tax at all.

The NYT report, by David Barstow, Susanne Craig, Russ Buettner, and Megan Twohey, is worth reading in full. Also see this analysis in Bronte Capital, by John Hempton, of what the report might mean. Here is an important abundance-of-caution detail in the NYT about the bona fides of its claims:

37 days until the election.

I intend it as a kind of homage to Trump’s own online habits that I am posting this in the middle of the night East Coast time.