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The Tap: Saturday, October 1, 2016

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The Tap covered election news, public policy, and other noteworthy events from February 2016 to February 2022.

Review of the day

The excerpts below were compiled from issue #37 of The Tap, which was published on October 8, 2016. READ THE FULL VERSION HERE.

Federal

  • The New York Times reported that Donald Trump claimed a financial loss totaling $916 million dollars on his 1995 tax returns. According to The Times, the loss was so substantial that “it could have allowed him to legally avoid paying any federal income taxes for up to 18 years.” The report was based on three pages of 1995 returns belonging to Trump and his ex-wife Marla Maples. A reporter at The Times received the documents in the mail in September. Members of the media, Hillary Clinton’s campaign, and some Republicans have criticized Trump for refusing to release tax records to the public. Trump has cited an IRS audit as his reason for not releasing tax records. In the first presidential debate on September 26, 2016, Clinton suggested that Trump has not released his tax returns because “he doesn't want the American people, all of you watching tonight, to know that he's paid nothing in federal taxes.” Trump responded at the debate by saying, “That makes me smart.”
    • The Trump campaign released an official statement in response to The Times article. It said, "The only news here is that the more than 20-year-old alleged tax document was illegally obtained, a further demonstration that the New York Times, like establishment media in general, is an extension of the Clinton Campaign, the Democratic Party and their global special interests. … Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions. Mr. Trump knows the tax code far better than anyone who has ever run for President and he is the only one that knows how to fix it.”
    • Surrogates for Trump—New Jersey Gov. Chris Christie and former Mayor of New York Rudy Giuliani—appeared on Sunday morning talk shows to address the report. Christie said, “What it shows is what an absolute mess the federal tax code is and that's why Donald Trump is the person best positioned to fix it. There's no one who has shown more genius in their way to maneuver around the tax code and to rightfully use the laws to do that and he's already promised in his tax plan to change many of these special interest loopholes and get rid of them so you don't have this kind of situation. … [T]his is actually a very, very good story for Donald Trump.” Giuliani said, “The man’s a genius. He knows how to operate the tax code for the people that he’s serving.” In a different interview, Giuliani added, “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 F.B.I. checking out her emails?”
    • On Monday, Hillary Clinton criticized Trump's business acumen and tax strategy during a campaign rally in Ohio. She said, "Well, then you all know that in the debate he said it was smart to avoid paying taxes. Yesterday, his campaign was bragging it makes him a genius." Clinton continued, “Here’s my question: What kind of genius loses a billion dollars in a single year? This is Trump to a T. He’s taken corporate excess and made a business model out of it. He abuses his power, games the system, puts his own interests ahead of the country’s. It’s Trump first and everyone else last.”
  • The Clinton campaign and Democratic Party announced that they had raised a combined $154 million in September. "Mrs. Clinton’s campaign took in $84 million last month, which officials said was the best fundraising month of the campaign. The figures leave Mrs. Clinton well positioned for a final spending splurge on television, digital outreach and field mobilization as polls show her moving slightly ahead of Donald J. Trump. The figures show Mrs. Clinton behind the blazing pace set by President Obama in his 2012 re-election bid, when Mr. Obama and the Democrats raised $181 million in September," The New York Times reported.


Preview of the day

There were no items for this day in issue #36 of The Tap, which was published on October 1, 2016. See the "Review of the day" tab for more information.