Trump: ‘Of course’ I shrank my tax bill

Donald Trump for the first time Sunday night acknowledged he used a massive financial loss to not pay federal income taxes.

During the second presidential debate of 2016, the Republican presidential nominee admitted that when he reported a $916 million loss on his 1995 tax returns, he used that loss to write off potentially years’ worth of federal income tax.

{mosads}CNN’s Anderson Cooper, one of the debate moderators, directly asked Trump about that return, which was reported on last month by The New York Times.

“Did you use that $916 million loss to avoid paying federal income tax?” asked Cooper.

“Of course I do, of course I do,” said Trump, before going on to accuse Democratic nominee Hillary Clinton’s friends and donors of enjoying similar tax perks.

Trump had previously suggested he may have shrunk his tax bill — perhaps erased it — through various tax strategies. But Sunday’s remarks were the first time he confirmed it.

He went on to contend that Clinton was to blame, as the tax breaks enjoyed by Trump were not closed while she served as a U.S. senator.

“She complains that Donald Trump took advantage of the tax code. Well, why didn’t you change it?” he said. “The reason you didn’t is because your friends take the same advantages that I do.”

Trump went on to argue that while he uses breaks to minimize his income tax bill, he still pays other types of taxes. And he contended that if elected, he would personally suffer as he would “knock out the tax code.”

“I understand the tax code better than anyone else who has run for president,” he said.

Clinton was dismissive of Trump’s tax pitch and his attacks toward her.

“Everything you’ve heard from Donald is not true. I’m sorry I have to keep saying this, but he lives in an alternate reality,” she said. “Donald always takes care of Donald and people like Donald.”