“I have to be honest: It’s hard to talk about Donald Trump,” Warren said at the outset of the video. “Between his ignorance, racism, sexism, lies — it’s hard to know where to start. But we’ve got to start somewhere, and today I want to focus on one lie that helps sum up what Donald Trump is all about: his taxes.”



The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Trump's 1995 Tax Return

A line from one of Mr. Trump’s 1995 tax returns obtained by The New York Times.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.