Freimann, Hillary was not "lying". In fact those previous three years of taxes paid could also be returned because of his reported losses for 1995. She did only have a small sample of Trump's returns to go from but what she said was not inaccurate, in fact it barely scratched the surface of a fundamental problem for the US economy:
Wealthy "geniuses" like Trump can game the tax system in ways that are so complex most people simply do not understand. One of the biggest red flags to watch out for is complaints about "regulations". It has become a catchphrase for those who say they support "free market" but many who vilify regulations don't actually know what they are.
When someone is wealthy enough to have their interests in many different types of business entities they can play shell games that shelter their income from taxes in ways that are very difficult to track. These "geniuses" have ways of avoiding paying their fair share.
An example with real estate is how a wealthy investor can use one entity to purchase $100 million worth of real estate, then they can pay their own offshore corporation to make improvements on that property. They could make $50 million worth of improvements but their offshore corporation can charge $100 million for the development. They can then take all of that money overseas to the tax haven of their choice and shelter it from domestic taxes while the entity that holds the real estate can declare it as depreciable expensess, or they may be able to sell the property to another of their own domestic entities at a loss which can be deducted from their income over several years. Depending on the development they may be able to get other credits and even grants paid for by tax payers while reducing or eliminating their own tax liability . This is not far-fetched… It happens all the time and it is only one example of a trick that is fairly easy to understand.
"Regulation" is the only thing that can prevent these predators from leaving the rest of us taxpayers from holding the bag. Donald Trump claims that he is best suited to combat this kind of abuse because he understands it so well. Hmmm...? If he wins he will be president for 4 (or maybe 8 ) years but he will continue to be a businessman for the rest of his life. Where do his loyalties lie? How many offshore companies and interest does he have? No one knows for sure but many are in other countries including Russia and China...he has already said that it is his responsibility as a businessman to make use of any loophole he can find. In our system of pay-to-play politics these kind of predators already heavily influence tax policy in their favor.
There is a reason that the wealthiest people continue to get richer while the general population gets relatively poorer and the government gets in worse financial condition. Just remember that collecting an additional 10% of taxes from the wealthiest top 10% of the population would be greater than taking 100% of the income of the bottom 50% of the population. Yet the wealthy who are able to make use of all of these loop holes often complain that the "poor" don't contribute a fair share.
The wealthy often justify paying lower percentages of taxes because they claim to use their wealth to create jobs and grow the economy (something that can only be ensured by oversight and regulation)... but whenever anyone has more disposable income they do the same thing. Remember when George Bush "stimulated" the economy by giving tax rebates to all Americans, not just the wealthy? It worked to a degree because about 30% of the recipients (who didn't just use the wind-fall to pay debt) suddenly had extra cash to spend and they did it largely by buying consumer goods which boosts the economy as a whole and increases federal and state tax revenue . When the wealthiest people get tax breaks they usually "smartly" use it to increase their net worth while sheltering their income in any way they can. Many recent statements by Trump supporters point out how as a businessman he has a "responsibility" to do whatever he can legally to decrease his taxes. Trump is well known in the business world for self-interested manipulation and for leaving others holding the short end of the stick. Would it be wise to elect a Fox to the executive hen house?
Don't take my word for it. Do your own research. I think that the way this whole conversation is finally coming to the mainstream may be the greatest benefit of this whole election cycle.
(BTW: This is not intended as an endorsement of Cliinton)