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Republican presidential candidate Donald Trump speaks at a rally, Saturday, Oct. 1, 2016, in Manheim, Pa. (AP Photo/John Locher)

Trump's tax returns reportedly show he could have avoided paying income taxes for 18 years

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Update (2:28 p.m.)

New Jersey Gov. Chris Christie praised Trump for the revelations, saying "No apologies for complying with the law.

Similarly, Rudy Giuliani said Trump was a "genius."

An exclusive report from The New York Times shows Donald Trump claimed such a huge loss on his 1995 tax returns, it could have allowed him to legally avoid paying income tax for the next 18 years.

He declared a $916 million loss on his 1995 returns, which reportedly was a result of his failed ventures into Atlantic City casinos, the purchase of the Plaza Hotel in New York City and his short-lived Trump Airlines.

Do you realize you can create $916 million in income without paying a nickel in taxes?
Joel Rosenfeld, tax advisor

That means Trump could have avoided paying any income tax on the $50,000 to $100,000 he made for each episode of "The Apprentice," or the $45 million he earned between 1995 and 2009 while he was the head of the company he used to assume ownership of his casinos. Meanwhile, other investors suffered. 

Trump's tax returns reportedly show he could have avoided paying income taxes for 18 years

Trump's refusal to release his tax returns has been a hot topic for most of the election cycle. During Monday's debate he said he would not release them until Hillary Clinton released her deleted emails from her private server. 

When Clinton said Trump had not paid any federal income taxes in the past, Trump said during the debate, "That makes me smart."

The Trump campaign called the records "illegally obtained" and dismissed the Times' report.

Trump himself responded to the report Sunday morning.

He did not deny the Times' report.

The Clinton campaign called the report a "bombshell."

Trump advisor Rudy Giuliani called Trump a "genius."

What do you think of the Times' report on Trump's tax returns?

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