Colbert Destroys Trump on Taxes: 'Only a Genius Can Lose $1 Billion Running a Casino'
Donald Trump claims he knows the tax code "better than anyone." And upon the release of a portion of his 1995 tax returns, his surrogates are standing by that claim. The documents, released by the New York Times this past Saturday, "show that the GOP nominee could have avoided paying taxes for 18 years."
While ordinary Americans who do pay taxes may find this deplorable, Trump surrogates like former New York City Mayor Rudy Giuliani insist this activity further proves Trump is a "genius."
But "Late Show" host Stephen Colbert isn't buying it.
"Yes, only a genius can lose $1 billion running a casino," Colbert retorted, pointing to Trump's massive financial loss in the 1990s. "How loose were his slots?"
But under our current tax code, Trump's recklessness was rewarded.
“As a real estate developer, he was able to use that loss to wipe out more than $50 million a year in taxable income over 18 years. Well, when life gives you lemons … don’t pay taxes," Colbert scoffed.
Giuliani also defended Trump by stating that plenty of other Americans avoid paying taxes.
“A lot of the people that are poor take advantage of loopholes and pay no taxes. Those are loopholes, also, and they pay no taxes,” Colbert mocked. “Yeah, those crafty poor people with their loopholes. And don’t forget the cunning homeless who have found a way around property taxes.”
The Trump campaign issued a statement following the New York Times investigative piece: "Mr. Trump is a highly skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the statement read.
Similarly, Trump tweeted, "I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them. #failing@nytimes."
“Yes, he’s the only one who can fix our tax code. Just like Hannibal Lecter is the only one who could catch Buffalo Bill,” Colbert concluded.
“I’d like to help you fix the tax code, Clarisse, but first hand over Hillary’s liver," Colbert said in Lecter’s voice, adding, "I’m going to eat them with some fava beans and a nice chianti.”