Colbert on Trump: Only a Genius Can Lose $1 Billion Running a Casino

COLBERT: “Oh, this is big news. Over the weekend, three pages of Donald Trump’s 1995 tax return were leaked, revealing that he 'declared a $916 million loss' from 'his three Atlantic City casinos.' That is right. (crowd booing) I’m worried about him, too. (laughter) Donald Trump lost money on casinos. You know what they say, 'The house always loses.' But here's the thing — as a real estate developer, he was unable 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. (alughter) Now, the idea that Trump hasn't paid taxes in nearly 20 years is bound to be unpopular with — what's the word — people! (laughter) But according to the former Rudy Giuliani (laughter and applause) — I’m not wrong there, right? He used to be Rudy Giuliani. According to him, Trump not paying taxes just proves how smart he is.“

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GIULIANI: “The reality is, this is part of our tax code. The man’s a genius.”

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COLBERT: “Yes, only a genius can lose $1 billion running a casino. (laughter and applause) How loose were his slots?”