As Republican presidential nominee says his understanding of the tax code gave him a ''tremedous advantage,'' a tax expert calls it ''extremely unusual.'' Deborah Lutterbeck reports.
"My understanding of the tax code gave me a tremendous advantage over those who didn't have a clue about it." Donald Trump on the campaign trail in the wake of a scathing New York Times report Sunday that showed Trump taking an almost $1 billion loss in 1995 that may have allowed him to avoid paying federal income taxes for up to 18 years. New York University tax expert Daniel Shaviro (SOUNDBITE) (English) NEW YORK UNIVERSITY SCHOOL OF LAW PROFESSOR OF TAXATION, DANIEL SHAVIRO, SAYING: "It's extremely unusual...How many people are there out there who lost $900 million dollar in a year? And if anything, his lawyers found out how to maximize off that. So, I do see it as an embarrassment to him and to his campaign. The part of it has nothing to do with tax, just about the great business genius and the other part is on tax, there is no evidence that he has learned something from this that he is prepared to deploy to the benefit of the public or the voter or the middle class tax payers." Unlike previous presidential nominees in modern history, Trump has declined to release his tax records, saying his taxes are under a federal audit. Experts say he could still release them publicly if he wished.