Caroline Baum: If Donald Trump paid no taxes, direct your outrage at legislators and lobbyists

Shock. Anger. Outrage.

That was the response to the New York Times’ weekend story that Republican presidential nominee Donald Trump may have paid no federal income taxes for 18 years because of a $916 million net operating loss he claimed on his 1995 tax return, pages of which were obtained by the Times.

There was no implication of anything illegal on Trump’s part. To the contrary, the U.S. tax code enabled Trump to carry over a loss — two years back and 18 forward — to offset more than $50 million of income a year during that period, according to tax experts consulted by the Times.

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