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This is CBSI in the world. I'm John Batchler, Donald Trump's taxes, much in the news recently,

released by the U.S. Congress, vowed to save a continuing investigation of Donald Trump's

enterprises over these years. Behind all this is what I learned at 2600 page tax code. I

learned this from Verneak to receive the Mercatus Center, who's here to help me understand

why it is. There was such excitement about Donald Trump's taxes when, hey, some years

he didn't pay any federal tax at all. Something about business expenses, something about

carry forward. Verneak, a very good evening to you. What is carry forward? What explains

how some years Donald Trump did not pay federal taxes? Good evening. Good evening, John.

The reason why some years he didn't pay any taxes is because the years before he lost

a lot of money. There's a provision called a carry forward in the tax code and there's

a carry back to. The carry forward in this case is one that he's used. When you have a

business that actually makes, let's say, has losses two years in a row and then on the

third year makes a profit because the company is still losing money, technically. Let's

say each year they lost a million dollars and then they make a million dollars, right?

The business on that still is losing money. In order basically to smooth the revenue

and profits and these losses, the tax code allows to use some of the losses from the

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