Posted on 05/08/2019 10:08:20 AM PDT by Kaslin
President Trump blasted a New York Times report Wednesday morning on his business losses decades ago, calling the story "a highly inaccurate Fake News hit job."
The report notes that his businesses had lost almost $1.2 billion between 1985 and 1994, based on IRS transcripts.
The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. Though the information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress, it traces the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse.
The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.
In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits. (NYT)
Trump took to Twitter to defend himself and explain the losses.
"Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases," he said. "Much was non monetary. Sometimes considered “tax shelter,” you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!"
Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter,” ......— Donald J. Trump (@realDonaldTrump) May 8, 2019
....you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!— Donald J. Trump (@realDonaldTrump) May 8, 2019
Fox News's Geraldo Rivera called the left's reaction to the story "predictable & sad."
Watching @realDonaldTrump critics bask in his long ago hard times as revealed by his 3 decade old tax returns is predictable & sad. We now know that at time casino & real estate industries were collapsing, he did badly, but benefited from tax deductions. Stop the presses. Yawn.— Geraldo Rivera (@GeraldoRivera) May 8, 2019
Nothing more needs to be said.
Fox News’s Geraldo Rivera called the left’s reaction to the story “predictable & sad.”
When they lost Jerry Rivers, they should have given up.
Find whoever leaked this and arrest them. Some things are to be private and Tax return are ILLEGAL to publish. If my accountant released mine to anyone without my written permission he would be out of business the next day.
It’s all irrelevant anyway, nobody cares about Trump’s tax returns from 30 years ago except Rachel Maddow, The View harpies, and other leftist hacks
This will all be forgotten next week
NorDUH O’Donnell on CBS This Morning, the nation’s lowest ranked morning show was SHOCKED, SHOCKED I tell you.
This story is being fed to a liberal audience that goes to H&R Block to fill out a 1040EZ
I hate to suggest it, but Trump himself might have been the one to do this. He might have baited the Times through some insider, and wanted the press to see the earlier returns...basically suggesting that the returns really don’t have much in value.
Yes, a business can lose money. The left is trying desperately to spin this as something bad for Trump.
Waidaminit...
I thought the Left CELEBRATED times when businesses and their evil white supremacist racist misogynist bastards lost their shirts. So why suddenly are they happy that Trump didn’t have any money?
(Actually, the NYT knows full well about these “losses” are actually tax writeoffs. They are playing both sides of the class envy game to nail Trump. Big whoop.)
The whole story is ridiculous considering you can read all about it in Trump’s book “The art of the comeback” which he released in 1997
Im shocked NorDUH can walk and chew gum at the same time
Shame on the Fake News outlets in this country for their disgusting use of criminal leakers to try to embarrass the President. We, the people, are getting sick and tired of this.
We will make a generous donation to the President’s re-election campaign every time we read illegally obtained material such as this.
LOL, the media tries to spin the sun rising in the East as negative for Trump - and they act like they're serious yet 75% of America knows they are untrustworthy and corrupt.
All of this is not new, most of this came out during the campaign. Yet the NYT and others act like this new stuff.
All of this has been covered before.
Do the media have any desire to track down who illegally leaked this tax information to the media?
The fking cabal has been successful in marginalizing president Trump and his base across the globe for 3 straight years! We have let the mediaVOMITS call us Nazis, racist etc without us fighting back! When do we get to doxx the bastards and protest in front if there homes?? President Trump has been kept from fulfilling his promises to his base successfully. Just look at what happened with china...didn’t Ovomit go over seas to talk to some heads from other countries recently? It’s infuriating that our base is just sitting there stewing with anger while the demonic left can do ANYTHING without consequences!!! They have gotten away with everything and don’t be shocked WHEN THEY STEAL the 2020 election which is already in the works!!
Oops typo..meant “of their”
IIRC this 1984 to 1995 tax information was out on the net before the 2016 election.
>>>Find whoever leaked this and arrest them. Some things are to be private and Tax return are ILLEGAL to publish
They leaked, per the President’s tweet, inaccurate information. So there isn’t anything for which to arrest them.
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