Politics - News Analysis
Trump Responds to Bombshell NYT Tax Report By Saying He Wanted to Lose All That Money
Donald Trump insisted that his suffering of more than $1 billion in business losses was actually part of his plan all along, the morning after the The New York Times revealed 10 years’ worth of the president’s financial records.
The numbers cited by the Times show Trump lost a total of $1.17 billion from 1985 to 1994, losing so much money that he didn’t pay any income taxes for eight of the 10 years.
Trump responded to the report Wednesday morning by simultaneously calling it an “inaccurate fake news hit job” and claiming that the enormous losses detailed in the report were all part of an ingenious plan.
“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 wrote. “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.
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
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….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
Additionally, the very old information put out is a highly inaccurate Fake News hit job!” So that clears that up…
Twitter wasn’t buying it:
.@realDonaldTrump misleads the public again. Sure, Trump operated his businesses at a spectacular loss. But he borrowed, spent, and deducted money from other people. And, after he defaulted on the funds he borrowed, he did not report income. https://t.co/nbXZlDe3ei
— Steve Rosenthal (@stevertax) May 8, 2019
And there he goes, right after Fox & Friends told him how to spin. The marching orders have gone out.
He admits the Times story was correct, then says it was "sport," then says it's old news, then falls back on "fake news" again. So deranged. https://t.co/OisUklXs7N
— Charles Johnson (@Green_Footballs) May 8, 2019
Cheating as sport? No wonder it is so unfit, the old con 🙄 https://t.co/4xcTz60YwH
— Rayanvar (@rayanvar) May 8, 2019
Trump could lose a billion dollars on Fifth Avenue and still get his followers to believe it's good business strategy. You know what's a better tactic in the business world – not losing a billion dollars! #LoserDonald https://t.co/6IOIvsndTu
— Cenk Uygur (@cenkuygur) May 8, 2019
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