President Trump dismissed a report indicating that he lost $1.17 billion between 1985 to 1994, claiming it was “highly inaccurate.”
The New York Times reported on Tuesday that Trump lost $46.1 million in 1985 primarily from his casinos, hotels, and retail space in apartment buildings. Additionally, the Times reports that IRS transcripts indicate he lost more money than any other taxpayer and lost a total of $517.6 million in 1990 and 1991.
Additionally, the report revealed he didn’t pay income taxes for eight years because of his financial loss.
“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,’ …. 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!” Trump tweeted.
….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
Trump’s attorney Charles Harder has already rejected the findings of the Times’ report, and said it is “demonstrably false.” He said the information “about the president’s tax returns and business from 30 years ago are highly inaccurate.”
Meanwhile, Democrats on Capitol Hill are pushing for Trump to release his tax return information. Trump notably refrained from releasing his tax returns during the 2016 campaign, as is standard for most candidates.
[Also read: Trump breaks with key loyalist David Bossie over ‘deceptive’ fundraising]
