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- President Trump hit back at a New York Times article showing staggering $1 billion losses for his businesses over a decade.
- "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," tweeted the president.
- "You always wanted to show losses for tax purposes…. almost all real estate developers did – and often re-negotiate with banks, it was sport," he continued.
- The losses reported by the Times were bigger than those for any other US taxpayer over the period.
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President Donald Trump in a series of tweets early Wednesday hit back ata bombshell New York Times report which exposed that between 1985 and 1994 Trump’s business lost $1.17 billion.
In the tweets, Trump claimed that real estate developers in the 1980s and 1990s would record massive losses for "tax purposes," a practice he characterized as a "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," ……
"….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!" tweeted the president.
Citing tax records it had obtained, the Times on Tuesday reported that Trump’s network of hotel and casino businesses suffered cumulative losses of more than 1 billion during the nine years.
The Times said that figure was a greater loss than any other US taxpayer.
Trump in 2016 became the first president since Gerald Ford to refuse to release his tax returns, claiming that he is unable to do so while they are under IRS audit. The IRS has said there is no law against people releasing tax returns being audited.
During the nine years Trump made the losses reported by the Times, he was forging his reputation as New York tycoon — with his besteller "The Art of the Deal" published in 1987.
Trump’s reputation as a real estate dealmaker was central to his pitch for the presidency in 2016.
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