Trump within legal rights to pile up massive tax losses: Judge Napolitano

Trump within legal rights to pile up massive tax losses: Judge Napolitano

US President Trump says the losses his business made in the eighties and nineties were "for tax purposes".

The Times did not obtain Trump's tax returns, but someone who had legal access to the returns gave the newspaper information about their contents.

For example, in 1985 Mr. Trump reported losses of $46.1 million from what the Times called his core businesses of casinos, hotels and retail space in apartment buildings.

"So if he made an investment, let's say, bought a hotel for $200 million and he had to get rid of it and he had to pay off the debt that he used to acquire the hotel and it can only sell it for $50 million, he can take that $150 million loss and spread it out against other income coming to him", he said, adding that "he would be insane not to do that".

The New York Times reported that from 1985 to 1994, the president incurred a total of $1.17 billion in losses.

The battle in Congress is over Trump's more recent returns, which he has refused to release in a break with the practice of all recent presidents.

Trump took to Twitter to defend himself and explain the losses.

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This comes as House Democrats fight the Trump administration over the release of the president's tax returns.

Harder told The Times its reporting about the president's tax returns and business dealings was "demonstrably false" and "highly inaccurate". This may well mean he has good accountants, but it does not make Trump a smart businessman.

"You always wanted to show losses for tax purposes, nearly all real estate developers did - and often re-negotiate with banks, it was sport", Trump wrote. You can not rely upon IRS tax transcripts from so long ago, "ABC News reported".

In an additional statement to the Times he said "I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate" and "would not be able to provide a reasonable picture of any taxpayer's return", the paper reported. Sometimes considered 'tax shelter, ' ...

The Times story shows, however, that Trump's losses began earlier.

The Times reported that Trump lost more than $250m in 1990 and again in 1991 - more than double the losses of the closest taxpayers recorded in an IRS sampling of high-income Americans. Because when you do your taxes, your incentive is to minimize your income as much as possible to pay the least amount of taxes.

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