Trump Defends: Old Tax Returns Show Losses of $1.17B Over Decade

Trump Defends: Old Tax Returns Show Losses of $1.17B Over Decade

Plus, from 1991 to 1992, four of Trump's businesses declared bankruptcy-so we can cross-reference reality to back-up the NYT's reporting.

The Times said it had documented those losses by obtaining official IRS tax transcripts for those years, showing the figures Trump reported on his IRS Form 1040 returns. He contended the reported losses were "non monetary".

Congressional Democrats have routinely demanded the President's recent tax returns; pledging to obtain the material after taking control of the House of Representatives in the 2018 midterm elections. In 1985 he purchased the Mar-a-lago property in Florida, which didn't make him money for another ten years; there was his purchase of an old NY hospital he tried to replace it with apartments, before the project stalled for years; there was Trump's ownership of the New Jersey Generals in the United States Football League, the latter of which would soon go under; there was the shuttle operation he acquired from Eastern Airlines in 1989, which never turned a profit; and then there was Taj Mahal Hotel and Casino, which debuted in 1990 with so much debt that it not only collapsed under its own financial weight, but dragged some of Trump's other properties into debt as well. The New York Times said he filed billions of dollars in losses from 1985 to 1994.

"What Donald Trump, private citizen, was doing at the time was creative accounting which he would have been foolish not to do", Napolitano told FOX Business' Neil Cavuto Wednesday.

"The subpoenas were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his businesses and the private information of the president and his family, and to ferret about for any material that might be used to cause him political damage".

Barr contempt proceedings can last through 2020 presidential election: Robert Ray
Cedric Richmond of Louisiana said the road ahead may be "messy" but Democrats must fight to "protect our democracy". Hours earlier, Trump made clear he would assert his executive privilege to keep Mueller's full report under wraps.

Android Auto gets major redesign with new features
That being the case, much of what we can expect from the company's annual I/O developer conference has already leaked out. Cuthbertson said it means updating the security modules in the background, the same way Google updates its apps.

Trump's tax legal fight
The White House and the Republican president's attorneys declined to comment on the deadline to turn over Trump's returns. Attorney General Barr was scheduled to appear at, on Capitol Hill in Washington, D.C., U.S., May 2, 2019.

"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 nearly all cases", he said.

Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.

It appears Trump lost more money than almost any other individual United States taxpayer year after year, the Times reports, according to the 10 years of tax information the newspaper acquired. The Times' big report, he said, is a "highly inaccurate Fake News hit job" based on "very old information". This major fine, issued by the Financial Crimes Enforcement Network at the Department of the Treasury (think of them like the Navy Seals of spreadsheets) was not covered by the same media establishment who aided Trump's 1980s pump and dump schemes-nor was the issue raised by the Democratic candidate for president-and I definitely don't spend 78% of my days thinking about this lunacy-inducing fact. Sometimes considered "tax shelter".you would get it by building, or even buying. The Times said a private attorney for the president, Charles Harder, had called its report "demonstrably false", but had not cited any specific errors.

Trump Tower on 5th Avenue in the Manhattan borough of New York City, April 18, 2019. Napolitano said it was through summaries of Trump's returns that the IRS prepares.

Related Articles