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The New York Times reported Tuesday that it acquired 10 years of information on President Donald Trump's tax returns from 1985 to 1994 — and that the profile of his business dealings and financial transactions paints a much more dire picture of the self-promoting New York real estate mogul than what Trump himself states, with business losses totaling over $1 billion.
The Story
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In an article titled "Decade in the Red," NYT reporters Russ Buettner and Susanne Craig said they have obtained and assessed the data from Trump's 1040 tax printout, revealing that in 1990 and 1991 alone, Trump lost $250 million in each of those years.
Trump lost so much money that he was able to avoid paying any taxes at all for eight of the 10 years the NYT analyzed, the newspaper said.
Trump's tax documents show business losses of more than $1 billion from 1985 to 1994, NYT said.
While the Times did not obtain Trump's actual tax returns, it said it received the information from someone who had legal access to the returns, and then accessed a database to compare the findings with other top earners.
Trump's Response
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The tax information is “demonstrably false," Trump's attorney Charles Harder told the newspaper, adding that the statements “about the president’s tax returns and business from 30 years ago are highly inaccurate.”
In response to the article, Trump fired back in a series of tweets stating that he always wanted to show losses for tax purposes and that it is a common practice among real estate developers.
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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Photo via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.