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| Donald Trump |
The New York Times has reportedly obtained printouts from Donald Trump’s "official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994."
It may come as no surprise that the Donald was not nearly as successful as he has touted for years.
In fact, in the years leading up to his 1987 book, The Art of the Deal, which purported Trump to be a self-made billionaire, he was hemorrhaging millions and millions of dollars.
From the New York Times:
The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.
In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.
The Times goes on to note that one maneuver Trump would use to stay afloat was to acquire company shares with borrowed money, then publicly announce he was considering a takeover. Once the stock price would bump up, he would quietly sell his shares. The Times reports Trump reported $67.3 million in such stock gains from 1986 through 1989. However, savvy stock watchers eventually stopped taking his takeover announcements seriously.
Trump’s lawyer, Charles Harder, said in a statement that the tax information was false but didn't point out any specific errors, according to the Times. He reportedly told the newspaper that IRS transcripts “are notoriously inaccurate.”
Of course, the good news is Trump's people can clear up any inaccuracies by providing the actual tax returns which would show the Trumpster to be all that he's claimed to be all these years, right?
By the way - yes, there's a Trump tweet for everything. This one from 2012 didn't age too well, did it?
HALF of Americans don't pay income tax despite crippling govt debt...http://t.co/gDAUj0Kt— Donald J. Trump (@realDonaldTrump) February 23, 2012
This scolding is doubly delicious now that everyone knows:
— Mrs. Betty Bowers (@BettyBowers) May 8, 2019
(1) Trump doesn't pay income tax; and
(2) He just slapped $22,000,000,000,000+ of crippling govt debt on America's Chinese VISA card. #TrumpTaxes https://t.co/Cofmckh9D0
You know how a #BillionDollarLoser proves news that he's a #BillionDollarLoser is "highly inaccurate"?— Mrs. Betty Bowers (@BettyBowers) May 8, 2019
He releases his tax returns.
You know why a #BillionDollarLoser won't do that? It would prove that he not only was a #BillionDollarLoser but still is a #BillionDollarLoser. https://t.co/fEL3ts0skK
#BillionDollarLoser no surprise. Donald Trump May Be One of the Biggest Losers in America https://t.co/HGDkkCabz2— GapTheGen (@GapTheGen) May 8, 2019
I can’t lie...— Tony Posnanski (@tonyposnanski) May 8, 2019
I’m not surprised that Donald Trump, a man who cannot spell chief or Kentucky, lost over a billion dollars owning casinos.
Owning...fucking...casinos.#BillionDollarLoser
Trump claims to be totally exonerated by Mueller…but blocks full release of the report & any subsequent testimony.— Eric Wolfson (@EricWolfson) May 8, 2019
Kinda like how Trump claims to be a brilliant businessman…but blocked release of his tax returns.#BillionDollarLoser #BiggestLoserTrump https://t.co/rHfSgkNpG4
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