WASHINGTON – President Donald Trump blamed"write offs" and"depreciation" for millions in business losses in the 1980s and 1990s detailed in tax returns that areTrump also disputed the New York Times story saying his businesses lost more than $1 billion from 1985 to 1994, but did not specify his objections.
"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," Trump tweeted early Wednesday. In a pair of tweets, he added:"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."
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,” ......Trump also said that"the very old information put out is a highly inaccurate Fake News hit job!" but did not specifically say what he claims is wrong with the story.
The Times reported Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses over a ten-year period beginning that year,
liar!
Numerous Americans have had to accept credit card write downs as income and pay income taxes on that amount...Did Mr T have to acknowledge that “forgiven” loans as income?
Shocked he’s not blaming his tax advisor
But small business owners must show a profit within 3 years, or the IRS declares their businesses a 'hobby'. How is this fair?
😂 Or Incompetence? 😉
Trump was bankrupt also. Brian Moynihan (CEO of B of A) knows about taxes too. Bernie Sanders in a report titled 'Top Corporate Tax Dodgers' stated Moynihan's B of A paid no federal income tax in 2010 & received a $1.9 billion tax refund despite making $4.4 billion in profits.
Nope. Now print the truth. Journalism, not stenography.
BillionDollarLoser
Either way, loss of earnings or income increase the Democrats would be complaining. Damned if you do, damned if you don’t.
How come there is such a big crowd right now on May 8, 2019 in Florida panhandler, and they are cheering sooooo hard for him, including lots of women!!!!!!!
Failure
Brilliant! Cutting edge journalism on crap that happened over thirty years ago. Your editors must be so proud! PressImbeciles
Why do you need so many write offs when you make so much money...so you have billions per year to live on, while the rest of us live on thousands per year to live on! Seems unfair, let’s trade places, maybe then you can understand how everyday people feel about this!
I do not care
All of this is well know nothing new here
Every business has losses and depreciation at some point.
Who cares if he had bad business decisions. It obviously was turned around. I wish I had his success
Yip lost my ass My house and rental value tank , bank failed and bam I lost it all Big risk big rewards, but also big losses Learn economics and real estate
fuck him and the tax code ! and they just gave another 1.7 trillion tax/con/cut to the non tax paying bastards in this country who don't support it or the military and let working class do all that !
World's biggest con man.
TRUMP COULDNT RUN HIS COMPANIES WHAT MADE U TRUMPERS THINK HE COUKD RUN A COMPANY!
Written by somebody who has never run a business.
Everyone arguing their point to defend or vilify Trump. Just read and pay attention, Trump himself said in his tweets, he lied on his taxes and he feel he was entitled. How on earth can you defend the dotard?
As intellectually delinquent & redundant as this generation is, we're easily obsessed with non-issues bcoz we lack cognitive capacity to solve real problems. The left populated by intellectual pygmies. Liberal pool fast receding. Irrationally absurd.
He is a terrible businessman and a crook
I use business words like 'write off' and 'depreciation' so the fools that voted for me still think I'm successful.
Commence with the negative comments from people who have never looked at a financial statement in their life.
Crook
Sadly you’ve been cheating on your taxes for years... but the SDNY will take retribution based on your illicit State Tax Returns! Cheater!
who cares
POTUS. Losses means bankruptcy you dolt & making those employed, unemployed. You’ve left a trail of broken dreams for millions & FOX has yet to do the math as their head is too far up your keister
That’s right and is the way to not pay taxes.
Much more important he said everyone tries to show loss and that its “sport”. It is swindling and cheating Americans.
Amazon paid zero in taxes last year. This is why Trump should never release his taxes. Slander and libel.
So what? No one cares
Post all of those in Congress's Tax forms. It should be mandatory. And those who served in the past Congress's as well. Let's see who became VERY VERY rich SERVING the people. Which is laughable. They only serve themselves. Trump 2020
We already knew that .. what should be covered is how anyone’s tax returns were made public. That’s a real concern.. more deep state out there pulling shit.. need to keep digging them rats out of there.
Or he’s just shitty at everything he does... there’s that option.
Trump himself talked about this back in 2004. The NYT’s great revelation is 15 yrs old.
It's a common trick played by millionaires when they don't want to pay taxes like the rest of us suckrs
Sheesh 40 years ago really?
The New York Times is a Commy Rag!
Nothing to “blame” it is business and what the tax law provided business. Jobs and strong economy are the result; along with increased payroll, sales, use, and property tax on development
Of course he does.
25 years ago!!! LOL! Journalism is dead thanks partly to you!
Has anyone said he did anything illegal on those taxes? NO He exploited loopholes & took advantage of tax shelters...34 years ago. This has ZERO relevance today. ZERO
Just remember, The Clintons, career politicians, are somehow worth $170,000,000.000.
Who cares? Why do people care?
LOCK HIM UP!
Wasn’t this from 80s and 90s...
Loopholes in tax law and he took advantage of all of them as did he take advantage of our bankruptcy laws.
It's true. Depreciation is not ACTUAL MONEY. It's a business expense dealing with the aging of assets.
Lmao what is this trend with the media going back 25 or 30 years to create a story ? God forbid some of you who are passing judgements have your lives opened up from 25 years ago. To go from bankruptcy, to a net worth of billions, is an accomplishment. Just saying...
democrats once again showing the scum that they are
It called gaming the system...which the wealthy do because they can and they would be foolish not to take advantage of a tax code that allows them to do it.
Democrats still deflecting..... where are their polices and platform they’ll be running on next year?
Trump is a con.
Trump is guilty of “cooking the books” to evade taxes and is nothing but a mere criminal and a terrible terrible President! Impeachment proceedings must begin now!!
US Today “brain dead” as usual as if the IRS never approved his returns.
I’m sure President Trump doesn’t do his own taxes. I’m sure he has a LARGE STAFF of ACCOUNTANTS. If U asked for every politicians taxes more than half would have deductions that are questionable. GET SERIOUS!!!!!
BillionDollarLoser
How do you loose money on a Casino?
Why people aren’t as mad at lawmakers for their trillions of dollars of debt directly burdening them is beyond me. And, besides, the lawmakers are responsible for the tax codes Trump used.
Poor business person and poor President
It’s beyond me why anyone believes or trust this con man in any way! Come on America wake up!
Steal a hundred dollars and they throw you in jail. Steal a hundred million and they make you king.
1980s?
Look at the books of major real estate during that era , tha'ts how bean counters work it's how you avoid tax's
So what, every business dose that. Do better USA Today
He was just watching Seinfeld. “It’s a write off Jerry”.
The very wealthy write the tax laws and then take every deduction that the law allows. Would you not do the same?
Successful businessman ? The tax payer funding your business through business losses? Bankruptcies, what 5 times
When trump became potus he made sure income tax laws were not changed. Do think he wants to PAY TAXES? Trump had his properties valued higher for loans he got, had losses higher for tax write offs, WHO BAILED HIM OUT? Is the question CONGRESS wants to know.
Ya so, it’s perfectly legal. LOL are trying to suggest that he is not as wealthy as he says he is? It’s 2019 stupid asses. You have tax information that is decades old.
Yawn
The DOD wrote off 21 trillion dollars. At the time it was reported it almost equaled the national debt. Why are realDonaldTrump taxes so important?
ConMan's gonna con!
Or in other words realDonaldTrump is as bad of a business man as he is president
And all the rest of the tax cheats will jump to his defense, because if the god of tax cheats goes down what will happen to them?
How is this news? I don't care about his taxes from 25 plus years ago.
Prove it! So us all of the schedules.
following the tax laws. move on.
Happens all the time in business, nothing new here. It’s legal, and in the tax code. 👉(Written by Congress) The MSM attempt to sway logical voters is yet another fail.
What a Dummkopf !!!!! The 'Art of the Deal' is conning the IRS. I can not wait for the next election to get here, for I promise to work as hard as I possibly can to elect anyone else to the Presidency besides this scam artist !!!
Sounds like a good start to decreasing a continued.. deficit... Why are Auto-Makers aloud to charge so much.. then a year later you can't even get half back out of it..?!! Whatever happened to people like Ford..?!! Who made a killin selling cars that were affordable..?!!
No one cares
That was 30 years ago......
The Multicolor commits 'journalism'.
kevincorke Blames.. you mean explains. Are you all dunces ?
kevincorke I could care less. I elected people in office to work for me. This is so dumb.
kevincorke Two housing crashes ('78-82, '88-'91) will do that to ya! Going to be fascinating to see Millennials (re)-discover the 80s
Is that a crime?
kevincorke Zzzzzzzzzzzzzz Nobody cares. No matter how much you try to hype the story. Still, nobody cares!
As expected journalists and Liberals are going to demonstrate how financially ignorant they are or if not willingly mislead or misinform... “depreciation” in scare quotes... 😂😂😂
kevincorke Gee, isn't that what wealthy people do with their businesses? Moving right along......
Ok, no. Section 179 limits how much tax depreciation you can take in a year. And it is impossible to depreciate your assets more than what they were purchased for. And what write offs? No way you have that much bad debt, obsolete inventory, etc. I smell a rat.
kevincorke
kevincorke Not a news story, been widely known for 25 years trump had business problems, pseudo news
kevincorke Lyft just lost +1B in a single calendar quarter...
Donald Trump · Net worth $3.13 billion USD(2019), Trump still managed to come out on top after the fact. America needs that kind of resilient lead.
Frankly USA Today, only the haters continue to hate. Show me one person that doesn't try to minimize their taxes, and I will show you a .....
. ThusSpakeZaRussianCash PUTINtrump2020 MAGA = ManipulatingAmericasGullibleAspirants GOP = GuzzlingOrangePiss .
Not buying it ass🤡
Yaawn. It’s show how businesses work. Fake you
So, who the fuck in thier right mind losses billions in the 80s and 90s? Even if you factor in 'write offs'?😮🙄
Media excels at getting into everyone else’s business....while sucking up to other businesses whose ad dollars they covet
Depreciation & Writeoffs ARE Loses that allow a person NOT to PAYTAXES so are REAL or not allowed! Write-off ARE loses! nyt business WSJ ElFinanciero_Mx lopezobrador_ thetimes washingtonpost FT AJEnglish Excelsior TheEconomist guardiannews Jentezen BBCNews
Truth
Politicians and religious leaders always generated the most sin here in Sin City. TheDarkestSum
I am more impressed then ever after reading that article of our president. This is nothing new. He wrote a book on it. You are just trying to destroy him as usual.
What an ignorant b.s. take. He didn't 'blame' losses on depreciation. No one says, 'Gee, I would have made billions in profits if only I hadn't claimed depreciation and taken other write-offs of my properties as part of a legal tax maneuver'.
TRAITOR IMPEACH STAT
Oh no, our President filed a legitimate tax return. Impeach! Sad Democrats.
Lol what about obstruction forget the taxes he obstructed justice by saying things on twitter and also guilty of being spied upon plus he became president and wanting america great again under the orders of putin, taxes from the 80's don't deliver us a hate america dem in 2020
So what happens when an Inheritance Baby loses Billion of Dollars 💰 💰 💰 and Dad's no longer around? ... In steps a new Daddy!
Trump didn't write the Tax Laws. Many people won't understand the details of these types of write-offs, but using the tax code as it's written is not illegal.
Moron in Chief.
Wow! You guys got him now!!
Of course. All good business moguls and real estate developers go out of their way to lose $1.17 billion dollars. Nothing to see there folks 😂😂
Well, what did we think he'd say? That he would admit, finally, that he is the worst business 'leader' in the history of the world?
Trump 2020