Donald Trump on Wednesday attacked the “Fake News” and defended real estate tax dodging strategies after the New York Times published tax records from 1985-1994 that “Trump appears to have lost more money than nearly any other individual American taxpayer.”
Tweeted Trump: ‘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,” ……….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. Additionally, the very old information put out is a highly inaccurate Fake News hit job!’
The NYT reported: “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.”
The NYT added: “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.”
Trump has refused to release any tax returns to the public or Congress.
Treasury Secretary Steven Mnuchin this week formally refused to hand over the president’s tax returns after a deadline set by the House Ways and Means Committee, which demanded six years of returns.