Posted on 05/08/2019 7:28:09 AM PDT by SeekAndFind
The New York Times seems to think it is a scandal that tax losses were reported by Donald Trump when he was running a major real state development company during an epic real estate crash. The Times claims that it legally obtained from unidentified sources “printouts from Mr. 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 reports:
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.
As anyone even vaguely familiar with business knows, non-cash expenses such a depreciation are wonderful thing for the investor. The shelter actual cash income from taxation. President trump pointed this out a couple of hours ago:
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
....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! — Donald J. Trump (@realDonaldTrump) May 8, 2019
(Excerpt) Read more at americanthinker.com ...
Trump derangement syndrome combines with RAT desperation.
The very politicians who create these loopholes, usually in response to political donations, will excoriate Trump for using them.
Static on the radio.
A president is on the scene for 4 or 8 years. Senators and congressmen are essentially elected for life. They never go away. If you wanna start reviewing tax filings it would be far more enlightening to view their returns.
All the media infers this is scandalous. The only scandal is the media’s ignorance of the tax laws.
Yeah? And how many times has the NYT carry forward their losses? FU NYT.
The “news” media is acting like its reading the tax returns of Lucifer himself.
The left is licking its chops while it slobbers over Trump’s private, personal tax information that it has no right to see.
It has used the IRS as a means of taking money from producers and giving it to those who vote for the left.
It will do anything it can to “find” something to get Trump on.
A bunch of perverted voyeurs.
Disgusting.
How could they do that?
Look at what happened with that Rachel Maddow idiocy a while back.
It turned out that Trump himself (or someone acting on his orders, more likely) probably mailed those documents to MSNBC.
I would not be surprised if the same thing happened here.
Yep. The first question I had when reading the story was how the Times came by this information.
They wrote:
“While The Times did not obtain the president’s actual tax returns, it received the information contained in the returns from someone who had legal access to it.”
QUESTION: Who had legal access to the information in Trump’s returns? Is that the CPA or attorney doing his taxes during those years? Even assuming this person had legal access to the information, how is it legal to leak that information to the media?
Also, I’m not sure how much impact this is going to have. It’s not as if the fact that his casino empire was a money loser was a secret until now. For instance... Trump’s Taj Mahal opened in April 1990 in Atlantic City, but six months later, “defaulted on interest payments to bondholders as his finances went into a tailspin,” The Washington Post’s Robert O’Harrow found.
In July 1991, Trump’s Taj Mahal filed for bankruptcy. He could not keep up with debts on two other Atlantic City casinos, and those two properties declared bankruptcy in 1992. A fourth property, the Plaza Hotel in New York, declared bankruptcy in 1992 after amassing debt.
I don’t know how this is a scandal!!
During the 2016 campaign, we heard of his failed line of steaks, bottled water, Vodka, etc. The Times’ story adds more detail to the losses but it doesn’t dramatically change the overall picture that was already part of the record before the last election.
I can’t answer for any other reader, but personally, I am more interested in what shows up on my tax returns than what Trump’s returns looked like more than 20 years ago.
So. Because rump was destined to become a Republican President it is illegal and probably unConstitutional for him to have declared his losses on IRS forms during a real estate crash. Pelosi is trying to repeal the Ex Post Facto clause of the Constitution..
Dems can spin this any way they want, since their audience has no idea how to process the context.
The New York Times seems to think it is a scandal that tax losses were reported.
Did they think the same when GM Chrysler banks did the same and received a bail out.
Oh wait it’s TDS.
So based on this article, the second Reagan term was a disaster economically? Despite this, Steve Wynn managed to operate his casinos unscathed.
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