This Profiles the Reasons for His Many Failures
Trump has been for most of
his life a dismal business failure and that’s is why he does not want the public to see is tax returns. First of all, cite this my personal view for a
very long time about him:
Donald J. Trump as President treats the country as a whole like it was
a new property acquisition like so many in his failed dismal business past and
based on public and court records. Most have been huge failures by any reputable business standard.
From an original story in part here: Many of Donald
Trump’s tweets aren’t worth paying attention to, but on Tuesday morning he
posted a pair that demanded inspection. Based on Internal Revenue Service
transcripts of Trump’s tax returns from 1985 to 1994, the NY Times reported. They said: “Trump’s core businesses racked up losses of more than a billion dollars
in a ten-year period. During 1990 and 1991 alone, Trump’s losses were so large
that they “were more than double those of the nearest taxpayers in the IRS
information for those years.”
Trump could simply have ignored the report or dismissed it as old news. But, with cable-news networks (mainly FOX – his go-to network) featuring it prominently, and the Daily News, one of Trump’s home-town papers, running the front-page headline “biggest loser,” he did what he usually does and counterattacked. This is what he wrote on Twitter:
“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 first thing to note is that despite his parting jibe, he didn’t challenge any of the specific figures in the NY Times story.
Trump could simply have ignored the report or dismissed it as old news. But, with cable-news networks (mainly FOX – his go-to network) featuring it prominently, and the Daily News, one of Trump’s home-town papers, running the front-page headline “biggest loser,” he did what he usually does and counterattacked. This is what he wrote on Twitter:
“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 first thing to note is that despite his parting jibe, he didn’t challenge any of the specific figures in the NY Times story.
They also showed that between 1985
and 1989, a period when the economy was forging ahead and Trump was busy
portraying himself as a billionaire with the Midas touch, his core businesses —
apartment buildings, hotels, and casinos — somehow managed to lose $359.1
million. That was only the beginning.
As the economy weakened, in 1990 and
1991, Trump’s core businesses racked up losses of $517.5 million. And, between
1992 and 1994, as the economy recovered, they lost another $286.9 million.
By any standards, this is a lot of money to burn through. But what of Trump’s argument that they weren’t real losses of the sort that deplete your bank account and leave you struggling to make ends meet?
By any standards, this is a lot of money to burn through. But what of Trump’s argument that they weren’t real losses of the sort that deplete your bank account and leave you struggling to make ends meet?
Were they simply “tax
losses —non-monetary deficits” that exploited loopholes in the tax code to
minimize Trump’s tax burden?
Continue at the link here
at the New Yorker.
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