Trump blasts report on his business losses, calls accounting a 'sport'

Trump blasts report on his business losses, calls accounting a 'sport'

The Times, citing copies of IRS tax transcripts from 1985 to 1994, said Trump took a bath on casinos, hotels and retail space for a total loss of $1.7 billion during that decade. We've known for years that his real estate career in particular was riddled with bad debts and bankruptcies. Trump lost $34.9 million on short-term stock trades that year, the Times said.

In October 2018, the New York Times released a blockbuster report on how Donald Trump manipulated tax loopholes in the 1990s to borrow at least $413 million in today's dollars from his father Fred Trump's real estate empire. "He made a lot of money and I presume he paid a lot of taxes". "Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. 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 IRS information for those years".

Over the 10 years, he reported $1.17 billion in losses.

Gingrich defended the Trump tax cuts and said the American people are growing tired of media attacks against the president.

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That sort of faux takeover talk earned Trump $57 million by 1988, the Times reported. The gambit worked a few times before investors got wise to the fact that Trump was always bluffing. How did he keep getting more money and where on earth was it all going?

This mix of self-promotion, shamelessness, and brazen irresponsibility shows up in Trump's well-documented history dealing with small businesses and contractors as well. By 2005, according to portions of his tax returns unearthed by reporter David Cay Johnston, Trump was enjoying a positive income flow again, and paying income taxes.

The report comes as congressional Democrats have demanded access to more recent presidential tax returns, asking the IRS to release the president's personal returns as well as those for some of his businesses.

On Saturday, Charles J. Harder, a lawyer for the President, told the Times that the tax information the newspaper acquired was "demonstrably false" and that the Times' statements "about the President's tax returns and business from 30 years ago are highly inaccurate". President Trump has continued to emphasize his ability as a business and national leader. But now the receipts are coming in.

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