President Trump on Wednesday fired back at the New York Times after the newspaper obtained his tax returns from 1985 to 1994 showing his businesses lost more than $1 billion during that timespan. According to the Times, Trump lost more money than nearly any other taxpayer in the country year after year at the time.
“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,” the president tweeted. “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,” Trump continued. “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 Times, which obtained printouts from Trump’s official Internal Revenue Service tax transcripts, reported that Trump lost a total of $1.17 billion from 1985 to 1994, including losses of more than $250 million in both 1990 and 1991.
“In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer,” the Times said.
Trump lost so much money during those years, the paper added, “he was able to avoid paying income taxes for eight of the 10 years.”
The publication of Trump’s taxes from that period comes as the White House continues to resist calls from Congress to release more recent tax returns.
Trump has refused to release his taxes since becoming a candidate, claiming he is under audit.
Earlier this week, Treasury Secretary Steven Mnuchin refused the House Ways and Means Committee request to turn over the president’s tax returns, saying that the panel’s request “lacks a legitimate legislative purpose.”
The move is expected to be challenged in federal court.
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