Between 1985-1994, Trump Lost More Money Than Nearly Any Other American

Michael Vadon / CC-BY-2.0 / Flickr

JakeThomas

Trump appears to have lost more money than nearly any other individual American taxpayer between the years 1985 to 1994.

President Donald Trump appears to have lost more money than nearly any other individual American taxpayer between the years 1985 to 1994, according to the New York Times.

  • According to the documents from the New York Times, Trump suffered $1.17 billion in losses from 1985 to 1994. His losses were so dramatic that he was exempt from paying income taxes for eight of the years in the period.
  • Trump has called the Time's reporting an “inaccurate fake news hit job”. He also said that his monumental financial losses during this era were evidence of his business genius.
  • In a response to the the Time's article, Trump wrote, “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,” he wrote.
  • “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!”

Read the full story here.

Comments

U.S. & Global News

FEATURED
COMMUNITY