Former House Speaker and current Fox News contributor Newt Gingrich on Tuesday claimed that the New York Times article revealing over $1 billion in losses from President Donald Trump’s business dealings between 1985 and 1994 “vindicated” Trump’s tax cut, news outlet Mediaite reports.
“When you lower taxes, there is less reason to create losses for tax purposes,” Gingrich argued. “So, in a very real way, the Trump tax cuts are vindicated by the “New York Times” story.”
He continued, “Every American should ask themselves how sick do you get when the New York Times and The Washington Post go out of their way day after day after day to find an excuse to attack the president.”
He failed to elaborate precisely how losing $1.17 billion has any connection to Trump’s corporate tax cuts, which exempt companies such as Amazon and Netflix from paying any taxes in 2018. Presumably, Gingrich was referencing the fact that Trump lost so much money in eight of the 10 years outlined in the financial documents that he did not need to pay any taxes. But suffering losses of his magnitude hardly seems like a sensible approach to dodge taxes.