In the wake of a controversial article from The New York Times revealing 10 years of President Donald Trump’s financial records, Trump responded by insisting that he intended to lose over $1 billion in his businesses, The Daily Beast reports.
According to the documents from The 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. On Wednesday morning, Trump both asserted that the report was an “inaccurate fake news hit job” and claimed that his monumental losses were part of his master plan.
“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!”