President Trump’s tax figures show over $1 billion in business losses, according to a report by The New York Times.
What We Know:
- The tax information gathered from the investigation covers the years 1985 to 1994 and does not show a successful business leader. This is a significant blow to Trump’s brand of being a savvy businessman. After all, this narrative is partially responsible for getting him in the White House.
- Although this is not the tax information that the Trump Administration and Congress are in a battle over, it offers a glimpse of his deal-making abilities and a potential reason as to why Trump is hesitant about releasing his recent tax returns.
- The numbers in the report show that in 1985, Trump reported losses of $46.1 million from his core businesses (casinos, hotels, retail space in apartment buildings), which continued losing money every year. Over the decade covered in the report, this totaled $1.17 billion in losses.
- It appears that Trump has lost more money “than nearly any other individual American taxpayer,” according to the Times. These losses allowed him to avoid paying income taxes in 8 out of 10 years.
- Trump responded to the report by tweeting that he was actually creating a “tax shelter” and that the information is inaccurate.
Following the reports from The New York Times, Trump has been dubbed ‘Billion Dollar Loser’. People on Twitter began using #BillionDollarLoser to share their comments on his business dealings.
….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!
— Donald J. Trump (@realDonaldTrump) May 8, 2019
