Donald Trump Explained Away a Billion Dollar Business Loss By Claiming He Did It on Purpose
Type: Misleading StatementsMay 08 2019 Severity: Targeted: The New York TimesAbout: Income Tax
Donald Trump attempted to explain away a more than billion dollar loss in revenue in the late 80's and early 90's by claiming, without evidence, that "almost all real estate developers" wanted to "show losses for tax purposes." The problem with Trump's claim is that there's no evidence of any other major real estate developer having nearly as big of a loss as Trump did in those years. Trump's questionable explanation should also be taken with a grain of salt because it was in response to an explosive NYT expose that ripped Trump's aura of the world's greatest businessman to shreds.
Quote | The questionable explanation came on the heels of an explosive NYT expose on his taxes.
"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. 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!"
Targeted by Trump