President Donald Trump reacted to the New York Times’ publishing of his tax returns from 1985 to 1994 by insisting that he meant to lose money on his businesses, calling it “sport.”
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,” ……
— Donald J. Trump (@realDonaldTrump) May 8, 2019
….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
The tax returns show $1 billion in losses over the decade.
Meanwhile, the congressional battle over Trump’s more recent tax returns rages on, as Treasury Secretary Steve Mnuchin maintains that he will not release the records to congressional Democrats.
