Recently revealed tax records now show that Trump reportedly lost more than $1.1 billion during that stretch on his projects, which included the Trump Plaza, Trump Castle, and Trump Taj Mahal. You always wanted to show losses for tax purposes.nearly all real estate developers did - and often re-negotiate with banks, it was sport.
As striking as the detailed looked at Trump's tax structure during those earlier years was for many readers, others noted that it also served to highlight-because the president has steadfastly refused to release his more recent and relevant tax returns-just how much remains unknown about how Trump conducted himself in the financial world since the mid-1990s. (Though later IRS audits may have changed that figure.) But his low tax bill wasn't really due to Trump working the system. Thanks to a previous Times report, we already knew that Trump's reported losses in 1995 amounted to $915 million - a sum that could've theoretically wiped out hundreds of millions in tax liability for Trump over the following years.
On Tuesday, the New York Times said it had obtained Trump's tax transcripts from 1985-1994, which showed his businesses had lost a total of more than $1 billion.
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As news of the president's past business woes spread across social media, Trump critics began widely sharing the hashtag #BillionDollarLoser as rebuke of his carefully crafted image as a wealthy tycoon.
Donald Trump in 1989. While he never personally filed for bankruptcy, his businesses sought bankruptcy protection four times.
Uber, Lyft drivers protest in cities across the US
The driver even opened up his Lyft app to see if prices were surging, but told The Post that it seemed to be an ordinary morning. The companies disputed the findings, which are based on a limited sample size of self-selected drivers and rides.
After comparing Trump's information with that of other "high-income earners", the Times concluded that Trump "appears to have lost more money than almost any other individual American taxpayer".
Trump did not directly acknowledge the losses reported by The New York Times, but in a pair of tweets said real estate developers were entitled to "massive writeoffs and depreciation". When Hillary Clinton pointed to reports that Trump didn't pay any federal taxes over a few years during one of their 2016 debates, Trump replied, "That makes me smart". By 2005, according to portions of his tax returns unearthed by reporter David Cay Johnston, Trump was enjoying a positive income flow again, and paying income taxes. You would get it by building, or even buying. But one of the president's personal lawyers, Charles Harder, is quoted in the report as saying the tax information was "demonstrably false".
In an additional statement to the Times he said "I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate" and "would not be able to provide a reasonable picture of any taxpayer's return", the paper reported.
The New York Times has dropped a bombshell.
The Tax Cuts and Jobs Act of 2017, signed by Trump, did not touch these tax advantages.
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