The NYT Got 10 Years Of Trump Tax Figures. He Was A Horrible Businessman.
Donald Trump stands with Eric Trump, Ivanka Trump and Donald Trump Jr. before he speaks at a press conference at Trump Tower on January 11, 2017 in New York City. (AP)
The New York Times has dropped a bombshell. Today, they published the details of Donald Trump’s tax returns between 1985 to 1994. This is the most comprehensive look we’ve been able to glean of Trump’s tax returns thus far, and it paints a picture of a failed businessman who conned the American people into thinking he was successful.
Over the course of those 10 years, Donald Trump took on $1.17 billion in losses. As The New York Times notes, in some years Trump lost more money than any other American taxpayer and lost so much money he was able to avoid paying income tax:
In fact, year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, The Times found when it compared his results with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.
There was another noteworthy finding in Trump’s taxes. In 1989, Trump reported $52.9 million in interest income, which is still a mystery who the source was. The full article on these taxes is well worth reading in full.
All of these losses came as Donald Trump published his ghostwritten book the “Art of the Deal” in 1987, which portrayed himself as a brilliant self-made business mogul. As we can see from today’s news, and the fact Trump’s businesses have declared bankruptcy six times, Trump is no mogul, and according to The New York Times‘ previous reporting, Trump is far from self-made.
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The same team of reporters who obtained these 10 years of Donald Trump’s tax figures also reported on Fred Trump’s in October of last year. The New York Times outlined the fact Donald Trump received, at least, the equivalent of $413 million from his father’s real estate empire. The Trump family used shady methods, sometimes constituting fraud, to funnel money to one another.
Donald Trump was also a millionaire by age 8, racking in $200,000 a year starting at age 3. And that “small $1 million loan” Trump received from his father? It was actually at least $60.7 million ($140 million in today’s dollars). Trump never paid it back. That October report painted an incriminating picture of fraud and definitively proved that Donald Trump is not a self-made billionaire.
As we digest the news of Trump’s taxes between 1985-1994, the fight over his most recent tax returns wages on. Treasury Secretary Steve Mnuchin denied House Ways and Means Committee Chairman Richard Neal’s (D-MA) request for six years of Trump’s tax returns. Mnuchin is violating tax law by doing so. New York Attorney General Letitia James is suing the Treasury Department in an effort to obtain them. Judging by what we’ve seen in his past taxes, it’s clear why Trump is so reluctant to have them made public.
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