The New York Times obtained tax information from 1985 to 1994 on President Donald Trump’s businesses that show he took a $1.1 billion financial hit during this time.
The story declared the data obtained “paints a different, and far bleaker, picture of his deal-making abilities and financial condition,” prompting Trump’s critics to attack his reputation as a successful businessman.
Never mind that Forbes estimates Trump’s net worth at $3.1 billion.
The information is not Trump’s actual tax returns, but printouts from his official IRS tax transcripts that include figures from his federal 1040.
The years covered were “the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse,” The Times stated, but it does not cover the tax returns being requested by the Democrat-led House.
Trump’s losses were so great he was able to avoid paying income taxes for eight of the 10 years, according to newspaper.
More from The Times:
The numbers show that in 1985, Mr. Trump reported losses of $46.1 million from his core businesses — largely casinos, hotels and retail space in apartment buildings. They continued to lose money every year, totaling $1.17 billion in losses for the decade.
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.
The breathless reporting on the scoop brings to mind the great spectacle delivered by MSNBC anchor Rachel Maddow, who boasted in 2017 about acquiring Trump’s 2005 federal tax return.
BREAKING: We've got Trump tax returns. Tonight, 9pm ET. MSNBC.
— Rachel Maddow MSNBC (@maddow) March 14, 2017
That being the year Donald J. Trump paid around $38 million in federal taxes! And despite the great anticipation of doom by the Trump haters, Maddow’s exclusive scoop proved to be a real dud.
But that didn’t stop people like CNN’s Don Lemon, who is worth substantially less than $3 billion, from calling Trump the “con-man-in-chief,” labeling his as “literally the worst businessman in the country.”
“The president of the United States is a fraud and a con man, and the fraud and the con is on us, the American people,” Lemon said Tuesday night. “Now we know why the president wants to keep his tax returns hidden and it’s not because he’s under audit.”
“Audit, schmaudit,” he went on. “It turns out Donald Trump is our con man in chief, and his biggest con was pulling the wool right over your eyes, convincing voters that he would be the best dealmaker ever in the White House.”
Lemon also mocked the president over the casino losses.
“Casinos. Casinos losing money? You know what they say about gambling, casino gambling, right” The house always wins? Well, not always. Not if it’s a Trump casino. Who loses money at a casino except for the person gambling?”
And while the Trump Derangement Syndrome cabal was whipped into a lather over the newly acquired tax records, social media users were not so easily impressed.
The most honest response may have come from Matt Fuller, from the Hufington Post, of all places.
“The New York Times get its hands on Trump’s tax returns from the mid-80s to the mid-90s and…Trump was hemorrhaging money, not paying taxes, and selling himself as a real estate guru. In other words, exactly what anyone with a clue thought,” Fuller tweeted.
The New York Times get its hands on Trump’s tax returns from the mid-80s to the mid-90s and…Trump was hemorrhaging money, not paying taxes, and selling himself as a real estate guru.
In other words, exactly what anyone with a clue thought. https://t.co/Sc7LpoxrLM
— Matt Fuller (@MEPFuller) May 7, 2019
But political analyst Phil Kerpen nailed it with his response: “Wow. A guy who came back from that could write a book called “The Art of the Comeback.”
Wow. A guy who came back from that could write a book called The Art of the Comeback. https://t.co/Kh16xYwamY
— Phil Kerpen (@kerpen) May 7, 2019
He also shared that NBC beat The Times to this scoop… by a couple of decades and from Trump’s very mouth.
NBC beat NYT to this huge scoop. pic.twitter.com/6daf9wDmHt
— Phil Kerpen (@kerpen) May 8, 2019
And if all of this seems familiar, Stephen Miller reminds us that Trump’s business acumen took center stage in the 2016 Republican primary.
Oh wow guys, bombshell. Welcome to 2016 GOP primaries. https://t.co/IGSoE9ZODF
— Stephen L. Miller (@redsteeze) May 7, 2019
Here’s a sampling of other responses from Twitter:
WOW that means Hillary is president right?
— Dan Goldwasser (@dgoldwas) May 7, 2019
I was promised Russians and all I got were tax figures.
— I’m To Blame (@im2blame4) May 7, 2019
Um, this is not a secret. He wrote a whole book about how much money he lost during that time.
— Frank Hart (@FrankHartII) May 7, 2019
I'm all for seeing Trump's tax records, but I'm confused as to why it's being portrayed as new or surprising that he endured major financial turmoil in the late 80s / early 90s. Everyone has known this forever. The tabloids covered it breathlessly at the time pic.twitter.com/uQnRMGcNji
— Michael Tracey (@mtracey) May 8, 2019
DONATE TO BIZPAC REVIEW
- Did Sunny Hostin just admit on air to breaking the law by voting for her son? - November 8, 2022
- Stacey Abrams justifies trailing in the polls by suggesting black men are too stupid to back her - November 7, 2022
- Kevin McCarthy has message for Pelosi telling Dems to ‘change the subject’ away from inflation - October 24, 2022