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NYT: 1985-1994 Trump's taxes claimed $1b in losses
Posted: Wed May 08, 2019 12:36 am
by _MeDotOrg
Trump lost more more in 10 years that virtually anyone else in the United States.
New York Times wrote:...The data — printouts from Mr. Trump’s official Internal Revenue Service tax transcripts, with the figures from his federal tax form, the 1040, for the years 1985 to 1994 — represents the fullest and most detailed look to date at the president’s taxes, information he has kept from public view. Though the information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress, it traces the most tumultuous chapter in a long business career — an era of fevered acquisition and spectacular collapse.
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.
Now before we get any ideas about what this says about the President's business acumen, remember the wise words of Sarah, the Incredible Huckabee Sanders, who said that congress was too stupid to understand his tax returns. So how we mere mortals can pretend to understand the business acumen of the one (self professed) man who save our country?
Still, as one of the ignorant masses, I would like to see if the financials that Donald Trump provided for loan applications during that 10 year actually match up with his tax records.
Re: New York Times: 1985-1994 Trump's taxes claimed $1b in
Posted: Wed May 08, 2019 1:07 am
by _Kevin Graham
I suspect this is less about him being a horrible business person and more about how he lies about losses to reduce his tax burden.
Re: NYT: 1985-1994 Trump's taxes claimed $1b in losses
Posted: Wed May 08, 2019 1:25 am
by _MeDotOrg
Exactly. You can't have it both ways. That's why seeing the financials he provided for loan apps during that period would be extremely interesting.
Re: NYT: 1985-1994 Trump's taxes claimed $1b in losses
Posted: Wed May 08, 2019 1:59 am
by _subgenius
So far we witness typical cursory business acumen by liberal posters.
Exactly what is the point of the OP and what conclusion is being attempted?
Re: New York Times: 1985-1994 Trump's taxes claimed $1b in
Posted: Wed May 08, 2019 2:01 am
by _Kevin Graham
Pretty much that the bombshell report by the NYT from last November dovetails rather well with this new revelation. Trump is a con artist who lies and cheats the system. He overvalues his properties to get loans and then devalues them when it comes time to pay taxes on them. None of this is really surprising, or shouldn't be, to anyone who didn't buy into the Right Wing myth that Trump is some kind of expert businessman and financial genius.
Tell us again, moron, how he's the CEO of over 500 companies.
Mark Cuban surmised that it is quite possible that Trump isn't even a billionaire because so much of his wealth is tied up in overvalued assets. But there should be no doubt he's made more money off of being President than anything else he's tried on his own. But you're cool with that because, you know, the Constitution means nothing to you.
Re: New York Times: 1985-1994 Trump's taxes claimed $1b in
Posted: Wed May 08, 2019 4:19 am
by _subgenius
Kevin Graham wrote:...
Tell us again, moron, how he's the CEO of over 500 companies.
Mark Cuban ....
don't have to tell you anything, $1.2b in losses over 10 years and still more knowledgeable in business than you and a rightfully elected successful President says everything.
Re: NYT: 1985-1994 Trump's taxes claimed $1b in losses
Posted: Wed May 08, 2019 4:22 am
by _Jersey Girl
I want to see his more recent tax returns. I read somewhere in my travels that NY is closer to having his state tax returns released. We'll see.
I am hoping with all hope that this happens!
Re: NYT: 1985-1994 Trump's taxes claimed $1b in losses
Posted: Wed May 08, 2019 5:05 am
by _MeDotOrg
subgenius wrote:So far we witness typical cursory business acumen by liberal posters.
Exactly what is the point of the OP and what conclusion is being attempted?
Donald Trump started out with nearly half a billion dollars from his father and turned it into a billion dollar hole. What does your own business acumen tell you about Donald Trump losing more money than almost any other American taxpayer during that period? If you were a banker in 1995, would you want to loan money to Donald Trump? How did Donald Trump climb out of this hole? Did he do so by giving banks legal and proper representations of his worth during this period?
Stuff like that.
Re: New York Times: 1985-1994 Trump's taxes claimed $1b in
Posted: Wed May 08, 2019 5:13 am
by _canpakes
subgenius wrote:don't have to tell you anything, $1.2b in losses over 10 years and still more knowledgeable in business than you and a rightfully elected successful President says everything.
Apparently he’s not, given that he has lost more money in business than just about anyone.
But he has been successful at getting you to suck up to him while you pay to cover his arse through bankruptcy.
PT Barnum had a valid point, it would seem, and you demonstrate it well.
Re: NYT: 1985-1994 Trump's taxes claimed $1b in losses
Posted: Wed May 08, 2019 5:38 am
by _canpakes
MeDotOrg wrote:Donald Trump started out with nearly half a billion dollars from his father and turned it into a billion dollar hole. What does your own business acumen tell you about Donald Trump losing more money than almost any other American taxpayer during that period?
Seriously, he would have accumulated substantially more wealth today had he simply dropped
Daddy’s Gift Money into a S&P 500 index fund ... not that subs could run the numbers on that anyway, given his demonstrated issues in previous threads when working with simple math.