Trump blasts report on his business losses, calls accounting a 'sport'

Oscar PerryMay 09, 2019

US President Donald Trump arrives at an event in the Rose Garden at the White House in Washington May 7, 2019.

Trump spent the 1980s boasting about his business talents; the figures show that in 1985, he borrowed hundreds of millions of dollars in order to purchase a $351.8 million casino, $60 million hospital, and $85 million undeveloped railroad yards.

"His core business losses in 1990 and 1991 - more than $250m each year - were more than double those of the nearest taxpayers in the IRS information for those years". In 1991, Mr. Trump accumulated $418 million in losses - which, according to the report, represented 1 percent of all losses declared by us taxpayers that year.

In a tweet, President Trump said it was normal practice back then for real estate developers to show losses for "tax purposes".

A special investigation by the New York Times has unearthed printouts from Trump's official IRS tax transcripts from that time, reporting a total of $1.17 billion in losses over a 10-year period.

Stocks plummet on fears of U.S.-China trade war
On Friday, he had cited good progress in trade talks and praised his relationship with Chinese President Xi Jinping . Only last week it was being reported that a trade deal may be struck by the end of this week.

Trump on Wednesday blasted the report on Twitter as "a highly inaccurate Fake News hit job" even as he essentially confirmed its accuracy.

The report comes as congressional Democrats have demanded access to more recent presidential tax returns, asking the IRS to release the president's personal returns as well as those for some of his businesses.

Fox News contributor Newt Gingrich defended President Donald Trump from what many see as a very damning New York Times report that outlines in grave detail, just how financially unsuccessful Trump's business dealings were from the mid-80s to the mid-90s. Between 1985 and 1994, "Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years" and he "lost more money than almost any other individual American taxpayer". He also said it was advantageous to "show losses for tax purposes" in order to renegotiate with banks and called the Times' report a "highly inaccurate Fake News hit job", though he didn't specifically cite anything incorrect about the story.

The president's campaign insists his tax returns are still in audit and, once this process is complete, he will consider releasing them. "You can make a large income and not have to pay large amount of taxes".

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