Trump's huge losses refer to the period of 1985-91 in figures from the Internal Revenue Service (IRS). "You always wanted to show losses for tax purposes.nearly all real estate developers did - and often re-negotiate with banks, it was sport", Trump said. "They continued to lose money every year, totaling $1.17 billion in losses for the decade", the Times reports. Trump also used this very real social capital to move ever more aggressively into real estate in the '80s and '90s-despite simultaneously sacrificing more money to the real estate gods than any other business in America in 1990 and 1991. "That is why the president has always scoffed at the tax system and said you need to change the tax laws".
The New York State Senate passed legislation on Wednesday that can potentially lay the groundwork for Democrats in the U.S. House of Representatives to gain access to years of Trump's financial records. "Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome".
According to a separate piece authored by Buettner and Craig, one of the key takeaways from their investigation was that while during "multiple years, he appears to have lost more money than almost any other individual taxpayer", Trump "paid no federal income taxes for eight of the 10 years" covered by the obtained tax transcript. "Much was non monetary".
Jill Biden: Husband Has Learned to Give Others Their Space
That concern is palpable among party officials in Washington and activists paying close attention to the caucus campaign. I didn't say anything to him, I guess, because that's the way he - I mean, that's just the way Joe was", she answered.
In 1990 and 1991, Trump's core business losses were more than $250 million each year - more than double those of the closest taxpayers in those years, the Times reports.
Trump said the Times story was based on "very old information" and a "highly inaccurate Fake News hit job!"
The battle in Congress is over Trump's more recent returns, which he has refused to release in a break with the practice of all recent presidents.
For example, real estate developers can get a tax deduction on the depreciation, or loss of value, of their properties in excess of the actual wear and tear of the buildings, explained Steve Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center. It's not coincidental that Trump's lawyer told the Times, without further explanation or evidence, that its latest reporting was "demonstrably false". His returns for showed a positive income of $53.9m, the Times reported.