(CNSNews.com) - There is much ado this morning about a New York Times report saying that President Trump’s businesses lost nearly $1.2 billion between 1985 and 1994.
The newspaper said it did not see Trump's actual tax returns for those years.
Instead, the Times cited copies of "tax transcripts" -- documents that contain figures from Trump's federal tax forms. Based on those documents, the newspaper said Trump lost so much money 30 or more years ago that he did not pay income taxes for eight of the ten years between 1985-1994.
The New York Times report allowed liberal media outlets to mock Trump as a bad businessman, a con artist, and a huckster who bluffed his way into the White House the same way he built a (supposedly) illusory real estate empire.
Predictably, Trump fired back via Twitter, writing Wednesday morning:
Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter,” you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!
According to the Times report:
By the time his master-of-the-universe memoir “Trump: The Art of the Deal” hit bookstores in 1987, Donald Trump was already in deep financial distress, losing tens of millions of dollars on troubled business deals, according to previously unrevealed figures from his federal income tax returns.
Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome. He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.
The report also noted that "year after year, Trump appears to have lost more money than nearly any other individual American taxpayer...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 IRS information for those years."
Sen. Chris Coons (D-Del.) told CNN Wednesday morning the report raises a big question: "How was he bailed out? Who funded a gentleman who lost so much money across so many differnt undertakings. That's really the question that's worth asking at this point."
On Monday, Treasury Secretary Steve Mnuchin rejected a congressional request for the six most recent years of President Donald Trump’s confidential tax returns.
In a May 6 letter to Rep. Richard Neal (D-Mass.), the chairman of the House Ways and Means Committee, Mnuchin said the Treasury Department consulted with the Justice Department, and based on that advice, “I have determined that the Committee’s request lacks a legitimate legislative purpose.” Therefore, the IRS is “not authorized to disclose the requested returns and return information.”