Announcement
Collapse
No announcement yet.

Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses

Collapse
X
  • Time
  • Show
Clear All
new posts

  • Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses

    Well, little surprise here. But still interesting to see the actual numbers:


    By the time his master-of-the-universe memoir “Trump: The Art of the Deal” hit bookstores in 1987, Donald J. 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.

    Mr. 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 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.

    Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.


    https://www.nytimes.com/interactive/...ump-taxes.html

  • #2
    k,

    Comment


    • #3
      Originally posted by nedezero1 View Post
      k,
      Exactly? What does it matter if a guy who has sold himself to the country as a brilliant businessman and negotiator is a complete fraud? Important thing-- HE TROLLS THE DEMS!

      Amiryte?

      Comment


      • #4
        Wellp, how did he keep on being so rich if his pop had “only given him a loan of $1 million” and his businesses were losing so much? Was he working something on the sidelines? Or is he the greatest salesman ever on Earth, and if so, was he making an “honest living”?

        Funny/depressing how these questions will not cross some people’s minds.
        For those who prefer to listen rather than read and who ask these questions: What underlying crimes were being investigated when Trump obstructed justice? Why wasn't he indicted? Why did Mueller discuss indicting a sitting president in Volume II but not Volume I?
        https://www.audible.com/pd/The-Muell...ook/B07PXN468K


        My (old dead) band!:
        www.steelphantoms.com/
        PM me if you want to give me a Deluxe US Strat with locking tuners and 22 frets for <$800. Fancy Strymon pedals welcome too!

        Comment


        • #5
          Very interesting article. One thing that stuck out to me was how when Donald was losing money year after year daddy Fred still had a profitable real estate business.

          daddy issues.
          __________________________________________________

          Is This Thing On?

          https://soundcloud.com/tom-hicks888

          Comment


          • #6
            Originally posted by Tom Hicks View Post
            Very interesting article. One thing that stuck out to me was how when Donald was losing money year after year daddy Fred still had a profitable real estate business.

            daddy issues.
            Also interesting that he wrote "The Art of The Deal" in the middle of all of this. At his lowest point, he's writing a book talking up how great he is in order to help bring in SOME money. And the suckers were lapping it all up buying his schtick.

            Classic Trump.

            Comment


            • #7
              Originally posted by guido61 View Post

              Also interesting that he wrote "The Art of The Deal" in the middle of all of this. At his lowest point, he's writing a book talking up how great he is in order to help bring in SOME money. And the suckers were lapping it all up buying his schtick.

              Classic Trump.
              That's the fantasy aspect.

              the reality businessman consistently lost money year after year.

              the fantasy businessman is seen with beautiful women in expensive and luxurious surroundings and pitches himself as a success.

              the reality TV businessman becomes the reality TV president.

              President ShamWow.
              __________________________________________________

              Is This Thing On?

              https://soundcloud.com/tom-hicks888

              Comment


              • #8
                Originally posted by Tom Hicks View Post

                That's the fantasy aspect.

                the reality businessman consistently lost money year after year.

                the fantasy businessman is seen with beautiful women in expensive and luxurious surroundings and pitches himself as a success.

                the reality TV businessman becomes the reality TV president.

                President ShamWow.
                Yep.

                And through all of this, I've never blamed Trump. He IS brilliant at what he does. But what he's brilliant at is selling his crap to willing suckers. Whether that's getting banks to lend him money--he probably had his dad suckered in as well---or getting people to put up money for ridiculous business ideas like steaks and vodka and airlines--or getting people to buy his books or watch his TV show or attend his "university" because they believe he's a "brilliant businessman" or whether it's to vote for him.

                It's those who are stupid enough to fall for his schtick who are to blame.

                But he's ALWAYS been brilliant at selling a phony façade. But turning that into REAL success and delivering on his promises?

                A dismal failure.

                Sad.
                Last edited by Vito Corleone; 05-07-2019, 08:59 PM.

                Comment


                • #9
                  In before someone from the right tells guido not to be jelly !!
                  Originally posted by Daryl Flynn;n32409120
                  There is no chance of Trump losing. Deep down you know this.

                  Daryl Flynn - Dec 3 2018

                  Comment


                  • #10
                    Originally posted by Crazyfoo View Post
                    In before someone from the right tells guido not to be jelly !!

                    Comment


                    • #11
                      "the easiest way to have a net worth of a billion dollars, is starting with two billion"

                      -donald trump
                      {O,O}
                      (__(\
                      " "

                      Comment


                      • #12
                        What we see is a great deal of money passing through Trumpco.

                        Where did all that money come from and where did it all go?

                        Zip
                        665 - Neighbor of the Beast

                        Originally Posted by RobRoy: I believe that the only way Obama will remain in power is if he suspends elections. And at that point he is no longer president. He is dictator. But I don't believe he will even survive that long. It could be suicide, impeachment by BOTH parties, you name it.

                        Comment


                        • #13
                          Originally posted by guido61 View Post
                          Well, little surprise here. But still interesting to see the actual numbers:


                          By the time his master-of-the-universe memoir “Trump: The Art of the Deal” hit bookstores in 1987, Donald J. 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.

                          Mr. 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 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.

                          Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.


                          https://www.nytimes.com/interactive/...ump-taxes.html
                          I don't care! I wanna know if he felt up any girls at parties back then*.

                          *i.e. this whole post is like complaining about the process used to make delicious sausage. Old news is old news. What matters is what he learned from it. Apparently a lot. But even that misses the point. The real point and question to be answered is, how is the nation doing under his leadership? How many troops are being killed overseas? How are Jobs? How is the economy? How many government regulations do we have compared to when he entered the office? How many government employees are there compared to when he entered the office? Is the average american doing better, or worse since he entered office.

                          That is the stuff that I want to know, and you have to trip all over that information in your quest to dig into his past to see what he was a success or failure at. But it is the past. A person's past is only good for teaching. What matters is what he learned from it. Apparently a lot. But even that misses the point. The real point and question to be answered is, how is the nation doing under his leadership? How many troops are being killed overseas? How are Jobs? How is the economy? How many government regulations do we have compared to when he entered the office? How many government employees are there compared to when he entered the office? Is the average american doing better, or worse since he entered office.

                          What matters is what he learned from it. Apparently a lot. But even that misses the point. The real point and question to be answered is, how is the nation doing under his leadership? How many troops are being killed overseas? How are Jobs? How is the economy? How many government regulations do we have compared to when he entered the office? How many government employees are there compared to when he entered the office? Is the average american doing better, or worse since he entered office.

                          What matters is what he learned from it. Apparently a lot. But even that misses the point. The real point and question to be answered is, how is the nation doing under his leadership? How many troops are being killed overseas? How are Jobs? How is the economy? How many government regulations do we have compared to when he entered the office? How many government employees are there compared to when he entered the office? Is the average american doing better, or worse since he entered office.

                          What matters is what he learned from it. Apparently a lot. But even that misses the point. The real point and question to be answered is, how is the nation doing under his leadership? How many troops are being killed overseas? How are Jobs? How is the economy? How many government regulations do we have compared to when he entered the office? How many government employees are there compared to when he entered the office? Is the average american doing better, or worse since he entered office.

                          What matters is what he learned from it. Apparently a lot. But even that misses the point. The real point and question to be answered is, how is the nation doing under his leadership? How many troops are being killed overseas? How are Jobs? How is the economy? How many government regulations do we have compared to when he entered the office? How many government employees are there compared to when he entered the office? Is the average american doing better, or worse since he entered office.

                          Get it?
                          EVERYTHING I type (i.e. not a link or video) is only my opinion. In a sane world, that should not have to be said. But then, we are not living in a sane world, are we?

                          Comment


                          • #14
                            You think he will tell us what he learned from it?
                            (The US will not survive the obama presidency. The world may not either.) Cuban Leaf

                            Comment


                            • #15
                              Here is another worthwhile take. It's all in how you report it. the funny thing is that smart businessmen prefer to show losses or breaking even on tax returns. After all, the return determines how much tax you pay. It is not uncommon to take taxable losses, yet earn more money. Those of us who have worked in the tax field understand this. What's on the return doesn't represent how much money someone REALLY lost. It represents how much money they made or lost based on federal tax regulations.

                              But the rubes on the left who get their news from CNN and The View will swallow this baloney hook, line and sinker. And perhaps some here will too.

                              Anyway, the worthwhile take I was talking about:

                              Trump’s Tax Returns Show the Mark of a Great Businessman
                              Hey, y’all, Donald Trump lost a lot of money in the 1980s! – That’s the big “bomb” the news-fakers at the New York Times dropped on President Donald Trump Tuesday night, as the paper somehow got hold of a decade of Trump’s tax returns. In all, the returns show that Trump’s real estate and casino businesses lost over a billion dollars during the 10 year period.

                              Well, for tax purposes, that is. Anyone familiar with how the tax code works, i.e., nobody who works for the NYTimes, would know that tax losses do not necessarily reflect actual business losses. The President himself addressed this idiotic move by the Times on his Twitter account this morning:

                              Donald J. Trump ✔ @realDonaldTrump · 41m 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,” ......

                              Donald J. Trump ✔ @realDonaldTrump ....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!

                              14.2K 5:56 AM - May 8, 2019 Twitter Ads info and privacy 9,674 people are talking about this

                              As a businessman, Donald Trump has stated repeatedly and unfailingly anytime this stupid subject has been raised by our crave fake media that he took full advantage of the U.S. tax code in the conduct of his business ventures. The demented nutjobs at the NYTimes – whose own business, by the way, also takes full advantage of the U.S. tax code – wants you to think that this means Trump is a somehow a really bad guy who was stealing from you personally.

                              But you know what this really makes Trump? A smart businessman.

                              Here’s why: Tax “write-offs” exist in the code for a reason. They exist because at some point in time the U.S. congress felt it would be advantageous to the U.S. economy to incentivize certain behaviors in the business world.

                              Anyone with any understanding of the history of the 1980s – which again would obviously exclude anyone working for the despicable NYTimes – would know that Ronald Reagan came into office in 1981 in the midst of a major recession created by Jimmy Carter and convinced congress to pass a major tax reform designed to boost economic growth.

                              The new tax code (which I understand because I was an accountant doing tax work in the 1980s) that came out of that reform effort included various incentives, like the old ACRS system of accelerated depreciation, designed to increase investment of new capital in the building and manufacturing of hard assets. You know, stuff like high rise office buildings and fancy high-rise condo developments in oh, say, Manhattan.

                              Like me, many of my readers live in Texas. Those of us over the age of, say, 50 will remember that the skylines of Houston and Dallas were completely transformed during the 1980s, with new high-rise buildings like the ones Donald Trump was building and buying and selling in Manhattan also being built in those cities by major developers like Trammel Crow.

                              See, building big buildings like that and manufacturing all manner of hard goods benefits the economy by creating … wait for it, Democrats because I know you don’t know the answer here … JOBS. Oh, and that other thing all Democrats hate with a passion, ECONOMIC GROWTH.

                              How did that new tax code work out for America? Well – listen closely all you economic ignoramuses in the Democrat Party and the fake news media – it created the LONGEST AND BIGGEST ECONOMIC EXPANSION IN MODERN HISTORY.

                              Oh, hey, guess which individual’s business empire was in a better position than anyone else in America in 1981 to take full advantage of the incentives offered by this handy new tax code?

                              That would be a guy named Donald John Trump.

                              And that’s really all there is to know about this particular stupid non-story.
                              EVERYTHING I type (i.e. not a link or video) is only my opinion. In a sane world, that should not have to be said. But then, we are not living in a sane world, are we?

                              Comment

                              Working...
                              X