His Own Petard

[Roy Rolling]

That's where Trump is---hoisted by his own petard with The NY Times article documenting over $1 billion in losses. And here's why he's especially fuc**d, and it's all his own fault as usual.

A short background. I am familiar with massive tax losses in the 1980s from being a financial professional. Gigantic tax shelters offering 10-to-1 writeoffs were common until the government got wise and clamped down. That led to a real estate slump that slammed Trump as much as anybody.

So massive tax losses do not necessarily mean a terrible businessperson. (Losses of Trump's magnitude, however, for such a small net-worth individual, are virtually non-existent)

But do you think his followers can understand the massive tax schemes that resulted in those inflated losses? No way in hell. He sold his fake business prowess to people who cannot and will not understand the complexities of tax shelters.

His most loyal supporters are incapable of comprehending his excuse. They can understand a big wall, they don't understand investment tax credits and the Advanced Cost Recovery System of the 1980s that birthed tax shelter losses and eventual abuses.

[jberryhill]

1. And?

“they don't understand investment tax credits and the Advanced Cost Recovery System of the 1980s that birthed tax shelter losses and eventual abuses.”

And neither does anyone else.

[Roy Rolling]

2. That's the point

Those were the tax-loss rules in the 1980s, Trump will try to explain to his base why $1 billion in tax losses doesn't make him a loser.

Good luck with that. Nobody here can understand it, his base has zero chance of believing his convoluted excuse.

[brush]

3. On Ali Velshi today they showed his losses for those 10 years in millions of dollars.

In just 1995 he had losses of 900 some million, almost a billion right there. In other years there losses of 800m, 700m, 600m and on and on. I did a quick calculation and it came to 3 billion in losses for the decade so I don't know why the reporters and everyone else is saying it was just 1 billion in losses.

That takes some serious stupidity to lose that much even with the tax shelter laws back then. trump Airlines, trump University, trump steaks, trump casinos—he failed at all of them. It wasn't just tax shelter losses. There were some real losses.

[Roy Rolling]

4. His losses cannot be accounted for

At such a relatively small net worth, there's no way in hell a person can show billions in tax losses. But he'll try to rationize it to his base as "that's how I became rich".

They ain't buying it. He's asking them to believe him about something they are incapable of understanding.

I didn't see Velshi but he's good with the numbers.

[brush]

5. It was bank money he lost, which is why American banks stopped lending to him...

and he had to go to Russian oligarchs who are under Pootie's umbrella. Thus the continual ass kissing and deference to Pootie.

He's in hock to the Russkies.

[Roy Rolling]

6. Yeah you right. 👆

[shanny]

7. Didn't see the show but I believe

the "3 billion in losses" ( as opposed to just over 1) is the equivalent in current US dollars

[brush]

8. Velshi had a chart on screen which showed losses in millions for each year from...

'85 to '95. Just in '95 he had losses of some 900m, almost a billion right there. Other years in that decade also had hefty losses. I did a quick calculation and the total in dollars was around 3b in dollar value then so I don't get why they're downplaying the amount.

On the other side of the chart was the equivalent in today''s dollars, which was way over 3b.