Donald Trump blames 'write offs' and 'depreciation' for $1 billion in business losses
Source: USA Today
WASHINGTON President Donald Trump blamed "write offs" and "depreciation" for millions in business losses in the 1980s and 1990s detailed in tax returns that are the subject of a new news report.
Trump also disputed the New York Times story saying his businesses lost more than $1 billion from 1985 to 1994, but did not specify his objections.
"Real estate developers in the 1980s & 1990s, 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," Trump tweeted early Wednesday.
In a pair of tweets, he added: "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."
Read more: https://www.usatoday.com/story/news/politics/2019/05/08/donald-trump-blames-write-offs-and-depreciation-1-b-losses/1138894001/
Link to tweet
Link to tweet
duforsure
(11,885 posts)Our illegitimate corrupt serial liar president who recently bragged openly how good he is at coming up with excuses. Was his tax scam from skimming profits , then claiming losses to pay zero in taxes?
forgotmylogin
(7,528 posts)And therefore not a great "business mind"?
blugbox
(951 posts)And let me finish by exclaiming that this is a fake news hit job.
Don, you are a dumb FUCK.
marble falls
(57,081 posts)Stop it, you're killing me!
watoos
(7,142 posts)He is a snowflake.
lagomorph777
(30,613 posts)BeyondGeography
(39,374 posts)Oh, and please feel free to fill us in on that mysterious $52 million in interest income in 1989.
Iliyah
(25,111 posts)Harker
(14,016 posts)at every "sport" he engages in.
genxlib
(5,526 posts)Except for the actual bankruptcies that followed him around.
If they were just strategies used to milk the tax advantages, they wouldn't have ended up in ultimate failure.
PatSeg
(47,429 posts)he was even a failure at being a cheat. The guy just couldn't do anything right. Yes, definitely the "biggest loser"!
Lock him up.
(6,928 posts)... and by "successful" I mean one who keeps his mouth shut and doesn't get caught.
He feels he's above the law and he HAS to show it off on Twitter every effin day...
PatSeg
(47,429 posts)this incompetent get this far? And why do so many people still support him? Mind-boggling!
lagomorph777
(30,613 posts)He persuaded the Government that he's a big loser.
He persuaded Putin that he's a soft target.
He persuaded the Despicables that he's cool.
PatSeg
(47,429 posts)but he still lost money repeatedly, which would make him incompetent as a con artist. Whenever Trump had a success, it seems it was just a fluke or dumb luck. His skills came in covering it up.
As for Putin, Trump WAS a soft target, though he probably sees himself differently.
Stuart G
(38,421 posts)Why?... Don't know why, but your guess is as good as mine.
Bernardo de La Paz
(49,001 posts)Putin plays the long game and probably has been nurturing this relationship for many years. I have a feeling that Trump paid off far beyond Putin's wildest dreams.
Stuart G
(38,421 posts)His loses are the laughing stock of this country and the world.
He calls it, "..fake news" , but Mr. Trump has the ability (in this case) to clarify the "fake news" by simply releasing his taxes. That is pretty simple.
underpants
(182,800 posts)but he just explained it in two tweets.
Odd that.
Docreed2003
(16,858 posts)Always an excuse with this asshole and never an acceptance of responsibility or shred of remorse
Maeve
(42,282 posts)Docreed2003
(16,858 posts)Funny because, sadly, it's true
rurallib
(62,414 posts)else he's lying.
pazzyanne
(6,552 posts)How do you explain bankruptcies while using "write offs" and depreciations when two of your bankruptcies occurred during the time period covered by the leaked tax records from 1985 through 1994?
Years of trump's bankruptcies were 1991, 1992, 2004 and 2009.
meow2u3
(24,761 posts)Spoken like a criminal tax cheat!
dawg day
(7,947 posts)Lawrence O'Donnell pointed out last night that Trump lost most of this money during a time of great innovation and the creation of two entirely new industries, the cell phone industry and the Internet.
At a time when so many others became legitimate billionaires, Trump couldn't even make a profit at all. Also, really successful real estate people were making billions legitimate billions in New York City real estate.Trump is a really good example of how you can live high by losing other people's money, your father, your siblings, and your employees.
Dave Starsky
(5,914 posts)lagomorph777
(30,613 posts)As always!
Dave Starsky
(5,914 posts)Every New Yorker has known for decades what a worthless shitheel he is.
beachbum bob
(10,437 posts)and he says it was "write offs"? LOL
People of Alantic City may disagree as well as investors.. But this is hardly new frickin news
sanatanadharma
(3,705 posts)Seems a House tax committee has valid reasons to investigate tax laws to see if the tax-payer is being ripped off.
Clearly, there is necessity to invoke the law requiring the income taxes of Trump (top dog rep of the ruining class) to be made available to committee.
Trump said so, as he is exposing the rot of the rich, and reveling in revealing the dirty secrets of super-class socialism.
Some sarcasm!
ArizonaLib
(1,242 posts)Maybe for last place in a Junior Achievement contest.
ArizonaLib
(1,242 posts)Have a good week!
BlueIdaho
(13,582 posts)If you dont show a profit, you cant get a loan. American banks stopped returning Shitlers calls because he is a financial train wreck.
BeyondGeography
(39,374 posts)https://www.washingtonpost.com/outlook/trumps-businesses-are-full-of-dirty-russian-money-the-scandal-is-thats-legal/2019/03/29/11b812da-5171-11e9-88a1-ed346f0ec94f_story.html?utm_term=.35de74a194c6
BlueIdaho
(13,582 posts)NCjack
(10,279 posts)The MFer-#45 should bundle his debts into marketable packages. Then, sell these packages, for example, to Russia, China, Saudi Arabia. The packages could be made attractive to buyers by including secret promises to provide favorable treatment by U.S. Government. Yeah, he should try that -- might work.
lagomorph777
(30,613 posts)For now.
William Seger
(10,778 posts)O'Donnell said last night that his losses during that time were the largest of any individual in the country, and they were 1% of all losses reported.
unblock
(52,220 posts)lagomorph777
(30,613 posts)"No, I really am rich - I just committed massive tax fraud, that's all!"
OilemFirchen
(7,143 posts)was he a sole proprietor? Or, were his various businesses incorporated?
TIA for any info from our intrepid DUers.
ffr
(22,669 posts)Which is what every business person is responsible for. Everyone has those expenses too.
You are a fraud!
keithbvadu2
(36,796 posts)Response to demmiblue (Original post)
demmiblue This message was self-deleted by its author.
ck4829
(35,074 posts)duforsure
(11,885 posts)For many,many counts of tax fraud and money laundering, then claim everyone does it, and claim he's the victim, then he'll accuse others, his opposition of crimes and try to get Barr to prosecute them for his false claims.