WASHINGTON—President Trump said Wednesday that the deep losses he reported for tax purposes in the 1980s and 1990s amounted to “sport,” citing write-offs and tax shelters allowed at the time to avoid taxes by the federal government.
Mr. Trump’s remarks on Twitter early Wednesday morning were made in response to a New York Times report from Tuesday that showed he had claimed loses of $1.17 billion from 1985 to 1994, and paid no income taxes in eight of those 10 years.
IRS would make it tough for you and me...
StatsInTheWild So if u don't have legitimate losers what do u do - just make them up - its called tax fraud
Lots of commercial real estate losses in the 1980s with loss carryovers continuing into the early 1990s. What would be surprising is if he made money during that period.
What about payroll (ss and Medicare) for all employees, property, sales, state tax, etc.....
Dictators say what you can say and when you can say it. Donald Trump and Mark Zuckerberg with Facebook have become the two scariest Dictators on Earth.
Wait until the IRS and treasury dept finish investigating you
You realize this is 30 year old heavily reported info right? My God the Fake News is Lazy too. Know where the story is. Who are the people pushing this? And why?
So he exaggerated his already huge losses? Dumb and crooked
Political Strategy note: Prepare the stage so that Bernie Sanders can reveal his tax returns with minimal blow-back🙄
That’s exactly right
Billion, with a B, loser... and liar. Points for consistency.
Yeah, sure 👍🏻😏
NEWS FLASH !!! Businessman loses money ! First time in American history! All life on planet earth at a standstill—shock grips the world ! EARTH SHATTERING ! Oh the HUMANITY !!
I heard amazon does'nt pay taxes either, they must be colluding with Russians too!!!!!
Because he us allowed to do it as other idiot's presidency. It is not his fault
The result of Reagan’s accelerated depreciation rate for real estate — 15-year write off period.
All part of the plan then...except maybe that part where he had to give up the super yacht and properties to debtors...
And there is nothing wrong with that, even liberal businessmen use every edge they can get. Quit trying to blame President Trump! Only the economically ignorant and the press don’t understand.
He's correct again. Trying to frame something as nefarious when it is a standard business practice is a far larger indictment of your credibility as an 'unbiased' reporter than it could ever be against the business practice.
So either he’s a shitty business man or a tax cheat. Got it
In other words you cheat on your taxes
Why is this a topic? realDonaldTrump has stated numerous occasions that he used tax laws to his advantage. I don’t know if anybody ever thought otherwise. Right or wrong - real estate has been one of the most effective tax shelters for a long time. Doesn’t make him a crook.
That’s the goal of every informed citizen of the US
Yes this is old news being recycled by the New York Times, and the Wall Street Journal. Wall Street Journal is becoming clownish
yeah.... duh... what exactly is the problem here?
If his business acumen is so enviable, why not flaunt his ingenious tax returns as demonstration?🤔🙄 Democrats2020💙🇺🇸
Clown
The President does not need to explain anything.
Old news
Just means he is smart. You use the laws to your advantage as every one of these fake democrats do also. If you think these fakes aren't doing the same you are crazy! Lol
What does that have to do w/today?
StatsInTheWild Real loses should be claimed. Manipulated paper losses could be a felony / how can u really lose that much money and still be in business. Tax fraud
That's admission to tax evasion.
If any of this were criminal, his attorneys and accountants would be charged, not he! There IS a reason why their fees are so astronomically high. The common man just is incapable of understanding. Their naïveté and ignorance being exploited by the politicians and media.
Trump offers wise guy advise to American tax payers going forward: 'you always want to show losses for tax purposes'
Well he achieved his purpose. Is losing money the wealthy’s strategy for getting rich?
So, he lied about his losses? That’s called fraud!
People like blaming others because they're too stupid to comprehend and don't have the financial backing to make it happen. Miserable pathetic people.
You do know there is a “real” world and Trump utilizes the services of lawyers and accountants just as every single major corporation does. If he did something illegal, he would have been prosecuted years ago. So should have all other businesses.
It’s real estate. They throw off losses. This is normal and one of the benefits of investing in real estate.
Hmm. Another instance of Captain Idiot making a public statement that will put him in legal jeapardy later.
Lol, 1 Billion dollar loss!!!!Come on who believes this!!!
BREAKING NEWS: businessman admits to undertaking common business practice
Deficit ~ one trillion.
So... does that mean he is hiding all the times he made money from the IRS?
Soooo realDonaldTrump advocates businesses defraud the IRS
The country created those laws. Citizens have every right to use them. It is not illegal to declare losses It is not unethical to declare losses. Trump can use it Obama can use it Bernie can Use it Your grandmother can use it The 16 year old year w/ lemonade stand can use it.
Hell good for him..my President !!!!!
Tax code is written for the wealthy to do this, more specifically for politicians to not pay taxes.
That is a bar that business owners should achieve. Where is the pride of being successful?
It is absolutely amazing the amount of financially illiterate people on this thread. Then again, more than half the people in this country don’t pay income tax. Why are they not paying their “fair share”?
“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.”....
We call that cooking the books! 1 set of for taxes and report different books to banksand leaders. This equals jail time. Lock Trump up
Zzzzzzzzzzzzzz
A) Is it legal? If so, move on. B) 1/2 of the people in this country don’t pay taxes. C) In case you have forgotten, this is 2019.
Fuckin disgrace when hardworking Americans are paying more than their fair share on the little pittance they’re making. There’s not a damn system left in this country that works properly - health care costs out of control, education costs OOC, taxes a rip off
....and that is why Congress needs his tax returns released.
Ok bankrupt mabey once or twice, but reapetedly is fraud, and using the system for benefit not saving a company from going under.
Yea well amazon and many other major corporations don’t pay taxes either but probably are funding Democrat elections 🤔🤫
TrumpIsAFraud & bragging about his lies is definitely a sign of a very mentally troubled person! realDonaldTrump is a pathological liar! This evidently proved how he's a cheater re not paying taxes whilst hardworking decent people pay their dues! This is alarming! FraudAlert
trump speak: Everything trumps says. Translation: The point is to lie. So trump is admitting he lied on his tax returns for 10 years? Awesome.👍
This is the verified WSJ account no? We kinda assume you folks know this shit already.
So his defense against an article about his lack of business acumen is to disclose that he is an unethical taxpayer? Mmmmmkay TrumpTaxes
Isn’t using the tax code to your best advantage the goal of every taxpayer?
You cost me 8k with your taxscam. Loss. Can I have a pass not to pay taxes for the duration that you're in office then?
Hahahaha hahahaha yep, that's why I am poor, because of tax purposes.... What a Croc
This is evidence of our tax code being broken. It’s perfectly legal to offset profits with losses for tax purposes and every single business in the country does it, although on a smaller scale, I’m sure.
If anyone here can tell me how this is illegal I will pay you $100
This is common sense, no?
Thelast_try So he's saying, 'Don't worry, it was just tax fraud.'
The rich gets richer as the middle class gets wiped out and labeled as poor 🤦🏽♂️
If he used the tax code congress had approved ,today times,,he would have been able to deduct more now, they incentivize business.He was buying real estate that was a great deal as it became very profitable! Bankers are saying it was the right thing to do.
So: I'm sure the Military, First Responders, Teachers, Police, and Firefighters all enjoyed the 'sport'.
These were colossal business failures , not depreciation. That is used on a year to year basis to offset gains . Trump had minimal gains to offset
Most of the time Trump I don't need to vote then I'm going to go with this year cuz I'm sure the country can do better than you America got a lot of problems and you're not helping you just making them worse resign if you such a patriot resign and save America from your stupidity
So, realDonaldTrump is admitting he misrepresented his financial status on tax returns. I always thought that was illegal. But it sounds like the president just told the American public that misrepresentation of your financial status on tax returns is a sound business practice.
It’s called depreciation expense for all the financial illiterate - a deduction that every single real estate investor uses and often they have positive cash flows but a much lower taxable income due to that deduction - which is 100% legal and totally above board!
So u lose 1.17 billion...wait that means you’re broke and can’t pay taxes...hmmm. Great plan have you told gates and buffet about it?! 🤦♀️
Always Trump is telling nothing but lies about his taxes every word out of Trumps mouth he says 10 words eight of them are lies trump is closer to being hitler then any other person on this planet he brings out the worst in all the people in America he must be voted out now
realDonaldTrump Ah, yea Don, no. You think like a POOR person thinks. Actually, successful people don't plan failures. They create honorable tax breaks, like charity contributions, asset distributions, etc. You have too much NEGATIVE mojo. Trump is FAKE RICH!
So is this the (a) 'here's why it's a good thing I lost so much money' argument, or (b) the 'I'm good at violating tax law' argument? Asking for the SDNY...
smart 🤣🤣🤣🤣🤣🤣
This guy is deluded
you should give it to him. He speaks his mind truthfully without glossing over.
But, 'I am not a crook,' he famously said. Wait, wrong one.
So wait just a minute. A billionaire can suffer such huge losses that they don't pay taxes. So... how is aoc going to pay for the GreenNewDeal if tax law allows this. Remember, just the tippy top earners. What if there are none?
Anyone that files business taxes knows this is true and they all do it. It is the tax code which allows you to minimize taxable income against losses. If you don’t do it, get a new accountant. I don’t see the issue.
He’s no different than anyone else. Of course you want to show losses to avoid paying taxes. Yawner.
Trump is just plan no good for the best country in the world he is a racist proven on more then one occasion he's a liar I need love to be verbally abusive to women or anybody who doesn't agree with his nonsense down with Donald Trump vote his ass out in 2020!!!
Confusing: Is he lying about lying about losses for tax purposes, or is he lying about not having actual losses?
I pay a preparer to find me every deduction I’m entitled to as well. I didn’t write the rules .... neither did DT, just playing by them. Not wrong.
So is he saying all Americans should do this? That would go well
he is going to jail for tax fraud as well as his treasonous acts
Bezos is worth $100 Billion and $AMZN pays $0 taxes. wake up to capitalism.
DON’T CALL IT A COMEBACK...HE’S BEEN LYING FOR YEARS!!!
A billon dollars? Sure you can show loses. But they have to be REAL.
You mean like every other rich person .. ever?