Kirsters Baish| The Democrats put up quite a fight for President Donald Trump’s tax returns, even though he explained that he could not release them as he was being audited. It has just been reported that the New York Times obtained 10 years of the President’s tax documents from his federal income tax returns from 1985 to 1994.
It’s important to note that the New York Times didn’t get President Trump’s “tax returns” persay, but rather the printouts of IRS transcripts containing numbers that were on his tax form, 1040, “from an individual who had legal access to them,” the Gateway Pundit explains.
We’ve watched the Democrats try and get Trump’s tax returns time and time again. It’s the same as the allegations of Russian collusion; It is all meant to damage Trump’s reputation.
The Gateway Pundit reports:
Treasury Secretary Steve Mnuchin on Monday formally rejected the Dems’ request for Trump’s tax returns, so someone leaked Trump’s tax docs to the New York Times anyway.
At first glance, it is being reported that Donald Trump core businesses (hotels, apartment buildings and casinos) took a $1.17 billion loss. Big deal, he’s in the real estate business which fluctuates all the time.
The Times also said that Trump didn’t pay federal income taxes for 8-10 years — of course this is normal for business owners as they can roll their losses over (net operating loss), but the stupid liberals don’t understand this concept and will surely use it to hammer Trump.
The New York Times made note of 5 findings from the President’s tax figures from those 10 years:
1. Mr. Trump was deep in the red even as he peddled deal-making advice
“Trump: The Art of the Deal” came out in 1987. It became a best seller — and a powerful vehicle for the self-spun myth of the self-made billionaire that would ultimately help propel him to the presidency.
2. In multiple years, he appears to have lost more money than nearly any other individual taxpayer
The tax results for the years that followed trace an arc of continued empire building — and gathering loss.
He bought the Eastern Airlines shuttle for $365 million; it never made a profit, and he spent more than $7 million a month to keep it flying. His new Trump Taj Mahal Hotel and Casino, opened in 1990 with more than $800 million in debt, sucked revenue from his other casinos, pulling them along into the red.
3. He paid no federal income taxes for eight of the 10 years
Business owners like Mr. Trump may also use their losses to avoid paying taxes on future income. Over the years, those losses rolled into a $915.7 million free pass, known as a net operating loss, that appeared on his 1995 tax returns, pages of which were mailed anonymously to The Times during the 2016 campaign.
The new tax information shows how Mr. Trump’s net operating losses snowballed, reaching $418 million in 1991. That was fully 1 percent of all the losses that the I.R.S. reported had been declared by individual taxpayers that year.
4. He made millions posing as a corporate raider — until investors realized he never followed through
For a time, Mr. Trump was able to stave off his coming collapse with the help of a new public role: He traded on his business-titan brand to present himself as a corporate raider. He would acquire shares in a company with borrowed money, suggest publicly that he was contemplating a takeover, then quietly sell on the resulting bump in the stock price. An occasional quote from a high-profile associate helped burnish the myth.
5. His interest income spiked in 1989 at $52.9 million, but the source is a mystery
Amid the hundreds of figures on 10 years of tax transcripts, one number is particularly striking: $52.9 million in interest income that Mr. Trump reported in 1989.
In the three years beforehand, Trump reported $460,566, then $5.5 million, then $11.8 million in interest.
“The source of that outlier $52.9 million is something of a mystery. Of course this leak to the New York Tines is just fodder for the Dems and the media. The average nitwit liberal is completely clueless to how businesses are run, how real estate is leveraged or how loans work,” the Gateway Pundit explains.
