President Donald Trump slammed The New York Times, claiming it published "fake news" with a report about his taxes that showed he claimed losses of more than $1 billion from 1985 to 1994.
Trump tweeted Wednesday morning:
"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."
He continued in an ensuing tweet:
"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. Additionally, the very old information put out is a highly inaccurate Fake News hit job!"
According to the Times report, compiled from printouts of Trump's 1040 official Internal Revenue Service tax transcripts, Trump reported losses in 1985 of $46.1 million from his core businesses, "largely casinos, hotels and retail space in apartment buildings." The businesses continued to lose money yearly for a total of $1.17 billion for the 10-year period, the Times reported.
Further, the report showed Trump's core business losses in 1990 and 1991, totaling $250 million each year, "were more than double those of the nearest taxpayers in the IRS information for those years."
The Times also reported, during the decade, Trump avoided paying any income tax in eight years.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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