Donald Trump insisted that his suffering of more than $1 billion in business losses was actually part of his plan all along, the morning after the The New York Times revealed 10 years’ worth of the president’s financial records. The numbers cited by the Times show Trump lost a total of $1.17 billion from 1985 to 1994, losing so much money that he didn’t pay any income taxes for eight of the 10 years. Trump responded to the report Wednesday morning by simultaneously calling it an “inaccurate fake news hit job” and claiming that the enormous losses detailed in the report were all part of an ingenious plan. “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 wrote. “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!” So that clears that up...
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