President Donald Trump responded to The New York Times publishing his decades-old tax information on Wednesday morning, alleging that all business owners at the time used the same strategy as him to avoid paying high taxes.
The Times, which obtained ten years of information on Trump’s taxes between 1985 and 1994, alleged that Trump’s core businesses lost $1.17 billion in that timeframe. The president’s lawyer, Charles J. Harder, claimed that the information is “demonstrably false,” adding that IRS transcripts from that time are “notoriously inaccurate.” (RELATED: Someone Leaked 10 Years Of Trump’s Tax Info To The New York Times)
Trump reacted to the article on his Twitter account on Wednesday and claimed that the demonstrated losses were due to “write offs and depreciation” from his business activities.
“Real estate developers in the 1980’s and 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,” the president wrote.
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. Much was non monetary. Sometimes considered “tax shelter,” ……
— Donald J. Trump (@realDonaldTrump) May 8, 2019
He continued, “You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport.”
….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!
— Donald J. Trump (@realDonaldTrump) May 8, 2019
The president wrote in “The Art Of The Comeback” in 1997 that he was worth “minus $900 million,” and stated in the first season of “The Apprentice” that he had bounced back from being “billions of dollars in debt.”
Democrats in Congress are seeking more recent tax returns from Trump, requesting scores of documents from Treasury Secretary Steve Mnuchin. Mnuchin denied the request on Monday, alleging that Democrats do not have a “legitimate legislative purpose” to see the returns, as is required by law.