It was bound to happen sooner or later. President Donald Trump’s tax information to the American government has long been a desired cache of information the left and all of its conduits have sought. Earlier in the week, someone “with legal access” to such information from 1985-1994 (the dates are important) leaked that very information to the New York Times, and NBC it turns out, where it was published with great abandon that over that period of time, Trump lost over a billion dollars in investments.
While that is true, what was NOT reported in these screaming headlines, was the tax law backdrop of those ten years, now decades past. Prior to 1985, there were significant advantages to building new space, and investing in such projects, so much so that a glut ended up on the market causing a crash following a bubble. In 1986, that crash was compounded by a new tax code that took all of the incentives out of building. Hence, businessmen like Donald Trump were suddenly in a lurch and had to lay off hundreds of thousands of workers. He talked about it in testimony before a Congressional committee. The video below is long but is public record. The years highlighted by the New York Times and NBC in Trump’s tax information included this mess made by Congress.
And yet, the left is using the tax information, cherry-picked at best, to “prove” that this man who survived that disastrous tax period and crashes in building and construction is a poor businessman.
It wasn’t even a nice try, and those who care to research or even remember that time period know that. On Wednesday, the president called the effort what it really is: fake news.
Trump responded to the report by saying that “massive write-offs” are what happens all the time with major real estate developers, particularly in that period. The Times’ big report, he said, is a “highly inaccurate Fake News hit job” based on “very old information.”
“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 in a pair of tweets Wednesday morning. “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!”
Contrary to the reporting efforts of the New York Times and other outlets, this is a dog that just won’t hunt. Every day Americans understand this quite well. And yet they won’t give it up.