The New York times continues to demonstrate its Uselessness this time by revealing that they possess Donald Trump’s Tax Returns. These tax returns show massive business losses totaling about 1.17 billion dollars. These returns are from over 30 years ago back when President Trump was still a real estate developer, and a massively successful one at that. However, the New York Times wants you to believe that President Trump was not at all as successful as he claims to be.
The problem is that they are way too late to do any real damage to the President. Over the past two years President Trump has shown how well he understands the economy and how government affects it. Because of this we have the lowest unemployment rate in almost 50 years. We have the lower taxes both individual and corporate which in turn has caused the economy to grow steadily and at a much better rate than the previous president.
In response to the NYT’s article on his tax returns President Trump tweeted: “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,” 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!”
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
Following this tweet many people alleged that the tactics the President used were illegal. However, this is also incorrect there is nothing illegal about claiming legitimate business losses on a tax return. Donald Trump used these losses to get better deals from bankers on loans he had taken, there is nothing wrong with that.
The New York Times and the rest of the mainstream media are doing everything in their power to bring down President Trump, this is just another example of that. Most business clam losses on their tax returns, losses just like Donald Trump claimed 30 years ago. That is just the way the tax code is written and there is absolutely nothing illegal about this practice.